Institutional Backing: Bitwise 10 Crypto Index Fund, XRP ETF Filed, Dogecoin ETP Launched, and More

Grayscale Resumes Private Placement for 19 Crypto Trusts

Grayscale Investments has reopened private placement subscriptions for 19 cryptocurrency trusts, including notable assets like XRP, Solana, Stellar (XLM), Avalanche (AVAX), Chainlink (LINK), Filecoin (FIL), AAVE, Bittensor (TAO), Decentraland (MANA), Zcash (ZEC), and SUI, targeting accredited investors who can invest at net asset value (NAV). 

This move coincides with significant growth in the cryptocurrency market, where Bitcoin has surged over 36% in the last month and total inflows into spot Bitcoin ETFs exceed $30 billion. Grayscale manages billions in assets, including products like the Grayscale Bitcoin Trust, and aims to convert its Digital Large Cap Fund into an ETF. Eligibility for private placements requires investors to meet stringent income and asset criteria, including having over $5 million in liquid assets.

WisdomTree Files for XRP ETF as Crypto Market Expands

WisdomTree has filed to create a trust for a proposed XRP exchange-traded fund (ETF) in Delaware, marking a notable expansion in the crypto ETF market beyond Bitcoin and Ethereum. This preliminary filing is part of a trend among asset managers, including Bitwise and Canary Capital, as they seek to launch XRP ETFs. XRP, ranked sixth by market capitalization, will be the index for WisdomTree's ETF, though details on the exchange and ticker are not yet provided. With SEC Chair Gary Gensler expected to resign, the future of XRP ETFs may see a more favorable regulatory environment.

Hashdex Advances Nasdaq Crypto Index ETF 

Hashdex has submitted its second amended application for the Nasdaq Crypto Index US ETF, signaling progress with the SEC towards a diversified cryptocurrency index fund. Initially, the ETF will include Bitcoin and Ether but may expand to encompass additional digital currencies. Industry analysts view crypto index ETFs as the next significant trend following recent BTC and ETH ETFs. SEC Chair Gary Gensler will depart in January 2025, coinciding with Donald Trump’s presidency. Other asset managers, including Franklin Templeton and Grayscale, are also exploring crypto index ETF opportunities, with Grayscale’s fund including a broader range of alternative cryptocurrencies.

Dogecoin ETP Launches Amid Foundation’s Push for Decentralized Payment Expansion

DeFi Technologies’ Valour launched the first Dogecoin ETP on Sweden's Spotlight Stock Market with a 1.9% management fee, providing simplified investment access as Dogecoin hit a three-year high amid Elon Musk’s endorsements. Concurrently, the Dogecoin Foundation seeks major donors to fund its “Dogebox” initiative for decentralized payment infrastructure, aiming to onboard a million grassroots retailers by 2025. Open interest in Dogecoin options surged past $4 billion, reflecting growing speculative activity. The Foundation’s roadmap focuses on developer growth, commerce integration, and scalability, with substantial progress achieved but scalability still a work in progress.

Ripple Supports Rebranded Bitwise Physical XRP ETP

Ripple is set to invest in Bitwise's newly rebranded Bitwise Physical XRP ETP, previously known as ETC Group Physical XRP. This physically backed exchange-traded product, launched in 2022 and trading under ticker GXRP, has received approval from German regulators. The rebranding aims to strengthen Bitwise's presence in Europe, enhancing its asset management capabilities, which total over $1 billion. XRP, the fifth-largest cryptocurrency with a market cap over $80 billion, is gaining traction for its utility in cross-border payments and DeFi. Bitwise is also pursuing a spot XRP ETF with the SEC amid increasing demand for crypto investment products.