Bitwise Launches Spot XRP ETF on NYSE with Ticker “XRP”

Bitwise Asset Management launched its Spot XRP ETF on the New York Stock Exchange with the ticker "XRP" on Nov. 20. This distinguishes it from Canary Capital's "XRPC." The fund has a 0.34% management fee, waived for the first month up to $500 million in assets. It is physically backed by XRP, not derivatives.

Custodian: Coinbase Custody Trust Company holds assets in cold storage.
Benchmarking: Uses CME CF XRP-Dollar Reference Rate, aggregating data from major exchanges to ensure accurate pricing.

Competitive Landscape

Bitwise is second in the US spot XRP market after Canary Capital's product launched on Nov. 13.
Franklin Templeton plans to launch its own offering on Nov. 24, indicating growing institutional acceptance.
Bitwise previously launched a physical XRP ETP in Europe in 2022.
Options trading for Bitwise Solana Staking ETF (BSOL) started on Nov. 10.

Regulatory Environment

The SEC vs Ripple litigation conclusion and the GENIUS Act provided legal clarity, facilitating the ETFs' listing.
The GENIUS Act defines payment assets, excluding certain digital assets from strict SEC oversight.

XRP's market cap stands at $127 billion, with over 4 billion transactions processed on the XRP Ledger and an average daily volume of $1.9 billion.