Bitwise Asset Management has revised its XRP ETF filing, submitting a new S-1 registration with the SEC. The updated filing refines the Trust’s structure, custody arrangements, and mechanisms for creation and redemption of shares. The XRP Custodian will use cold storage for the Trust’s assets, with limited amounts moved to hot storage for efficient basket creations and redemptions.
The XRP Custody Agreement ensures the Trust’s assets remain segregated from the custodian’s other holdings. Bitwise has appointed a Prime Execution Agent to facilitate trades across various venues, including Bitstamp, Kraken, Coinbase, and LMAX. The Trust’s updated structure outlines the process for creating and redeeming shares in blocks of 10,000 units, known as Baskets.
The company acknowledges the regulatory uncertainties surrounding XRP, particularly in light of the pending SEC appeal regarding the Ripple ruling. The SEC’s decision on the Ripple ruling appeal will be crucial in shaping the Trust’s path forward and could ultimately decide the fate of the Bitwise XRP ETF launch.
