- Bitwise prepares for an XRP spot ETF launch amid its growing confidence in the asset’s future.
- Matt Hougan, Bitwise CIO, cited XRP’s resilience and strong community.
- Hougan disclosed there would be ETFs for other altcoins as well.
The race for crypto spot ETFs is heating up, with Bitwise Asset Management making waves as it positions itself for an XRP spot ETF launch. The move confirms confidence in XRP’s future, especially as Ripple’s prolonged legal battle with the SEC nears its end.
During a recent appearance on the Thinking Crypto Podcast, Matt Hougan, Bitwise’s CIO, discussed the firm’s decision to launch an XRP ETF even before the U.S. presidential election.
Hougan highlighted XRP’s resilience, describing the asset as having “proven itself over a long period” with a strong community and advanced technology at its core.
Moreover, he pointed out that XRP is attracting attention from traditional financial institutions, with Société Générale recently integrating its stablecoin into the XRP Ledger. Notably, Société Générale announced the introduction of its EUR stablecoin, EURCV, to XRPL after similar integrations with Ethereum and Solana.
XRP Is About to Be Unleashed
In parallel, Hougan expressed the view that the full potential of XRP has yet to be realized due to Ripple’s ongoing legal battle with the SEC. He emphasized the potential for XRP to thrive in a post-SEC lawsuit environment.
“Fast forward a year, and you’ll see XRP unleashed,” he said, envisioning an asset that could showcase its untapped capabilities in liquidity and market appeal.
From a regulatory perspective, Bitwise’s filing highlights the firm’s calculated approach. “We don’t file for fun,” Hougan remarked, referencing Bitwise’s persistence in securing a Bitcoin ETF after five years of attempts.
He explained that the XRP filing stems from a belief in a viable pathway to approval under a new administration in 2025, especially with pro-crypto Donald Trump winning the election this month.
Will the Market See ETFs for Other Altcoins?
When asked whether there would be more altcoin spot ETF applications, Hougan remarked that the industry would aim to expand the range of assets available in ETPs.
Meanwhile, he acknowledged the regulatory hurdles unique to altcoins as they differ from those for Bitcoin and Ethereum. Yet, he expressed optimism, comparing international markets, where diverse crypto ETPs are already available.
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