Key Highlights
- Bitwise launched the XRP ETF on the NYSE, enabling U.S. investors to buy XRP through a regulated stock market fund.
- The ETF has a 0.34% management fee, which Bitwise is waiving for the first month on the first $500 million in assets to attract early buyers.
- The ETF holds XRP directly, which powers the XRP Ledger, a blockchain that settles transactions in 3–5 seconds
Bitwise Asset Management has launched the Bitwise XRP ETF on the New York Stock Exchange. The fund is live for trading starting today, completing the NYSE certification and SEC procedures. It is a spot exchange-traded fund designed to give investors direct exposure to XRP, the third-largest cryptocurrency.
According to the press release, the ETF carries a 0.34% management fee, which will be waived for the first month on the initial $500 million in assets. At launch, the fund had about $2.3 million in assets under management, provided as seed capital by market makers and authorized participants. The ETF holds spot XRP, which means it directly owns the cryptocurrency in a trust.
XRP, native token of XRP Ledger
XRP is the digital currency of the XRP Ledger, a blockchain designed for fast and cheap transactions. The ledger can handle tokenization, which means it can represent real-world or digital assets on the blockchain. The token has surged over 83% in value in the past year, according to CoinMarketCap.
According to Matt Hougan, Bitwise’s Chief Investment Officer, XRP’s “durability, efficiency, and active user base” make it an “intriguing asset.” He added that “In the new crypto-forward regulatory regime, XRP stands on an equal playing field with other digital assets. Now the market will have the opportunity to see what XRP can really do.”
Hunter Horsley, Bitwise CEO, also said the launch comes at a time when cryptocurrencies are starting to show real value. He said, “With today’s launch of the Bitwise XRP ETF, we’re excited to help investors gain exposure to an asset that has the potential to fundamentally reshape how money moves worldwide.”
XRP’s track record and growth potential
Since its inception, the XRP Ledger has processed more than 4 billion transactions with an average daily volume of about $1.9 billion. Settlements take between 3–5 seconds. XRP is aimed at disrupting cross-border payments, a market projected to reach $250 trillion by 2027.
This is Bitwise’s second XRP-related fund. The company first launched the Physical XRP ETP in Europe (GXRP) in 2022. Last month, Bitwise also launched the Solana Staking ETF (BSOL), the first U.S. spot Solana exchange-traded product.
The firm noted that investors should be aware that the ETF carries high risk and could be highly volatile. It is not registered under the Investment Company Act of 1940, so it does not have the protections of traditional ETFs and is not the same as directly buying XRP.
The Bitwise XRP ETF offers a regulated way for investors to access XRP without having to buy it directly. According to the firm, the ETH allows both retail and institutional investors to participate in the fast-growing market. In short, this expands the adoption of the third-largest cryptocurrency.
Moreover, XRP targets cross-border payments, a market expected to reach $250 trillion by 2027.
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