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Bitwise Files XRP ETF Application, Bloomberg Analyst: Cheap Like a Trump Call

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Bitwise Files XRP ETF Application, Bloomberg Analyst: Cheap Like a Trump Call

Bitwise has submitted an application for an XRP ETF in Delaware, which may be related to the lawsuit between Ripple and the SEC. Bloomberg ETF analyst Eric Balchunas believes that these competing coin applications are essentially as cheap as a Trump Call.

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Bitwise Files XRP ETF Application

According to a report by Cointelegraph, Bitwise's application for an XRP exchange-traded fund (ETF) has appeared on the Delaware Division of Corporations website, with a Bitwise spokesperson confirming the news.

Ripple CEO Brad Garlinghouse expressed strong confidence in the feasibility of an XRP ETF during an interview in June and predicted it could happen by 2025.

The approval of an XRP ETF would allow institutional investors to access cryptocurrency investments through regulated investment tools, potentially boosting liquidity and token adoption. However, Bitwise's filing was made in Delaware, not as a registration with the U.S. Securities and Exchange Commission (SEC). This step may be part of early preparations and could take several months before formal documents are submitted to the SEC.

Bloomberg Analyst: Cheap Like a Trump Call

Bloomberg ETF analyst Eric Balchunas also commented on the news: "You've heard of the Fed Put by the Fed, like the Trump Call for a rally. The application for XRP, Solana, or any other competing coin is basically like a cheap call option on Trump winning, as Gary Gensler will disappear, making anything possible. If Hester Pierce wins, these applications won't be approved, and the 'call options' will expire worthless."

Preparing for SEC Lawsuit?

However, this application may be related to the ongoing legal battle between Ripple and the SEC. The prolonged legal war between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) that started in 2020 has reached a critical moment. The SEC must appeal Judge Torres' July 2023 ruling by next week, October 7, which stated that XRP secondary sales through exchanges are not securities. In July, the Ripple CEO also hinted at the impending end of the lawsuit with the SEC.