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By Anderson P.C., a U.S. law firm.
New York-based asset manager WisdomTree has made waves in the digital asset space with the filing of a Form S-1 registration statement with the Securities and Exchange Commission (SEC) for a spot XRP exchange-traded fund (ETF). This development reflects the firm's ongoing commitment to expanding its crypto-focused investment products amidst an evolving regulatory environment.
- XRP is a cryptocurrency and native token of XRP Ledger, an open-source blockchain. The cryptocurrency and blockchain are designed to enhance global financial transfers and the exchange of several currencies. Investors also use it to store value and profit from price fluctuations.
Details of the Filing
The proposed WisdomTree XRP Fund will be listed on the Cboe BZX Exchange, Inc., according to the SEC filing. The Bank of New York Mellon has been designated as the administrator, fund accountant, and transfer agent for the ETF.
In its S-1 filing, WisdomTree stated:
"The Trust's investment objective is to gain exposure to the price of XRP, less expenses and liabilities of the Trust's operations. In seeking to achieve its investment objective, the Trust will hold XRP and will value its Shares daily."
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