Bitwise Launches Spot XRP ETF on NYSE, Ticker “XRP” Live

Bitwise Asset Management launched its Spot XRP ETF on the New York Stock Exchange on Nov. 20. The fund secured the ticker symbol “XRP” for the listing.

This choice distinguishes the product from Canary Capital’s offering, which trades as “XRPC.” Securing the asset’s native ticker suggests strong exchange confidence in the product’s status as a primary liquid vehicle for institutional investors.

The fund carries a unitary management fee of 0.34%, according to the company’s announcement.

Bitwise will waive this fee for the first month on the first $500 million in assets. The ETF is physically backed. It holds actual XRP XRP $2.10 24h volatility: 0.1% Market cap: $126.51 B Vol. 24h: $6.57 B rather than derivatives or futures contracts.

Coinbase Custody Trust Company serves as the custodian. The trust holds the underlying assets in cold storage to ensure security.

The product benchmarks its daily net asset value against the CME CF XRP-Dollar Reference Rate, New York Variant. This pricing mechanism aggregates trade flow from multiple major exchanges.

The aggregation aims to prevent manipulation and make sure the ETF price accurately reflects global spot markets.

Competitive Landscape

The listing places Bitwise second in the US spot XRP market. Canary Capital launched the first product on Nov. 13.

Franklin Templeton is expected to follow with its own offering on Nov. 24. The sequence of launches indicates a standardized institutional acceptance of the asset.

Bitwise is not new to XRP investment products. The firm launched a physical XRP ETP in Europe in 2022. The US launch represents the culmination of a multi-year global strategy for the asset manager.

Options trading is live for the Bitwise Solana Staking ETF (BSOL) since Nov. 10, which adds derivatives capabilities to the firm’s alternative asset suite.

Regulatory Environment

The prospectus cites the legal clarity provided by the conclusion of the SEC vs Ripple litigation. It also relies heavily on the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The legislation was enacted on July 18, 2025.

The GENIUS Act established clear definitions for payment assets. It effectively created a jurisdictional carve-out that removes certain payment-focused digital assets from strict SEC securities oversight.

This legislative clarity served as the specific catalyst that allowed these ETFs to list in 2025.

XRP currently holds a market capitalization of $127 billion, reflecting its significant presence in the crypto market. Since its inception, the XRP Ledger has processed over 4 billion transactions, and the network maintains an average daily volume of $1.9 billion.

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