Bitwise Enters XRP ETF Fray with NYSE Listing

Bitwise Asset Management has launched its spot XRP ETF on the New York Stock Exchange under the ticker XRP. This move marks another step in the rapidly expanding altcoin ETF landscape, with multiple products already available and more in development.

The fund comes with a 0.34% management fee, but Bitwise is waiving it entirely for the first month on assets up to $500 million under management. XRP's market capitalization ranks it as the world's third-largest non-stablecoin crypto at $127.3 billion, with over 4 billion transactions processed throughout its operating history.

XRP has established a reputation for high transaction throughput and minimal cost, according to Bitwise CIO Matt Hougan. This is a key differentiator in the competitive payments landscape.

The launch of XRP's spot ETF follows the SEC's updated guidance on crypto ETF procedures, which has opened pathways for multiple products without requiring explicit agency sign-off. Several other fund managers are also entering the market with their own XRP-based ETFs, including Grayscale and Franklin Templeton.