##  [# WisdomTree Seeks XRP ETF Launch as Token Soars ](/sections/news/wisdomtree-seeks-xrp-etf-launch-token-soars) 

 

# WisdomTree Seeks XRP ETF Launch as Token Soars 

 

 

Ripple-backed token nearly doubled over past week as Trump win boosts crypto ETF outlook.



 

 

 

 

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[By Ron Day](/contributors/ron-day)

 Dec 02, 2024

 Edited by: Kiran Aditham

 

 

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WisdomTree Inc. is seeking permission to create an ETF that holds XRP, the cryptocurrency backed by blockchain firm Ripple Labs Inc. that has soared to become the third-largest digital currency.

New York-based [WisdomTree](https://topics/wisdomtree), which manages $77.2 billion in 79 exchange-traded funds, [filed](https://www.sec.gov/Archives/edgar/data/2046791/000121465924019800/wtxrp112224s1.htm) Monday, Dec. 2 to create the WisdomTree XRP Fund. It launched an XRP exchange-traded product [last week](https://www.etf.com/sections/news/wisdomtree-unveils-physical-ripple-etp-europe) on European exchanges.

Crypto ETF applications are flooding the Securities and Exchange Commission following the Nov. 5 election of Donald Trump, who has vowed to turn the U.S. into a global crypto hub. WisdomTree joins [Bitwise Asset Management](https://www.etf.com/sections/news/bitwise-files-create-first-xrp-cryptocurrency-etf), 21Shares and [Canary Capital](https://www.etf.com/sections/etf-watch/canary-capital-files-xrp-etf-joining-crypto-race) in seeking to issue a fund that tracks XRP, a digital currency that’s nearly doubled over the past week, apparently regaining credibility since a 2020 scandal involving main backer Ripple Labs.

[XRP](https://www.etf.com/sections/etf-basics/will-there-be-xrp-etf-ripple-vs-sec-case-evolves) aims at cross-border payments and, according to Ripple Labs, carries out transactions faster than bitcoin while using less energy. It’s nearly doubled this past week to replace Tether as the No. 3 cryptocurrency behind bitcoin and Ethereum, according to Coinmarketcap.com.

In July 2023, three years after the SEC filed a lawsuit in response to the scandal, a federal judge ruled in favor of Ripple.

## XRP, Bitcoin, Ethereum

Investors are pouring money into spot bitcoin and Ethereum ETFs, currently the only crypto exchange-traded funds available in the U.S. that directly own the underlying digital currency. Through the end of last week, spot crypto funds have pulled in $34.6 billion this year, with bitcoin taking in more than $30 billion, according to Farside Investors.

Issuers are betting on an opening up of the crypto ETF market under a Trump administration and are seeking permission to create funds based on lesser-known currencies including HBAR, Litecoin and Solana. They are also betting the pending departure of SEC Chair Gary Gensler, who repeatedly warned that cryptocurrencies are vulnerable to fraud, will create a more crypto-friendly regulatory environment.

WisdomTree currently trades a single crypto ETF, the $342.1 million [**WisdomTree Bitcoin Fund (BTCW)**](https://btcw/), which jumped 64% in the last three months.

etf.com parent company, U.K.-based investing firm ETFS Capital, is WisdomTree's largest shareholder. The firm, owner of a slate of ETF industry-related companies, holds 10.2% of WisdomTree’s outstanding shares. That total climbs to 18.3% when combined with its series A preferred stock. ETFS Capital is seeking to add several of its own candidates to the WisdomTree board of directors.

 
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 [ Ron Day Contributing Editor ](/contributors/ron-day) 

 

 

  Ron Day is Contributing Editor at etf.com. He joined the company in October 2022 and has served as Managing Editor, deputy managing editor and…   [View Bio](/contributors/ron-day)

 



 

 


 Related Topics  [Crypto ETFs](http://www.etf.com/topics/crypto-etfs) 

 [Crypto](http://www.etf.com/topics/cryptocurrency) 

 [Spot Bitcoin](http://www.etf.com/topics/spot-bitcoin) 

 [Ethereum](http://www.etf.com/topics/ethereum)