Cboe Files For Spot XRP ETFs

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Cboe BZX Exchange has recently submitted applications to the US Securities and Exchange Commission (SEC) seeking to list the first spot XRP ETFs in the country.

This is a significant development in the world of cryptocurrency investment. These submissions, known as 19b-4 filings, were made on February 6 by four asset managers: Canary Capital, WisdomTree, 21Shares, and Bitwise.

The proposed ETFs will track the price of XRP, currently ranked fourth in the market and valued at $2.35. Such filings are crucial as they inform the SEC of any changes in market rules. If approved, these ETFs would be the first of their kind in the US.

This move comes after the SEC, under former Chair Gary Gensler, approved Bitcoin and Ether ETFs in 2021. With Mark Uyeda as the current acting chair, who is known for his pro-crypto stance, analysts predict an increase in the submission of crypto ETFs.

This could be prompted by issuers testing the boundaries of what the SEC will allow under a new administration. This is not the first time Cboe has applied for cryptocurrencies ETFs.