WisdomTree Joins Race for XRP ETF with Delaware Trust Filing

WisdomTree Funds, a prominent global asset management firm specializing in exchange-traded products, has filed to establish a Delaware statutory trust entity for its proposed XRP ETF.

The filing, submitted on November 25, indicates WisdomTree’s intention to launch an investment product that tracks the prices of Ripple’s native token. Typically, asset managers will lodge an S-1 registration form with the Securities and Exchange Commission (SEC) a few days after the Delaware filing.

This comes after the New York-based fund manager debuted an XRP ETP in Europe last week. The product, also known as WisdomTree Physical XRP (XRPW), is available on major regional exchanges like Deutsche Börse Xetra, the Swiss Stock Exchange (SIX), and Euronext in Paris and Amsterdam.

More ETfs Are Coming

The proposed XRP fund is part of WisdomTree’s strategy to expand its cryptocurrency offerings. The entity’s list of products includes various physically backed crypto ETFs, such as the WisdomTree Bitcoin Fund (BTCW) which has attracted $217 million in net inflows since launch.

Unlike many other asset managers that filed for spot Ethereum ETFs post-Bitcoin ETF launch, WisdomTree is seeking approval for an XRP ETF. The firm is now joining Bitwise, Canary Capital, and 21Shares in the XRP ETF race.

Bitwise Asset Management was the first firm to file for an XRP ETF, submitting its application last month. Shortly thereafter, Canary Capital also filed for its own XRP ETF. 21Shares followed earlier this month.

Apart from XRP ETFs, asset managers are actively seeking regulatory approval from the SEC for ETFs that track the performance of other altcoins, like Solana (SOL), Litecoin (LTC), and Hedera (HBAR).

Not only that, some have deepened their ties to the cryptocurrency industry. Bitwise recently announced its support for staking STRK, the native token of Starknet. The firm will act as a validator for Starknet’s staking. Bitwise Onchain Solutions will provide non-custodial staking services, allowing users to delegate their STRK tokens once the staking feature goes live.

The trend is noted with Donald Trump now president-elect, and the cryptocurrency community is putting hope on easing regulatory tension under a new administration.

The case of XRP ETFs draws much attention given that the SEC-Ripple lawsuit has been extended. XRP’s legal status is still undecided as the SEC has pushed for an appeal that challenges a court ruling that determined XRP was not a security when sold on exchanges.

But the imminent departure of SEC Chair Gary Gensler signals a potential settlement for the year-long case. Industry experts are placing bets on a different approach under a new SEC leadership, which could open doors for more investment products linked to other cryptocurrencies beyond Bitcoin and Ethereum.

Data from CoinGecko shows that XRP’s price rose nearly 7% following the WisdomeTree’s filing news, but quickly pulled back amid broader market downturn. It is now trading at around $1.4, down 4% in the last 24 hours.

What’s the Timeline for XRP ETF Approval?

According to Bloomberg ETF analyst James Seyffart, regulatory discussions in the U.S. are progressing, but decisions on the recently proposed cryptocurrency ETFs may not come until late 2025.

Seyffart, speaking during an interview with Thinking Crypto, said the current environment for altcoin ETFs is complicated by past decisions from the SEC. Unlike Bitcoin and Ethereum ETFs, which gained approval due to their association with regulated futures markets, many altcoins lack such infrastructure.

The absence poses a major hurdle for their ETF applications, as Seyffart notes that the SEC has historically denied applications for altcoin ETFs without a regulated market.

Whether the SEC will approve these products will also depend on key issues like market manipulation, custody, and compliance. The analyst said these issues must be addressed.

Seyffart agreed that changes in SEC leadership in 2025 could potentially alter the regulatory landscape, but the timeline for approval is still uncertain.