Cboe BZX Exchange filed 19b-4s on behalf of Bitwise, 21Shares and Canary Capital to list and trade a spot exchange-traded product that tracks XRP, the fourth-largest cryptocurrency by market cap.
A 19b-4 filing is the second part of a two-step process for proposing a crypto ETF to the U.S. Securities and Exchange Commission. Once acknowledged by the SEC, the filing will be published in the Federal Register, initiating the agency's approval process.
Bitwise first filed a registration for a spot XRP ETF in October, while 21Shares filed an S-1 registration statement for an XRP ETF with the SEC in November.
The SEC approved the listing of spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs last summer. Given the pro-crypto embrace from President Donald Trump, issuers have flooded the zone with spot crypto ETF filings in recent weeks.
WisdomTree filed with the SEC for spot XRP ETF in December, while NYSE Arca on Jan. 30 posted a 19b-4 filing to convert Grayscale’s XRP trust to a spot crypto ETF. CoinShares also filed registration statements for a "CoinShares XRP ETF" last month.
Purpose Investments on Jan.31 filed a preliminary prospectus with Canadian regulators for an XRP ETF, with hopes to become the world’s first XRP ETF issuer.
The price of XRP was down 2.5% to $2.34 at publication time, according to The Block's price data.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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