Bitwise Advances XRP Spot ETF Plan With Amended S-1, Targeting November Launch
Bitwise Asset Management has made a significant move toward introducing a U.S.-based XRP spot exchange-traded fund (ETF), signaling growing momentum in the crypto ETF space. The firm recently submitted an amended version of its S-1 filing with the U.S. Securities and Exchange Commission (SEC), positioning itself for a potential mid-November launch, pending regulatory approval.
According to Bloomberg ETF analyst Eric Balchunas, Bitwise’s updated S-1, labeled Amendment No. 4, includes several critical disclosures. Among them are the confirmation that the XRP ETF would be listed on the New York Stock Exchange (NYSE) and a proposed management fee of 0.34%. Balchunas described this filing as marking “the last boxes to check,” suggesting that Bitwise may be nearing the final phase of the SEC’s review process.
The amendment indicates that the company has likely completed several rounds of feedback with the SEC, and no further significant changes are expected. If the SEC refrains from issuing new comments, the ETF could go live within 20 days of the filing under current rules. Bloomberg’s James Seyffart echoed this sentiment, noting that Bitwise, along with VanEck, is actively preparing to roll out crypto-linked ETFs in the coming month.
Seyffart also highlighted that Bitwise’s filing uses “shorter language,” which typically suggests that the document is more finalized and may trigger the SEC’s 20-day review window. This concise submission could accelerate the timeline for approval, potentially making the Bitwise XRP ETF one of the first to hit the U.S. market.
In tandem with Bitwise’s efforts, other major firms like Fidelity and Canary Funds have filed amendments for their own crypto-based ETFs, including Solana and XRP products. Canary, in particular, has also submitted a separate application for an XRP-linked ETF, further intensifying the race to launch the first such product in the U.S.
Market Context and XRP Price Action
At the time of writing, XRP is trading at approximately $2.50, representing a marginal 0.01% decrease over the past 24 hours. However, the broader trend remains bearish, with weekly and monthly declines of 4.55% and 17.27%, respectively. Despite this, technical indicators suggest potential price movement in either direction depending on investor sentiment and market developments.
Technical analyst Ali Martinez notes that XRP’s next key resistance levels lie at $2.80 and $3.00, while the most immediate support can be found near $2.15. These levels may play a crucial role in price action as institutional interest grows in anticipation of ETF approval.
A Milestone for Institutional Adoption
If approved, the Bitwise XRP Spot ETF would mark a pivotal step for institutional adoption of XRP, which has long been viewed as a foundational asset in the cryptocurrency space. The launch would offer traditional investors exposure to the asset via regulated financial channels, potentially increasing liquidity and enhancing market stability.
Bitwise’s recent success in bringing the first U.S. Solana spot ETF to market further bolsters its credibility. That product, launched just last week, received substantial investor interest, attracting $199.21 million in net inflows over four trading sessions. The firm now appears to be leveraging that momentum in its bid to introduce an XRP-based equivalent.
What Sets a Spot ETF Apart?
Unlike futures-based ETFs, which track contracts derived from the underlying asset, spot ETFs directly hold the crypto asset itself. In the case of the XRP spot ETF, this means the fund would purchase and custody actual XRP tokens, theoretically providing more accurate price tracking and reducing the risk of price discrepancies due to futures market volatility.
This direct exposure is particularly appealing to investors seeking a simple, regulated way to gain access to digital assets without needing to manage wallets, keys, or exchanges. As such, spot ETFs are seen as a major stepping stone toward mainstream crypto adoption.
Regulatory Environment and XRP’s Legal History
The XRP ETF proposal comes at a time when regulatory clarity around cryptocurrencies is beginning to improve. XRP, developed by Ripple Labs, has been at the center of a high-profile legal battle with the SEC for several years. However, with recent partial court victories for Ripple and a gradually shifting regulatory landscape, market sentiment toward XRP has begun to stabilize.
The potential approval of an XRP-focused ETF would not only reflect growing acceptance of the asset but could also signal broader willingness by regulators to engage with crypto products in a structured and transparent manner.
How Will This Impact XRP’s Market?
The launch of an XRP spot ETF in the U.S. could act as a major catalyst for price appreciation. Institutional investors, who have generally remained cautious due to regulatory uncertainty and the operational complexities of holding crypto assets directly, may now view XRP as a more accessible and compliant investment vehicle.
Moreover, the increased demand from ETF inflows could tighten supply, especially if the fund acquires large quantities of XRP to support its operations. Historically, similar moves in Bitcoin and Ethereum spot ETFs have led to price surges, and XRP may follow a comparable trajectory.
Potential Risks and Considerations
Despite the optimism, investors should be mindful of the potential risks. Regulatory uncertainty still looms over the crypto industry, and while XRP has made legal progress, a final resolution in its case with the SEC has not yet been reached. Additionally, market volatility remains a constant, and ETF approval does not guarantee sustained upward price movement.
Furthermore, competition among issuers may dilute investor interest across multiple products, especially if several XRP ETFs launch simultaneously. Investors should conduct thorough due diligence and consider portfolio diversification strategies.
What’s Next?
Assuming the SEC does not issue further comments or objections, the 20-day countdown for Bitwise’s XRP spot ETF could begin shortly. This would set the stage for a launch potentially around November 13, placing Bitwise at the forefront of yet another milestone in cryptocurrency finance.
In the coming weeks, all eyes will be on the SEC’s response, as well as on XRP’s price behavior amid rising speculation. If successful, Bitwise’s initiative could play a transformative role in shaping institutional access to altcoins and redefining the next chapter of crypto investment products.