Crypto asset manager Bitwise has submitted an initial registration statement to the Securities and Exchange Commission, signaling its intent to launch an XRP exchange-traded fund, FOX Business has learned.

Bitwise, which manages over $4.5 billion in assets, submitted a Form S-1 registration statement to the SEC on Wednesday morning, making it the first firm to officially seek approval for a so-called spot ETF that would track the daily price of XRP, the seventh largest cryptocurrency with a market cap of more than $30 billion.

The filing comes on the heels of Bitwise’s recent launches of spot bitcoin and ethereum ETFs, and its acquisition of ETC Group, a leading issuer of crypto exchange-traded products in Europe.

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Despite this initial step, there's no guarantee that an XRP ETF could pass the regulatory muster of the SEC. Some applications for ETFs containing Solana, the No. 5 cryptocurrency, were recently rescinded with reports citing the SEC’s concerns over Solana’s legal status.

Bitwise was not among the issuers to file for a Solana ETF and believes exposure to XRP could be a better opportunity for clients.

"XRP is one of the most enduring, well-known assets in the space and is also recognized among mainstream investors," Bitwise CEO Hunter Horsley told FOX Business. "At Bitwise we’ve always aimed to help investors access the opportunities in the space, and we’re excited to continue that work with our filing for a Bitwise XRP ETP."

On Tuesday, FOX Business was the first to report the Bitwise XRP ETF filing that appeared on the State of Delaware’s Division of Corporations website. A Bitwise executive confirmed the filing was authentic.

Another filing for an XRP ETF is listed on the Delaware corporation website from Canary Capital, a new crypto-focused investment firm established by Steven McClurg, co-founder and former chief investment officer of Valkyrie Funds. The website shows Canary XRP ETF was incorporated on Sept. 24.

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McClurg had no immediate comment on the filing.

For Bitwise, submitting the S-1 marks the beginning of a multistep approval process that could span several months. However, there’s no assurance that the SEC will approve an ETF containing XRP given the ambiguous regulatory status of many crypto tokens. This year, the SEC made headlines by approving the first bitcoin and ethereum ETFs for trading on Wall Street, indicating its assertion that the top two cryptocurrencies are not securities.

The regulatory status of XRP, which currently trades at around 60 cents per token, has been hotly contested during years of litigation between the SEC and blockchain payments firm Ripple after the regulator sued the company in 2020 for failing to register sales of XRP, which it considered unregistered securities offerings. A judge handed Ripple a partial win last year when she ruled that only some of Ripple’s sales, the ones to institutional and not retail investors, constituted securities.

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The Bitwise XRP ETF filing comes at a pivotal time, as the SEC’s deadline to appeal the Ripple ruling is Oct. 7. If the agency appeals, the regulatory status of XRP could remain in limbo, potentially affecting how the SEC would view an XRP ETF.

Despite initial pushback from financial regulators, bitcoin ETFs have become some of the most successful exchange-traded products in history, raking in $17 billion of inflows since January.