Key Takeaways
- • Bitwise launched the first spot XRP ETF on NYSE (ticker: XRP) on November 20, 2025, prompting Ripple CEO Brad Garlinghouse to declare "The rush starts now" for competing XRP ETF offerings in what he termed a "turkey trot."
- • U.S. spot XRP ETFs have achieved $897.35 million in cumulative net inflows as of early December, becoming the fastest crypto ETF product to reach $1 billion in assets under management since Ethereum ETFs launched in July 2024.
- • Four XRP ETFs are now trading with material inflows: Canary XRP ETF ($363.85M), Grayscale XRP Trust ETF ($211.85M), Bitwise XRP ETF ($187.14M), and Franklin XRP ETF ($134.50M), reflecting institutional demand for regulated crypto exposure.
- • Bitwise CIO Matt Hougan characterized the launch as "a major moment for both the asset and the XRP community," while Ripple executives highlighted pent-up demand from institutions seeking regulated crypto products alongside Vanguard's expanded crypto offerings.
- • XRP ETF inflows trail significantly behind spot Bitcoin ETFs ($57.62 billion cumulative) and spot Ethereum ETFs ($12.88 billion cumulative), suggesting substantial room for institutional adoption in the XRP ecosystem.
Summary
Bitwise launched its spot XRP ETF on the New York Stock Exchange on November 20, 2025, marking a milestone for the Ripple-backed digital asset and triggering competitive activity among asset managers. Ripple CEO Brad Garlinghouse responded to the launch with a celebratory post on social media, stating: "The pre-thanksgiving rush (shall we say, turkey trot) for XRP ETFs starts now," signaling that additional XRP ETF offerings would likely follow. Bitwise CIO Matt Hougan expressed confidence in the product, calling it "a major moment for both the asset and the XRP community."
The Bitwise launch represents the culmination of regulatory approvals for spot XRP ETFs in the United States. According to on-chain analytics platform SoSoValue, spot XRP ETFs have accumulated $897.35 million in cumulative total net inflows as of early December 2025. The four active XRP ETF products—Canary XRP ETF (Nasdaq: XRPC, $363.85M), Grayscale XRP Trust ETF (NYSE: GXRP, $211.85M), Bitwise XRP ETF (NYSE: XRP, $187.14M), and Franklin XRP ETF (NYSE: XRPZ, $134.50M)—demonstrate broad institutional participation. This inflow trajectory positions XRP ETFs as the fastest-growing crypto ETF category to approach $1 billion in assets under management since Ethereum spot ETFs launched in July 2024.
Garlinghouse emphasized that institutional adoption reflects "pent-up demand" for regulated cryptocurrency products, particularly as traditional asset managers like Vanguard expand crypto exposure to their client bases. He highlighted that longevity, stability, and community remain underrated but critical factors for institutional investors entering crypto markets. Canary Capital CEO Steven McClurg confirmed strong institutional demand specifically for XRP, while also directing attention to RLUSD, Ripple's stablecoin, as a complementary growth vehicle.
The XRP ETF achievement must be contextualized within broader crypto ETF adoption: spot Bitcoin ETFs have accumulated $57.62 billion in cumulative net inflows since their January 2024 launch (led by BlackRock with $62.52 billion in a single product), while spot Ethereum ETFs reached $12.88 billion following their July 2024 debut. This disparity underscores that despite robust inflows, XRP ETF adoption remains in early innings relative to more established digital assets, suggesting significant potential for further institutional capital deployment.
The Bitwise launch represents the culmination of regulatory approvals for spot XRP ETFs in the United States. According to on-chain analytics platform SoSoValue, spot XRP ETFs have accumulated $897.35 million in cumulative total net inflows as of early December 2025. The four active XRP ETF products—Canary XRP ETF (Nasdaq: XRPC, $363.85M), Grayscale XRP Trust ETF (NYSE: GXRP, $211.85M), Bitwise XRP ETF (NYSE: XRP, $187.14M), and Franklin XRP ETF (NYSE: XRPZ, $134.50M)—demonstrate broad institutional participation. This inflow trajectory positions XRP ETFs as the fastest-growing crypto ETF category to approach $1 billion in assets under management since Ethereum spot ETFs launched in July 2024.
Garlinghouse emphasized that institutional adoption reflects "pent-up demand" for regulated cryptocurrency products, particularly as traditional asset managers like Vanguard expand crypto exposure to their client bases. He highlighted that longevity, stability, and community remain underrated but critical factors for institutional investors entering crypto markets. Canary Capital CEO Steven McClurg confirmed strong institutional demand specifically for XRP, while also directing attention to RLUSD, Ripple's stablecoin, as a complementary growth vehicle.
The XRP ETF achievement must be contextualized within broader crypto ETF adoption: spot Bitcoin ETFs have accumulated $57.62 billion in cumulative net inflows since their January 2024 launch (led by BlackRock with $62.52 billion in a single product), while spot Ethereum ETFs reached $12.88 billion following their July 2024 debut. This disparity underscores that despite robust inflows, XRP ETF adoption remains in early innings relative to more established digital assets, suggesting significant potential for further institutional capital deployment.
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