Bitwise Submits S-1 Filing for Its XRP ETF to SEC

Bitwise has submitted its S-1 registration document for the XRP ETF to the U.S. SEC. The latest document details the trust's structure, custody arrangements, and share creation and redemption mechanisms. The document outlines that the XRP custodian will primarily use cold storage to store the trust's assets, and transfer a limited amount of assets to hot storage as needed to enable efficient basket creation and redemption. The "XRP Custody Agreement" ensures that the trust's assets are isolated from the custodian's other holdings, thereby enhancing the security of private keys associated with XRP. In order to efficiently execute transactions, Bitwise has appointed a chief execution agent who will facilitate XRP transactions on multiple trading platforms including Bitstamp, Kraken, Coinbase and LMAX. (Crypto Briefing) Earlier on October 2, a Bitwise spokesperson confirmed that Bitwise submitted an application for an XRP ETF, which had been officially submitted on the Delaware government website.