WisdomTree, a supplier of spot Bitcoin ETFs, was the fourth company in the United States to file a Form S-1 application for a spot XRP ETF with the SEC.
One of the first firms in the US to provide a spot Bitcoin exchange-traded fund (ETF) in January, WisdomTree has submitted a proposal to introduce a spot ETF backed by XRP.
WisdomTree filed a Form S-1 for a spot XRP $2.42 ETF with the US Securities and Exchange Commission on December 2, making it the fourth company in the US to do so.
By issuing shares that will be listed on the Cboe BZX Exchange, WisdomTree’s new exchange-traded fund, the WisdomTree XRP fund, seeks to expose investors to the price of XRP.
The new fund will generate and redeem shares in cash or exchange for money, subject to SEC clearance; further approvals may be required for the in-kind model.
Coinbase affiliates will act as XRP custodians and prime execution agents.
The petition claims that the XRP custodian and prime execution agent are affiliated with Coinbase Global, a cryptocurrency exchange based in the United States.
WisdomTree’s petition states, “Coinbase plays a crucial role in supporting the US spot XRP exchange-traded product ecosystem as it serves as the XRP custodian and prime execution agent for several competing exchange-traded XRP products.”
Additionally, WisdomTree depends on Coinbase for its WisdomTree Bitcoin Fund (BTCW), which became live on January 11 alongside nine other spot Bitcoin ETFs.
WisdomTree has joined three other ETF issuers, Bitwise, Canary Capital, and 21Shares, in filing the S-1 for the spot XRP fund.
Bitwise submitted a Form S-1 for its Bitwise XRP ETF on October 2, making it one of the first companies to apply for a spot XRP ETF in October. With the January launch of its Bitwise Bitcoin ETF (BITB), Bitwise is also one of the top providers.
On October 9, Canary Capital filed an S-1 for the Canary XRP ETF with the SEC, following Bitwise’s lead.
A Form S-1 for the Core XRP Trust was submitted on November 1 by 21Shares, a co-issuer of the ARK 21Shares Bitcoin ETF (ARKB) alongside Cathie Wood’s ARK Invest. The trust gives investors an “opportunity to indirectly access the market” rather than direct exposure to XRP.
