Bitwise has filed for bankruptcy and laid off all its employees, but many businesses continue in the Fresno buildings the company once occupied.

Bitwise Industries owes millions to creditors. A proposed sale of office equipment, vehicles may only generate $60,000.

Crypto asset management firm Bitwise announced a $70 million raise from Electric Capital, MassMutual, and others that will be invested in the team and on-chain solutions.

Bitwise's effort to create a fund tracking XRP, however, is "highly noteworthy," said one industry expert, Nate Geraci, president of the ETF Store, in response to Tuesday's filing.