{"id":572,"date":"2024-10-02T14:02:33","date_gmt":"2024-10-02T14:02:33","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=572"},"modified":"2024-10-02T14:02:33","modified_gmt":"2024-10-02T14:02:33","slug":"spot-xrp-etf-by-bitwise-experts-explain-the-odds-for-approval","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=572","title":{"rendered":"Spot XRP ETF By Bitwise: Experts Explain The Odds For Approval"},"content":{"rendered":"
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Bitwise Asset Management has officially filed for a spot XRP exchange-traded fund (ETF) with Delaware\u2019s Division of Corporations on September 30. The filing<\/a> encompasses the registration for establishing a Delaware statutory trust, a business-oriented trust recognized under Delaware state law. This strategic move aligns with precedents set by prominent financial entities such as BlackRock and Fidelity, which initially registered trust entities for Bitcoin (BTC) and Ethereum (ETH) before pursuing ETF listings and trading based on these cryptocurrencies.<\/p>\n

The recent filing has sparked discussions within the XRP community, especially in light of past rumors regarding a supposed spot ETF by BlackRock which turned out to be fake. However, Bitwise has officially confirmed the authenticity of their latest initiative. \u201cWe can confirm this is a registration by us,\u201d stated<\/a> Matthew Hougan, Chief Investment Officer at Bitwise. He further noted, \u201cIt is a registration of a trust entity in Delaware. We can share more details and comments tomorrow.\u201d<\/p>\n

What Are The Chances For A Spot XRP ETF?<\/h2>\n

Nate Geraci, President of the ETF Store, provided a detailed analysis of Bitwise\u2019s approach and the broader implications of their move via X. Geraci emphasizes<\/a> the credibility and strategic planning behind Bitwise\u2019s actions. \u201cBitwise positioning to file for XRP ETF is highly noteworthy IMO\u2026 In short-term, this is likely a call option on the November election. But Bitwise is a highly credible crypto-native fund firm that doesn\u2019t just throw stuff at the wall. That\u2019s simply not in their DNA. This is strategic.\u201d<\/p>\n

He further speculates on the political and regulatory landscape that could affect the approval of the ETF. \u201cPoint being that XRP ETF probably coming at some point\u2026 Bitwise just early. Politics clearly matter here in the short-term, but I think this is all inevitable over time. IMO, Bitwise longer-term roadmap is to offer this in an ETF wrapper. The next step will be full tokenization.\u201d<\/p>\n

The political implications were highlighted by Eric Balchunas, a senior ETF analyst at Bloomberg, and Alex Thorn, Head of Firmwide Research at Galaxy Digital. They both tie the prospects<\/a> for a spot XRP ETF to the upcoming US presidential elections, suggesting a significant dependency on political outcomes.<\/p>\n

Balchunas articulates his view using a financial metaphor tied to potential election results. \u201cYou\u2019ve heard of the Fed Put. This is like the Trump Call.. filings for XRP or Solana or any other altcoins are basically like a cheap call option on a Trump win as Genz will be gone and anything\u2019s possible. Harris wins no way these get approved, and the \u2018call\u2019 expires worthless.\u201d<\/p>\n

Thorn addresses the potential for an appeal in the Ripple Labs vs. SEC case and its impact on the odds for a spot ETF. \u201cSEC has until next week (Oct. 7) to appeal Judge Torres\u2019 July 2023 ruling<\/a> (which held that secondary sales of XRP through exchanges were not securities). The likelihood of this ETF filing succeeding drops to near zero if they do appeal (I\u2019ll be very surprised if they don\u2019t appeal).\u201d<\/p>\n

Notably, asset manager VanEck is currently trying a similar move with a spot Solana ETF<\/a> in the US. VanEck filed for a spot SOL ETF on June 27 this year. Industry analysts have noted that the chances for approval of these ETFs hinge sharply on a Trump victory.<\/p>\n

At press time, XRP traded at $0.5991.<\/p>\n

\"XRP<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitwise Asset Management has officially filed for a spot XRP exchange-traded fund (ETF) with Delaware\u2019s Division of Corporations on September 30. The filing encompasses the registration for establishing a Delaware statutory trust, a business-oriented trust recognized under Delaware state law. This strategic move aligns with precedents set by prominent financial entities such as BlackRock and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-572","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/572","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=572"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/572\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}