This company has more than $100 billion in assets under management.
Canary Capital, Bitwise and another company have applied to launch their own XRP ETF.
The asset management firm WisdomTree joined this Monday, November 25, the list of companies seeking authorization to create and trade an exchange-traded fund (ETF) based on XRP, Ripple’s cryptocurrency. The company officially registered its own ETF, called WisdomTree XRP Fund, in the state of Delaware.
According to Fox Business journalist Eleanor Terrett, confirmed with the company that the registration is legitimate. WisdomTree, with over $100 billion in assets under management, adds significant weight to financial interest in XRP, suggesting potential trust and added value for this cryptocurrency.
With this action, WisdomTree joins the three firms that had previously applied to launch their own XRP ETF. The first to do so were Canary Capital and Bitwise, followed by 21Shares, who also recently reported their intentions to issue this financial vehicle.
WisdomTree is no stranger to the world of ETFs; is already the issuer of a bitcoin ETF that, according to data from SoSoValue, has a cumulative net total of USD 217 million. This previous experience could be a positive factor in your application process.
All of these applications, including WisdomTree’s, are currently awaiting evaluation and approval by the United States Securities and Exchange Commission (SEC). This regulatory body, which has had a critical approach towards cryptocurrencies under the presidency of Gary Genslera former banker known for his regulatory prosecution against the industry, is about to undergo a change in management from January 2025, as Gensler confirmed that he would be leaving the agency, as reported by CriptoNoticias.
The news of WisdomTree’s registration has had an immediate impact on the market. After this information was made public, the price of XRP experiment a rebound of 4%, reaching almost 2 dollars per coin. This rise reflects market enthusiasm for the possibility of an XRP ETF, which could facilitate institutional investment and increase liquidity and accessibility of cryptocurrency.
The expectation now focuses on the decisions of the SEC and how the change in its direction could affect the regulation of financial products based on cryptocurrencies.
The entry of firms with as much influence and capital as WisdomTree into the XRP ETF market not only underlines the growing acceptance of cryptocurrencies in the traditional financial sphere, but could also be an indicator of future standardization and regulation clearer understanding of these digital assets.
