Bitwise XRP ETF Files S-1/A Amendment

TL;DR

Bitwise XRP ETF just filed an S-1/A, getting closer to launching. Get ready.

AI Summary

Bitwise XRP ETF filed an S-1/A amendment on October 16, 2024, to register securities. The ETF, incorporated in Delaware, is managed by Bitwise Investment Advisers, LLC, located at 250 Montgomery Street, San Francisco, CA. The filing indicates the proposed sale of securities will commence as soon as practicable.

Why It Matters

This filing is a step towards the public offering of the Bitwise XRP ETF, potentially increasing accessibility and investment in XRP for a broader market.

Risk Assessment

Risk Level: medium — The filing pertains to a new ETF offering, which carries inherent market risks associated with cryptocurrency investments and regulatory uncertainties.

Key Numbers

• 333-282465 — SEC File Number (Identifies this specific registration filing)

Key Players & Entities

• Bitwise XRP ETF (company) — Registrant
• Bitwise Investment Advisers, LLC (company) — Manager
• October 16, 2024 (date) — Filing Date
• Delaware (jurisdiction) — State of Incorporation
• 250 Montgomery Street, Suite 200 San Francisco, California 94104 (address) — Principal Executive Offices
• 333-282465 (registration_number) — SEC File Number

FAQ

Key Financial Figures

• $1.0 billion — o; upon the earliest of (i) when it has $1.0 billion or more in annual revenues; (ii) when i

Filing Documents

• ea0217841-s1a1_bitwise.htm (S-1/A) — 1149KB
• 0001213900-24-088229.txt ( ) — 1150KB

Risk Factors

Risk Factors 9 XRP, XRP MARKET AND REGULATION OF XRP 57 THE TRUST AND XRP PRICES 65 Calculation of NAV 71 ADDITIONAL INFORMATION ABOUT THE TRUST 73 The Trust’s Service Providers 78 Custody of the Trust’s Assets 80 THE PRIME EXECUTION AGENT AND the TRADE CREDIT LENDER 82 Form of Shares 88 Transfer of Shares 89 SEED CAPITAL INVESTOR 89 Plan of Distribution 89 Creation and Redemption of Shares 91

Use of Proceeds

Use of Proceeds 96 96 Conflicts of Interest 96 FIDUCIARY AND REGULATORY DUTIES AND OBLIGATIONS OF THE SPONSOR 97 Liability and Indemnification 99 Provisions of Law 100 Management; Voting by Shareholders 101 Meetings 101 Books and Records 102 102 Fiscal Year 102 GOVERNING LAW; CONSENT TO DELAWARE JURISDICTION 102 Legal Matters 102 Experts 103 Material Contracts 103 UNITED STATES FEDERAL INCOME TAX CONSEQUENCES 109 Purchases By Employee Benefit Plans 114 Information You Should Know 11 6 SUMMARY OF PROMOTIONAL AND SALES MATERIAL 116 Intellectual Property 116 Where You Can Find More Information 117 Privacy Policy 117 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM F-1 F-2 This Prospectus contains information you should consider when making an investment decision about the Shares. You may rely on the information contained in this Prospectus. The Trust and the Sponsor have not authorized any person to provide you with different information and, if anyone provides you with different or inconsistent information, you should not rely on it. This Prospectus is not an offer to sell the Shares in any jurisdiction where the offer or sale of the Shares is not permitted. Until __________, 2024 (25 days after the date of this Prospectus), all dealers effecting transactions in the Shares, whether or not participating in this distribution, may be required to deliver a prospectus. This requirement is in addition to the obligations of dealers to deliver a prospectus when acting as underwriters and with respect to unsold allotments or subscriptions. The Sponsor first intends to use this Prospectus on ___________, 2024. The Shares are not registered for public sale in any jurisdiction other than the United States. i REGARDING FORWARD-LOOKING S

View Full Filing

View this S-1/A filing on SEC EDGAR