07.02.2025 17:00
Leading institutions in the cryptocurrency market have taken action for a spot XRP ETF. The applications made by Bitwise, 21Shares, and Canary Capital through the Cboe BZX Exchange coincide with the period of SEC Commissioner Hester Peirce's new working group on crypto assets. This development indicates that a new era in cryptocurrency investment products has begun following the approval of Bitcoin ETFs.
Spot ETF applications in the cryptocurrency markets are gaining momentum. Following the U.S. Securities and Exchange Commission's (SEC) approval of spot Bitcoin ETFs in January 2024, there is increasing demand for similar products to be listed and traded for XRP. Leading institutions such as WisdomTree, Grayscale, and CoinShares have also entered the XRP ETF race.
Bitwise and 21Shares Take Action for XRP ETF
Spot XRP ETF applications have energized financial markets. The Cboe BZX Exchange submitted three significant applications to the SEC for XRP, the fourth largest cryptocurrency by market capitalization. This development has opened the doors to a new era in the cryptocurrency markets.
Canadian Purpose Investments entering this space with the goal of launching the world's first XRP ETF has intensified global competition. NYSE Arca's application on January 30 to convert Grayscale's XRP Trust into a spot crypto ETF has also drawn attention.
Commissioner Hester Peirce, who has been appointed to lead the cryptocurrency task force within the SEC, is working on determining which crypto assets will be considered securities. The results of these efforts will determine the future of XRP ETF applications.