Cboe BZX Exchange Submits XRP ETF Filings to SEC
In a major move, the Cboe BZX Exchange has filed form 19b-4 with the US Securities and Exchange Commission (SEC) to potentially list and trade XRP exchange-traded funds (ETFs) for top asset managers.
The issuers involved in this groundbreaking development include Bitwise Investment, 21Shares, Canary Funds, and WisdomTree.
XRP ETFs One Step Closer?
Form 19b-4 serves as a crucial tool for self-regulatory organizations like stock exchanges to propose rule changes to the SEC, thus paving the way for new financial products, including ETFs.
Fox Business reporter Eleanor Terrett emphasized the procedural significance of these filings, noting that approval by the SEC is not guaranteed.
If greenlit, the introduction of XRP as a tradable ETF could be on the horizon, potentially opening up new investment avenues for crypto enthusiasts.
Excitingly, Grayscale has also jumped on board by submitting a 19b-4 application to establish an XRP ETF, adding to the momentum in this space.
A recent report from JPMorgan forecasts that an XRP ETF could bring in substantial revenue ranging from $6 billion to $8 billion within the first 6 to 12 months of its launch.
The odds seem to favor an XRP ETF approval in 2025, with prediction platform Polymarket indicating an 80% chance at the time of this report.
This recent development comes hot on the heels of the SEC's recognition of NYSE's 19b-4 filings for Grayscale's Litecoin (LTC) and Solana (SOL) ETFs, marking an important step in expanding the scope of tradable assets in the market.
With the SEC showing positive signs towards new ETFs, assets like XRP, once considered securities, might be in line for a reevaluation under the current administration.
While market sentiment around potential XRP ETFs is high, the digital asset itself has faced challenges in recent weeks with a notable downtrend in its value, shedding over 25% in the past week alone. Despite this, the XRP community remains hopeful for a brighter future in the ETF realm.