XRP ETF Gains Momentum As Bitwise Files New Prospectus, What’s Happening?
Highlights
- Bitwise filed an updated 424B3 prospectus for its XRP ETF on September 28 as the fund continues issuing shares.
- The Bitwise XRP ETF has recorded $415.07 million in cumulative net inflows, according to CoinGlass data.
- The ETF posted nearly $38.4 million in combined inflows from September 22 to September 25, led by $12.47 million on September 22.
Bitwise has filed an updated prospectus for its XRP ETF as demand for the investment product continues to build. The new Form 424B3 prospectus was dated September 28, and it maintains the fund’s offering information up-to-date as it issues shares.
Bitwise XRP ETF To Continue Share Issuance
A filing reveals that Bitwise XRP ETF lists on NYSE Arca under the ticker XRP. It aims to give investors a direct exposure to the value of XRP in the possession of the Trust. The fund’s net asset value is calculated based on the CME CF XRP-Dollar Reference Rate-New York Variant.
The prospectus makes no specific mention of the number of shares that the Trust will be issuing. However, it indicates that the Bitwise XRP ETF Trust is registering an unspecified number of shares. Shares are created and redeemed in baskets of 10,000. The design enables authorized participants to generate additional shares in the ETF.
The fund holds XRP in the custody of Coinbase Custody Trust Company. The custodian has segregated accounts for the Trust’s XRP.
Bitwise has an annual sponsor fee of 0.34% of the Trust’s XRP holdings. The fund will be passively managed and won’t try to actively trade XRP in order to outperform the asset’s value.
XRP Fund Inflows Show Continued Demand
According to CoinGlass data, Bitwise’s XRP ETF has amassed $415.07 million in cumulative net inflows up to September 28.
There have been also a few solid inflow sessions for the ETF recently. It had $12.47 million in attendance on Sept. 22, $7.34 million on Sept. 23 and $6.60 million on Sept. 24. September 25 is the date of the next inflow, which was $11.99 million.
The fund experienced a $1.21 million withdrawal on September 18. Its recent inflows, however, have helped to bring the total positive flow number. Meanwhile, Canary XRP ETF also saw inflows worth millions on Monday, September 28.
A specific amount of new XRP purchased does not necessarily imply from the latest filing. But the persistent issuance pattern and the ETF’s on-going inflows serve to emphasize the continued activity in Bitwise’s XRP product.
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