XRP News: Bitwise CIO Advises to Begin Accumulating XRP as Preparations for ETFs Kick Off
Anjali Belgaumkar16 Sept 20242 min read
XRP’s price has been giving mixed signals lately but there is some interesting news on the horizon. Grayscale is set to launch an XRP Trust, which will give accredited investors direct access to XRP. This trust could lead to an XRP ETF in the future, attracting more traditional investors.
Matt Hougan CIO at Bitwise appeared on the Thinking Crypto podcast recently. While discussing Solana ETFs, when he was asked about other potential assets like Avalanche, XRP, or Cardano, he said that they are evaluating a range of assets but didn’t specify if they are in the top ten.
“We’re looking at a wide array of assets. We’ve entered the ETF era of crypto. It’s much harder to go from zero to one than it is to go from one to 100 in anything. But also in ETFs, it’s going to take regulatory changes, maybe changes in the direction of how the SEC thinks about this market,” he said.
Matt continued, “But there are a number of robust assets that deserve ETFs, in my view. In Europe, you see these ETFs helping investors get safe, low-cost exposure to these assets. I think we’re going to get there in the US. So, yeah, stack up the pillows behind your right shoulder. We’re working on them.”
A Look At The Current State of Solana ETFs
He then said they are contemplating entering the market to get a head start. They might file for ETFs in 2025, depending on their progress and findings.
He explained that they are closely analyzing the SEC’s stance. The SEC initially rejected the first two applications, but that doesn’t mean the opportunity is closed—remember, Bitcoin ETFs faced rejections for ten years before approval.
Bitwise is focusing on addressing concerns about market manipulation and showing protections through data. They’re enthusiastic about the Solana ecosystem and believe it’s strong, but the timing of their filings will depend on their research and results.
