WisdomTree scraps plan to launch XRP ETF in the US

WisdomTree filed an software with the SEC this week looking for to withdraw its software to launch the WisdomTree XRP Fund, the No. 4 digital asset-related exchange-traded fund.

The New York-based asset supervisor entered the US XRP ETF race in late 2024. Previous to the SEC submitting, the corporate had already launched WisdomTree Bodily XRP (XRPW) in Europe, and the product is presently traded on main exchanges together with Deutsche Börse Zetra, Swiss Change, and Euronext.

WisdomTree’s resolution to discontinue selling the XRP ETF follows the same transfer by CoinShares, Europe’s largest digital asset funding agency, which filed to withdraw a number of US ETF proposals, together with merchandise associated to XRP, Solana, and Litecoin.

This resolution comes as competitors within the XRP ETF market is already growing, with a restricted variety of first movers.

Since its debut, the U.S.-listed XRP ETF has seen $1.2 billion in inflows and presently has practically $1.5 billion in internet property, in response to SoSoValue. At present, Canary Capital leads the group, with Bitwise, Franklin Templeton, and Grayscale not far behind.

Whereas the XRP ETF continues to report regular inflows, it stays far smaller than Bitcoin, essentially the most liquid and institutionally sought-after digital asset.

On the identical time, there may be little assist for the growth of digital asset ETF merchandise as threat urge for food is subdued. This might encourage some sponsors to double down on established companies somewhat than pursuing incremental launches.

Regardless of difficult market situations and weak investor demand, some main firms seem prepared to maneuver ahead with their crypto ETF plans. Morgan Stanley, which manages roughly $1.8 trillion in property, not too long ago filed with the SEC to launch an ETF monitoring Bitcoin, Ether, and Solana.