Bitwise XRP ETF: SEC's Next Crypto Headache on the Docket
Published Date: 5/29/2025
Notice
Summary
The SEC is deciding whether to approve the Bitwise XRP ETF to be traded on the Cboe BZX Exchange. This affects investors interested in cryptocurrency ETFs and could open new trading opportunities soon. The decision deadline is May 25, 2025, and if approved, it could impact how people invest in XRP through a regulated exchange.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
SEC Decision on XRP ETF by May 25, 2025
The SEC is deciding whether to approve the Bitwise XRP ETF to trade on the Cboe BZX Exchange, and it designated May 25, 2025 as the date by which it must approve, disapprove, or institute proceedings to disapprove. If you invest, this decision could open a new way to buy or sell XRP through a regulated exchange.
ETF Will Hold XRP; Cash Redemptions Only
The proposed Bitwise XRP ETF would hold only XRP, cash, and cash equivalents. When the Trust sells or redeems Shares, it will do so in cash transactions with authorized participants in blocks of 10,000 Shares.
Daily Valuation Using CME Ripple-Dollar Rate
If listed, the Trust would seek to track XRP using the CME CF Ripple-Dollar Reference Rate—New York Variant as its Pricing Benchmark and would value its Shares daily as of 4:00 p.m. ET using that same methodology.
SEC Reviewing Fraud and Manipulation Risks
The Commission is specifically instituting proceedings to analyze whether listing and trading the Bitwise XRP ETF is consistent with Section 6(b)(5) of the Securities Exchange Act, which requires exchange rules be designed to prevent fraudulent and manipulative acts and protect investors and the public interest.
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Previous / Next Documents
Previous: 2025-09629 — Self-Regulatory Organizations; Nasdaq Stock Market LLC; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of the CoinShares XRP ETF Under Nasdaq Rule 5711(d) (Commodity Based Trust Shares)
The SEC is deciding whether to approve Nasdaq’s plan to list and trade shares of the CoinShares XRP ETF, a fund tied to the cryptocurrency XRP. This affects investors interested in crypto ETFs and could open new trading options on Nasdaq. The SEC will make a decision by May 26, 2025, which could impact how and when these shares become available to the public.
Next: 2025-09631 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of the Canary XRP Trust Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares
The SEC is deciding whether to approve the Cboe BZX Exchange’s plan to list and trade shares of the Canary XRP Trust, a new commodity-based investment product tied to XRP. This affects investors interested in trading these shares and could open up fresh opportunities in the crypto-related market. The SEC’s decision deadline is May 26, 2025, so stay tuned for potential new ways to invest!