Bitwise, a prominent cryptocurrency asset management firm, is taking steps to establish an exchange-traded fund linked to XRP, a token closely tied to the cryptocurrency company Ripple. The company registered a trust entity in Delaware, a preliminary move towards listing and trading shares of an ETF. This process is similar to those undertaken by other firms, such as Blackrock and Fidelity, prior to launching ETFs for bitcoin and Ethereum's ether.
A Bitwise spokesperson has verified the legitimacy of the filing. Although rumors of a potential XRP ETF have circulated before, this development has not significantly impacted the token's price, which remained stable despite market fluctuations over the past day.