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Bitwise Files Form S-1 for Bitwise XRP ETP

By: Bitwise Asset Management via Business Wire

October 02, 2024 at 09:02 AM EDT

Over the past seven years, Bitwise has pioneered index funds, alpha strategies, and ETPs to provide access to the crypto asset class; that work continues with this filing.

Bitwise Asset Management announced today that it has filed an initial registration statement on Form S-1 with the U.S. Securities and Exchange Commission (“SEC”) for the Bitwise XRP ETP. Per the filing, the proposed fund would hold XRP directly.

The launch of the Bitwise XRP ETP is pending effectiveness of the Form S-1 as well as approval of a Form 19b-4 filing.

“At Bitwise, we believe blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century,” said Bitwise CEO Hunter Horsley. “It’s why for the past seven years we’ve helped investors access the opportunities in the space, and we’re excited to continue that work with our filing for a Bitwise XRP ETP.”

XRP is the digital asset that powers the XRP Ledger (“XRPL”) public blockchain. XRPL is best known for its role in facilitating cross-border payments and remittances, as well as newer capabilities that enable institutional participation in Decentralized Finance (“DeFi”), real-world asset tokenization, and EVM interoperability. XRPL typically processes transactions in seconds with fees under $0.01. It also has more than five million active wallets and a decade-long track record of reliability. Today XRP is one of the world’s largest crypto assets, with a market capitalization above $30 billion.

The filing comes on the heels of Bitwise’s recent launch of spot Bitcoin and Ethereum ETPs, and its acquisition in August of ETC Group, a leading issuer of crypto ETPs in Europe.

Today, Bitwise’s suite includes ETPs, index funds, alpha strategies, yield strategies, and SMA strategies spanning over 30 products in the U.S. and Europe. Founded in 2017, Bitwise serves as a specialist partner to thousands of investment professionals and financial institutions looking to understand and access crypto assets.

About Bitwise

Bitwise Asset Management is a leading crypto specialist asset manager serving clients in the U.S. and Europe. Thousands of financial advisors, family offices, and institutional investors partner with Bitwise to understand and access the opportunities in crypto. For seven years, Bitwise has established a track record of excellence managing a broad suite of index and active solutions across ETFs, separately managed accounts, private funds, and hedge fund strategies. The company is known for providing unparalleled client support through expert research and commentary, its nationwide client team of crypto specialists, and its deep access to the crypto ecosystem. The Bitwise team of more than 80 professionals combines expertise in technology and asset management with backgrounds including BlackRock, Millennium, ETF.com, Meta, Google, and the U.S. Attorney’s Office. Bitwise is backed by leading institutional investors and has been profiled in Institutional Investor, Barron’s, Bloomberg, and The Wall Street Journal. It has offices in San Francisco, New York, and London. For more information, visit www.bitwiseinvestments.com.

RISKS AND IMPORTANT INFORMATION

No Advice on Investment; Risk of Loss: Prior to making any investment decision, each investor must undertake its own independent examination and investigation, including the merits and risks involved in an investment, and must base its investment decision—including a determination whether the investment would be a suitable investment for the investor—on such examination and investigation.

Crypto assets are digital representations of value that function as a medium of exchange, a unit of account, or a store of value, but they do not have legal tender status. Crypto assets are sometimes exchanged for U.S. dollars or other currencies around the world, but they are not currently backed nor supported by any government or central bank. Their value is completely derived by market forces of supply and demand, and they are more volatile than traditional currencies, stocks, or bonds.

Trading in crypto assets comes with significant risks, including volatile market price swings or flash crashes, market manipulation, and cybersecurity risks and risk of losing principal or all of your investment. In addition, crypto asset markets and exchanges are not regulated with the same controls or customer protections available in equity, option, futures, or foreign exchange investing.

Crypto asset trading requires knowledge of crypto asset markets. In attempting to profit through crypto asset trading, you must compete with traders worldwide. You should have appropriate knowledge and experience before engaging in substantial crypto asset trading. Crypto asset trading can lead to large and immediate financial losses. Under certain market conditions, you may find it difficult or impossible to liquidate a position quickly at a reasonable price.

The opinions expressed represent an assessment of the market environment at a specific time and are not intended to be a forecast of future events, or a guarantee of future results, and are subject to further discussion, completion and amendment. The information herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice, or investment recommendations. You should consult your accounting, legal, tax or other advisors about the matters discussed herein.