Bitwise Asset Management has filed Amendment No. 4 for its XRP spot ETF, designating the NYSE as the planned listing venue and specifying a management fee of 0.34%. This amendment provides clarity on the cost structure for potential investors and signals a significant step towards broader institutional access to XRP.
Key Developments in the XRP ETF Filing
The latest filing with the SEC confirms that the Bitwise XRP ETF is slated for listing on the NYSE. This strategic decision aims to leverage the NYSE's established infrastructure and reach to attract a wide range of institutional participants. The management fee has been set at 0.34%, a detail that is crucial for investors evaluating the long-term costs associated with holding the ETF.
This amendment, submitted by Bitwise's leadership team, including CEO Hunter Horsley and CIO Matt Hougan, is publicly accessible on the SEC's official website. Bitwise has a proven track record in launching successful spot ETFs for other major cryptocurrencies such as Bitcoin and Ethereum, demonstrating their expertise and commitment to the digital asset space.
Market Reaction: XRP Price Surge
The news of the amended filing and the confirmed NYSE listing has had a notable impact on XRP's market performance. The price of XRP experienced a significant surge of 31%, reaching $2.51. This upward movement reflects a strong wave of optimism within the market regarding the potential for increased institutional investment in XRP, driven by the prospect of a regulated US-based ETF.
The increased trading activity is further evidenced by exchanges like KuCoin opening new deposit channels for XRP. The confirmation of a NYSE listing is expected to pave the way for higher levels of institutional capital to enter the XRP market through a regulated channel. As stated in the SEC Filing, "The updated Form S-1/A for the Bitwise XRP ETF is filed directly with the SEC and accessible publicly," underscoring the transparency of the process.
Historical Precedents and Future Outlook
Past approvals of spot ETFs for Bitcoin and Ethereum have historically led to substantial market movements, including significant price appreciations and increased trading volumes. These events opened up new avenues for institutional investors to gain exposure to these digital assets.
If the XRP ETF receives approval within the anticipated 20-day timeframe, similar positive outcomes are expected. The historical trend suggests that increased institutional interest, facilitated by a regulated ETF, could lead to a rise in XRP's market value and overall liquidity. This anticipation is a key driver behind the current market optimism surrounding XRP.