Bitwise submitted an S-1 form to the U.S. Securities and Exchange Commission, a requirement for companies seeking to issue a new security and be listed on a public stock exchange.

Asset management firm Bitwise filed Form S-1 for XRP ETP with the U.S. Securities and Exchange Commission (SEC) on October 2nd. The filing indicates that once approved, the proposed fund will hold XRP on its own.

Bitwise, already an issuer of spot Bitcoin and spot Ethereum ETFs, filed for an $XRP ETF, triggering excitement in the crypto community and marking the first step in what Ripple CEO Brad Garlinghouse previously predicted was an "inevitable" wave of crypto ETFs.

Crypto asset manager Bitwise has officially filed for the first spot XRP ETF with the US Securities and Exchange Commission.

Bitwise's XRP ETF application was filed on Sept. 30th in the state of Delaware, Fox Business journalist, Eleanor Terrett shared on X late Tuesday.

Bitwise submitted an S-1 registration Wednesday to the U.S. Securities and Exchange Commission, taking the first step toward rolling out an exchange-traded fund tied to XRP (XRP-USD), the cryptocurrency associated with Ripple.

Crypto asset manager Bitwise has filed an initial registration statement with the U.S. SEC for an exchange-traded product for XRP tokens, as it seeks to introduce more crypto products after a landmark regulatory decision to approve spot bitcoin ETF earlier this year.

Bitwise's filing acknowledges the risk that the Securities and Exchange Commission (SEC) could win an appeal to reverse a court decision that would allow it to regulate XRP as a security.