WisdomTree Submits Application For Ripple Spot ETF

Submitting After Bitwise, 21 Shares and Canary Capital

Asset manager WisdomTree applied to the U.S. Securities and Exchange Commission(SEC) on Dec. 2 to get approve the XRP spot exchange-traded fund(ETF).

According to WisdomTree's official ETF application 'S-1' filed with the SEC, WisdomTree designed the ETF 'WisdomTree XRP Fund' to estimate the spot price of XRP.

WisdomTree XRP Fund, designed by WisdomTree, explained that it will follow the spot price of XRP on an independent basis by compiling the spot price of XRP within major cryptocurrency exchanges. BNY Mellon Bank of New York was named as the manager of WisdomTree XRP Fund.

WisdomTree joined the ranks of companies that are challenging to approve the Ripple spot ETF, following Bitwise, 21 Shares and Canary Capital.

With the launch of Bitcoin(BTC) spot ETFs and Ethereum(ETH) spot ETFs this year, the launch of XRP spot ETFs has emerged as a major concern both inside and outside the market. This is because XRP is a cryptocurrency with the most fandom based on the Asian market. In particular, Ripple CEO Brad Garlinghouse has made confident remarks about whether to launch a XRP spot ETF through several interviews, and many XRP investors have high expectations for the launch of a XRP spot ETF.

In particular, WisdomTree's application for XRP spot ETF is drawing more attention as it comes at a time when XRP's price suddenly rose. Ripple suddenly surged 30% on the morning of Dec. 2, creating a surge, and also rose about 20% on the morning of Dec. 3, giving a big surprise in the market.

Ripple's price is $2.7 based on the coin market cap at 9 a.m. on Dec. 3.

권승원 기자 ksw@blockstreet.co.kr