Last week, WisdomTree Digital Commodity Services, LLC, a subsidiary of a prominent New York-based asset management firm with over $113 billion in AUM, filed for an XRP exchange-traded fund (ETF) with Delaware authorities. Earlier today, the investment firm submitted to the Securities and Exchange Commission (SEC) the S-1 filing for the WisdomTree XRP Fund.
According to the SEC filings, the WisdomTree XRP Fund will tap into the Bank of New York Mellon (BNYM) as the trustee, fund accountant, and transfer agent. However, the prospectus for the WisdomTree XRP Fund did not reveal the ticker that will be listed on the Cboe BZX Exchange, thus indicating several updates of the filings will take place in the near term.
As Coinpedia previously reported, the demand for XRP among institutional investors has significantly grown following the anticipated crypto policy implementation in the United States. In addition to WisdomTree, several other fund managers have filed to offer a spot XRP ETF to prospective investors to help diversify their crypto portfolios.
For instance, asset management firm 21Shares recently fueled for a spot XRP ETF. Additionally, Bitwise, Grayscale Investments, and Canary Capital have all filed for a similar product.
As a result, it is evident that the demand for XRP among institutional investors is exponentially growing amid regulatory clarity in the United States.
The direct impact of the high demand for XRP among institutional investors is visible on the rising market value. The large-cap altcoin, with a fully diluted valuation of about $240 billion, overtook Solana (SOL) and Binance (BNB) to become the third largest crypto asset, excluding stablecoins.
After more than six years of consolidation, XRP price is well positioned to enter its discovery phase of the macro bull cycle in the coming months.
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