SEC Greenlights XRP ETF Trading: Crypto Goes Wall Street Bureaucratic
Published Date: 2/24/2025
Notice
Summary
The Cboe BZX Exchange wants to start listing and trading shares of the Bitwise XRP ETF, a new fund tied to the cryptocurrency XRP. This change affects investors looking for easy access to XRP through the stock market and could open up fresh trading opportunities soon. The SEC is now asking for public feedback before giving the green light.
Analyzed Economic Effects
6 provisions identified: 5 benefits, 0 costs, 1 mixed.
ETF gives exchange access to XRP
The Exchange proposes to list the Bitwise XRP ETF so U.S. investors can buy and sell shares that track spot XRP on Cboe BZX. The Shares will not trade until the Trust's registration statement is effective, and the Trust will value Shares based on the CME CF Ripple-Dollar Reference Rate--New York Variant.
Custody safeguards for Trust XRP
The Trust will hold all XRP with a Custodian that uses segregated cold storage addresses and will record the Trust's XRP as Trust property; the Custodian will not loan, pledge, or otherwise encumber the Trust's XRP without the Trust's instruction. Cash and short-term cash equivalents (maturities under 3 months) are held with a separate Cash Custodian.
Premium/discount risk vs. trading halts
Shares may trade at a premium or discount to NAV, exposing buyers to extra cost; the Exchange may halt trading if the IIV or Pricing Benchmark stops being disseminated or if the NAV is not available to all market participants. Trading creation/redemption occurs in 10,000 Share Creation Baskets.
Exchange says ETF may lower fees and volatility
The Exchange states that listing the Bitwise XRP ETF could reduce premium/discount volatility, lower management fees through competition, and provide an alternative to directly custodying spot XRP for U.S. investors, given a market size of over $300 billion (fully diluted).
Daily NAV and 15‑second IIV transparency
The Trust will calculate net asset value (NAV) once daily using the Pricing Benchmark at 4:00 p.m. ET and will provide an Intraday Indicative Value (IIV) updated every 15 seconds during Regular Trading Hours (9:30 a.m. to 4:00 p.m. ET). The Pricing Benchmark is the CME CF Ripple-Dollar Reference Rate--New York Variant.
Retail investor delivery and risk notices
Before trading starts the Exchange will send an Information Circular to members describing creation/redemption procedures, suitability obligations, prospectus delivery requirements for newly issued Shares, and risks of trading outside Regular Trading Hours when the IIV is not updated.
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