Bitwise submits Ripple ETF application to Delaware

Bitwise, a cryptocurrency-focused asset management company, has submitted an application for an XRP exchange-traded index fund (ETF) to the state of Delaware.
According to the filing, Bitwise legally registered the XRP ETF on September 30, and the registered agent was CSC Delaware Trust Company, headquartered in Wilmington, Delaware.
The filing in Delaware does not necessarily mean that a formal registration application with the Securities and Exchange Commission (SEC) is imminent. This is an early preliminary step.
The filing, which could take months to be formally filed with the SEC, was announced by Ripple CEO Brad Garlinghouse.
Garlinghouse said the emergence of an XRP ETF was inevitable following the launch of Bitcoin and Ethereum ETFs in the U.S. a few months ago.
If approved, the ETF would allow institutional investors to access crypto assets through a regulated investment vehicle, which could have a positive impact on liquidity and token adoption.