Bitwise launches XRP spot ETF in America

Bitwise Asset Management has announced the launch of the XRP spot ETF on the New York Stock Exchange. The fund will begin trading on Thursday under the ticker symbol XRP, with a management fee of 0.34% waived for the first month for the first 500 million USD in assets.

Matt Hougan, Chief Investment Officer of Bitwise, said: “XRP is a very interesting asset. It operates efficiently over a long period with very low costs, handling large transaction volumes and has a strong supporting community.”

XRP is currently the third largest non-stablecoin cryptocurrency in the world, with a market capitalization of 127.3 billion USD, and has executed over 4 billion transactions, challenging the cross-border payment market.

In the US, Bitwise's fund is the second spot XRP product, after Canary Capital's XRPC, which has recorded a net inflow of $276.8 million since its launch last week. Bitwise had previously launched the Bitwise Physical XRP ETP (GXRP) in Europe, providing investors with direct exposure to XRP.

Grayscale is set to launch the GXRP fund next week, along with a Dogecoin ETF, marking the first time. Franklin Templeton may also launch an XRP ETF on 11/24.

This move comes at a time when the U.S. is witnessing a wave of ETF launches tracking other altcoins such as Solana, Litecoin, and Hedera. In addition to the funds that have already launched, many companies are also looking to introduce funds tracking Cardano, Avalanche, Polkadot, and other coins, thanks to new SEC guidance that simplifies the approval process.

The Spot Solana ETF currently leads in terms of the number of funds and net inflows, with 6 funds launched since the end of October, attracting a total net inflow of 420.4 million USD.