In a groundbreaking move, cryptocurrency index fund manager Bitwise Asset Management filed for an XRP (CRYPTO: XRP) exchange-traded fund (ETF), a first for the U.S. market.

What Happened: Bitwise submitted the ETF filing on Monday to Delaware's Department of State's Division of Corporations. The filing was made under the entity name Bitwise XRP ETF, with CSC Delaware Trust Company listed as the registered agent.

This is typically the first step toward filing and listing an ETF, with similar notice seen previously for BlackRock's iShares Bitcoin Trust ETF (NASDAQ:IBIT) and iShares Ethereum Trust ETF (NASDAQ:ETHA).

Bitwise didn't immediately respond to Benzinga's request for comment, though The Block confirmed that the filing was legitimate, citing the firm's Chief Investment Officer Matthew Hougan.

Earlier this year, the SEC approved several spot Bitcoin ETFs from firms like BlackRock, Grayscale, and Fidelity, as well as eight Ethereum ETFs. Grayscale has also launched an XRP "closed-end" fund for accredited investors.

Why It Matters: The development comes even as Ripple Labs, the blockchain company that uses XRP for its operations, is locked in a legal battle with the SEC over the token's sale.

Ripple secured a notable victory in its protracted legal battle with the SEC last year, with a U.S. District Judge ruling that the sale of XRP on public exchanges does not constitute unregistered securities offerings. The deadline for the SEC to appeal the ruling is set for Oct. 7

Price Action: At the time of writing, XRP was trading at $0.603, down 2.67% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: Michaela Jilkova On Shutterstock.com

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