SAN FRANCISCO--(BUSINESS WIRE)--Bitwise Asset Management announced today that it has filed an initial registration statement on Form S-1 with the U.S. Securities and Exchange Commission (“SEC”) for the Bitwise XRP ETP. Per the filing, the proposed fund would hold XRP directly.
The launch of the Bitwise XRP ETP is pending effectiveness of the Form S-1 as well as approval of a Form 19b-4 filing.
“At Bitwise, we believe blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century,” said Bitwise CEO Hunter Horsley. “It’s why for the past seven years we’ve helped investors access the opportunities in the space, and we’re excited to continue that work with our filing for a Bitwise XRP ETP.”
XRP is the digital asset that powers the XRP Ledger (“XRPL”) public blockchain. XRPL is best known for its role in facilitating cross-border payments and remittances, as well as newer capabilities that enable institutional participation in Decentralized Finance (“DeFi”), real-world asset tokenization, and EVM interoperability. XRPL typically processes transactions in seconds with fees under $0.01. It also has more than five million active wallets and a decade-long track record of reliability. Today XRP is one of the world’s largest crypto assets, with a market capitalization above $30 billion.
The filing comes on the heels of Bitwise’s recent launch of spot Bitcoin and Ethereum ETPs, and its acquisition in August of ETC Group, a leading issuer of crypto ETPs in Europe.
Today, Bitwise’s suite includes ETPs, index funds, alpha strategies, yield strategies, and SMA strategies spanning over 30 products in the U.S. and Europe. Founded in 2017, Bitwise serves as a specialist partner to thousands of investment professionals and financial institutions looking to understand and access crypto assets.
About Bitwise
Bitwise Asset Management is a leading crypto specialist asset manager serving clients in the U.S. and Europe. Thousands of financial advisors, family offices, and institutional investors partner with Bitwise to understand and access the opportunities in crypto. For seven years, Bitwise has established a track record of excellence managing a broad suite of index and active solutions across ETFs, separately managed accounts, private funds, and hedge fund strategies. The company is known for providing unparalleled client support through expert research and commentary, its nationwide client team of crypto specialists, and its deep access to the crypto ecosystem. The Bitwise team of more than 80 professionals combines expertise in technology and asset management with backgrounds including BlackRock, Millennium, ETF.com, Meta, Google, and the U.S. Attorney’s Office. Bitwise is backed by leading institutional investors and has been profiled in Institutional Investor, Barron’s, Bloomberg, and The Wall Street Journal. It has offices in San Francisco, New York, and London. For more information, visit www.bitwiseinvestments.com.
RISKS AND IMPORTANT INFORMATION
No Advice on Investment; Risk of Loss: Prior to making any investment decision, each investor must undertake its own independent examination and investigation, including the merits and risks involved in an investment, and must base its investment decision—including a determination whether the investment would be a suitable investment for the investor—on such examination and investigation.
Crypto assets are digital representations of value that function as a medium of exchange, a unit of account, or a store of value, but they do not have legal tender status. Crypto assets are sometimes exchanged for U.S. dollars or other currencies around the world, but they are not currently backed nor supported by any government or central bank. Their value is completely derived by market forces of supply and demand, and they are more volatile than traditional currencies, stocks, or bonds.
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