Brad Garlinghouse, the CEO of Ripple, has expressed his positive outlook on the likelihood of increased applications for XRP ETFs from various asset managers, following Bitwise’s recent filing of the S-1 form for its XRP ETF. This move is seen as pivotal for XRP’s acceptance, especially within conventional financial frameworks.
Will More Asset Managers Join the XRP ETF Trend?
Garlinghouse believes that the filing by Bitwise signifies the onset of a new trend. He expects that other asset management firms will follow suit and file their own XRP ETF applications. Nonetheless, BlackRock has indicated a lack of significant interest from clients regarding altcoins beyond Ethereum, which might delay their own ETF pursuits in this category.
How Significant is the Bitwise S-1 Filing?
Bitwise has officially filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) to launch its Bitwise XRP ETF, aiming to facilitate direct investment in XRP for institutional players. The fund’s debut hinges on the SEC’s approval of this application and its accompanying 19b-4 filing.
Key takeaways from this development include:
- Increased interest in XRP ETFs may lead to broader acceptance in traditional finance.
- Bitwise’s filing may prompt institutional investors to categorize XRP as a commodity.
- The approval process will ultimately rely on the SEC’s stance on XRP.
The implications of Bitwise’s initiative could pave the way for a more favorable view of XRP, reinforcing both Ripple’s position in the market and the overall growth of cryptocurrency investments.