Bitwise Files S-1 for XRP ETF
Ticker: XRP · Form: S-1 · Filed: Oct 2, 2024 · CIK: 2039525
Sentiment: neutral
Topics: etf-filing, cryptocurrency, sec
Related Tickers: XRP
TL;DR
Bitwise just filed for an XRP ETF, get ready for more crypto exposure.
AI Summary
Bitwise XRP ETF filed an S-1 registration statement with the SEC on October 2, 2024, to register shares for public offering. The ETF, incorporated in Delaware and managed by Bitwise Investment Advisers, LLC, aims to provide investors with exposure to XRP. The filing indicates the offering will commence as soon as practicable after the registration statement becomes effective.
Why It Matters
This filing signals Bitwise's intention to launch a new cryptocurrency-focused ETF, potentially increasing accessibility and investment in XRP for a broader market.
Risk Assessment
Risk Level: medium — The cryptocurrency market is inherently volatile, and the regulatory landscape for digital assets remains uncertain, posing significant risks to ETF investments.
Key Players & Entities
- Bitwise XRP ETF (company) — Registrant
- Bitwise Investment Advisers, LLC (company) — Manager
- XRP (company) — Underlying Asset
- SEC (company) — Regulator
- October 2, 2024 (date) — Filing Date
- Delaware (company) — State of Incorporation
- Chapman and Cutler LLP (company) — Legal Counsel
FAQ
What is the primary purpose of this S-1 filing?
The S-1 filing is a registration statement filed with the SEC to register shares of the Bitwise XRP ETF for public offering.
Who is the investment adviser for the Bitwise XRP ETF?
Bitwise Investment Advisers, LLC, located at 250 Montgomery Street, Suite 200, San Francisco, California, is the investment adviser.
When was this S-1 filing submitted to the SEC?
The filing was submitted to the SEC on October 2, 2024.
In which jurisdiction was the Bitwise XRP ETF incorporated?
The Bitwise XRP ETF was incorporated in Delaware.
What is the approximate date for the commencement of the proposed sale to the public?
The proposed sale to the public is expected to commence as soon as practicable after the effective date of this Registration Statement.
Filing Stats: 4,545 words · 18 min read · ~15 pages · Grade level 14.7 · Accepted 2024-10-02 09:00:43
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
- ea0216197-s1_bitwise.htm (S-1) — 1148KB
- ea021619701ex3-1_bitwise.htm (EX-3.1) — 24KB
- ea021619701ex3-2_bitwise.htm (EX-3.2) — 5KB
- ea021619701ex-fee_bitwise.htm (EX-FILING FEES) — 29KB
- 0001213900-24-084334.txt ( ) — 1207KB
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