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Bitwise files Form S-1 for XRP ETF with SEC

  • The first XRP ETF filing is now with the US Securities and Exchange Commission
  • Bitwise submitted a Form S-1 filing for approval to launch an XRP ETF on October 2, 2024.

Bitwise has filed an initial registration statement for the launch of the first spot XRP exchange-traded fund.

On Wednesday, Oct. 2, the crypto asset manager announced it had submitted a Form S-1 with the US Securities and Exchange Commission for the Bitwise XRP ETF.

XRP is the cryptocurrency by Ripple. Currently, it’s the seveth-largest crypto asset by market cap with over $32 billion.

First XRP ETF

Bitwise, one of the ETF issuers already offering a spot Bitcoin ETF and Ethereum spot ETF, is the first company to officially apply for approval to issue an exchange-traded fund tracking the daily price of XRP.

Brad Garlinghouse, CEO of Ripple, commented on the development via X:

The announcement that Bitwise seeks SEC’s approval for an XRP ETF followed the filing for an XRP ETF Trust in Delaware on Tuesday, October 2, 2024.

With this official Form S-1 filing, the Bitwise XRP ETP will now await SEC’s approval, including for the Form 19b-4.

Commenting on the filing, Bitwise chief executive officer Hunter Horsley said:

“At Bitwise, we believe blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century… It’s why for the past seven years we’ve helped investors access the opportunities in the space, and we’re excited to continue that work with our filing for a Bitwise XRP ETP.”

Will SEC appeal XRP ruling?

Bitwise’s S-1 filing comes just days before a deadline for the SEC to appeal the 2023 court ruling on the status of XRP. This deadline is on October 7 and relates to the SEC’s lawsuit against Ripple and its executive over the sale of XRP, which the regulator said was a security until a US judge ruled it was not in July last year.

If SEC appeals the ruling over XRP sales, then it would be interesting to see how the regulator handles the application for the XRP ETF.

Ripple has battled the SEC in a legal tussle that began in December 2020. In August 2024, Judge Analisa Torres ordered Ripple Labs to pay a $125 million civil penalty in settlement with the securities agency.

XRP price rose sharply following this news. However, the coin has pared most of the gains and traded around $0.58 at the time of writing.

The post Bitwise files Form S-1 for XRP ETF with SEC appeared first on CoinJournal.

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Spot Bitcoin ETFs record $243 million in outflows as BTC dumps

  • Bitcoin ETFs recorded outflows of $243 millin as markets fell amid Iran’s missile attack on Israel.
  • BTC price also fell, hitting lows of $60,300 before recovering to above $61k.

Bitcoin exchange-traded funds recorded net outflows for the first time in two weeks, with $243 million exiting on October 2, 2024.

The outflows followed a sharp decline for Bitcoin (BTC) price on Tuesday as geopolitical tensions in the Middle East threatened to escalate further with Iran’s attack on Israel. With institutional investors largely concerned as the Middle East teeters, spot Bitcoin ETFs hit outflows for the first time since Sept.18.

Bitcoin ETFs break inflows streak

Outflows on Oct. 1 meant the US spot BTC ETFs market broke an eight day streak of net inflows. It also saw the Bitcoin ETFs record the largest outflows since more than $287 million exited the market on Sept. 3. That outflows streak also hit eight consecutive days.

Apart from BlackRock’s IBIT, which recorded inflows of over $40.8 million, all other ETFs either saw outflows or zero net flows.

Fidelity’s FBTC led with over $144.7 million in negative flows, while Ark 21Shares’ ARKB saw more than $84.3 million offloaded. Meanwhile, there were zero net flows for Grayscale’s Mini Bitcoin Trust as well as Franklin, Invesco, Valkyrie, WisdomTree ETFs.

BTC price retreated to $60.3k

Amid these movements, BTC price slumped more than 4%, with losses pushing it to lows of $60,300 across major crypto exchanges. From highs above $64k, it meant bulls gave up almost $4k before finding support.

This was the sharpest price dip for Bitcoin since Sept. 6, when BTC fell from above $56,170 to near $52,500.

BTC/USD chart from TradingView

As BTC price fell, a major whale dumped over $46 million in BTC on Binance. This particular whale, according to Spot On Chain, had accumulated 3,933 BTC worth more than $234 million between August 29 and September 15, 2024.

Despite the sizable sale, the BTC whale still hodls 9,736 bitcoins worth over $601 million.

Bitcoin has traded to above $61k.

The post Spot Bitcoin ETFs record $243 million in outflows as BTC dumps appeared first on CoinJournal.