New York-based asset manager WisdomTree has submitted a Form S-1 registration statement with the Securities and Exchange Commission for a spot XRP exchange-traded fund.
According to the SEC filing document, the WisdomTree XRP fund will be listed on the Cboe BZX Exchange, Inc. The Bank of New York Mellon serves as the administrator, fund accountant, and transfer agent for WisdomTree XRP ETF.
“The Trust’s investment objective is to gain exposure to the price of XRP, less expenses and liabilities of the Trust’s operations. In seeking to achieve its investment objective, the Trust will hold XRP and will value its Shares daily,” WisdomTree wrote within its S-1 filing.
Though WisdomTree has not unveiled a ticker symbol for the XRP ETF, the firm explained through the filing that the shares will be sold or redeemed in blocks of 5,000 shares based on the quantity of XRP attributable to each share.
The WisdomTree ETF would track the XRP (XRP) price, which is currently the third-largest crypto asset by market value, just below Bitcoin and Ethereum. WisdomTree’s filing comes a week after the firm established a trust entity in Delaware for the proposed fund. At that time, no formal application had been submitted to the SEC.
In order to bring a new ETF class into the market, WisdomTree must submit a 19b-4 Form. The firm would need the SEC’s approval for both the S-1 and 19b-4 Forms before the XRP ETF can list and trade on national exchanges.
Though, that remains to be seen as XRP’s developer firm Ripple Labs is still engaged in an ongoing legal battle with the SEC that has been building up since 2020.
WisdomTree is not the first firm to attempt to introduce more crypto ETF offerings beyond Bitcoin(BTC) and Ethereum(ETH). Bitwise has gone further in its effort to bring XRP ETF’s into the market after filing an S-1 Form on Nov. 26. In early November, 21Shares also did the same for an XRP-based fund amid skepticism toward crypto ETF demand outside Bitcoin products.
Meanwhile, Canary Capital has also sought approval for ETFs based on assets like Solana(SOL), Litecoin, and HBAR.