Crypto asset manager Bitwise files for first XRP exchange-traded fund

Crypto asset manager Bitwise has submitted an initial registration statement to the Securities and Exchange Commission, signaling its intent to launch an XRP exchange-traded fund, FOX Business has learned.

Bitwise, which manages over $4.5 billion in assets, submitted a Form S-1 registration statement to the SEC on Wednesday morning, making it the first firm to officially seek approval for a so-called spot ETF that would track the daily price of XRP, the seventh largest cryptocurrency with a market cap of more than $30 billion.