WisdomTree Files for XRP ETF Amid Surging Crypto Market and Regulatory Uncertainty

WisdomTree has officially filed a Form S-1 registration statement with the Securities and Exchange Commission (SEC) to launch a spot XRP exchange-traded fund (ETF). This move marks WisdomTree’s entry into the growing field of asset managers seeking to offer XRP-based investment products.

The proposed ETF would track the price of XRP, currently the third-largest crypto asset by market value. Bank of New York Mellon is designated as the trust administrator for the fund. Despite the filing, WisdomTree has not yet specified an exchange venue or ticker symbol for the proposed fund.

This development comes at a time when XRP is experiencing significant price surges. The cryptocurrency recently hit $2.48, its highest price in six years, driven by factors such as Donald Trump‘s victory in the U.S. presidential election, which has sparked bullish sentiment in the crypto market. Additionally, the relisting of XRP on Robinhood and trading activity by Coinbase whales have contributed to the price increase.

The filing also occurs amidst ongoing regulatory uncertainty, particularly given Ripple Labs‘ legal battles with the SEC. However, industry observers suggest that the planned resignation of SEC Chair Gary Gensler could lead to a reevaluation of the agency’s approach to crypto regulation, potentially creating a more favorable environment for XRP ETFs in the future.

WisdomTree joins other asset managers like Bitwise and Canary Capital in pursuing XRP ETF products. The approval of such ETFs could further boost XRP’s price, as it would provide institutional investors with a regulated way to gain exposure to the cryptocurrency.