WisdomTree is seeking approval from the U.S. Securities and Exchange Commission (SEC) for its spot XRP exchange-traded fund (ETF) by submitting an S-1 application. The ETF will allow institutional investors to gain indirect exposure to the cryptocurrency XRP.
This initiative is managed by the Bank of New York Mellon, which provides asset servicing for the ETF. By offering this financial product, WisdomTree aims to attract institutional investment into the cryptocurrency space.
The introduction of the WisdomTree spot XRP ETF is another step towards expanding crypto investment offerings to institutional players, in hopes of capitalizing on XRP's market potential.
