Key Takeaways
- • Bitwise Asset Management launched its spot XRP ETF on NYSE Arca on November 20, 2025, under the ticker symbol "XRP," marking the second major XRP ETF debut following Canary Capital's XRPC launch on November 13.
- • The fund carries a 0.34% management fee, with Bitwise waiving fees on the first $500 million in assets under management for the initial month, lowering barriers to institutional adoption.
- • The launch represents a "historic moment" for XRP, positioning the cryptocurrency—the world's third-largest digital asset—for broader institutional accessibility through traditional finance infrastructure.
- • XRP price demonstrated resilience around the launch window, rebounding after a 9% decline amid pre-launch volatility, with the ETF subsequently accumulating $505 million in cumulative net inflows post-launch.
- • Bitwise's move follows Canary Capital's XRPC, which achieved the highest first-day trading volume of any ETF launched in 2025 across all asset classes, demonstrating significant institutional demand for regulated XRP exposure.
Summary
Bitwise Asset Management, a $15 billion cryptocurrency asset manager, launched its spot XRP exchange-traded fund on November 20, 2025, on NYSE Arca under the ticker "XRP." The ETF launch marks the second major institutional vehicle providing direct spot exposure to XRP, following Canary Capital's XRPC debut one week earlier on November 13. The product structure reflects Bitwise's strategic positioning ahead of the broader institutional adoption curve in digital assets, with the firm characterizing the launch as a "historic moment" for XRP and the broader crypto market.
The fund's fee structure includes a 0.34% management fee with a notable promotional waiver covering the first month on assets up to $500 million. This incentive structure targets institutional investors and family offices seeking lower-cost exposure to XRP, Ripple's native token designed to modernize global payment infrastructure. Bitwise's CIO Matt Hougan and Ripple's CTO David Schwartz conducted a live discussion on the launch day, underscoring the strategic importance of regulatory clarity and institutional access in digital asset markets.
Market reaction to the launch remained constructive despite pre-launch volatility. XRP experienced a 9% price decline during the lead-up to the ETF launch, but subsequently rebounded, demonstrating underlying demand for regulated spot exposure. Post-launch data shows the Bitwise XRP ETF accumulated $505 million in cumulative net inflows since November, indicating meaningful institutional participation. The broader context reveals Canary Capital's XRPC achieved the highest first-day trading volume across all ETF launches in 2025, regardless of asset class, establishing a competitive landscape for XRP product offerings. Grayscale subsequently entered the market with its GXRP offering on November 24, completing a three-player institutional distribution framework for XRP exposure within a 12-day window.
The fund's fee structure includes a 0.34% management fee with a notable promotional waiver covering the first month on assets up to $500 million. This incentive structure targets institutional investors and family offices seeking lower-cost exposure to XRP, Ripple's native token designed to modernize global payment infrastructure. Bitwise's CIO Matt Hougan and Ripple's CTO David Schwartz conducted a live discussion on the launch day, underscoring the strategic importance of regulatory clarity and institutional access in digital asset markets.
Market reaction to the launch remained constructive despite pre-launch volatility. XRP experienced a 9% price decline during the lead-up to the ETF launch, but subsequently rebounded, demonstrating underlying demand for regulated spot exposure. Post-launch data shows the Bitwise XRP ETF accumulated $505 million in cumulative net inflows since November, indicating meaningful institutional participation. The broader context reveals Canary Capital's XRPC achieved the highest first-day trading volume across all ETF launches in 2025, regardless of asset class, establishing a competitive landscape for XRP product offerings. Grayscale subsequently entered the market with its GXRP offering on November 24, completing a three-player institutional distribution framework for XRP exposure within a 12-day window.
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