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Bitwise’s spot XRP ETF will begin trading under the ticker XRP. New altcoin ETFs have proliferated in the United States. SEC revised its guidelines to clarify the process for companies looking to launch cryptocurrency exchange-traded funds.

Bitwise Asset Management has announced the launch of its spot XRP exchange-traded fund on the New York Stock Exchange.

 

The ETF, which has a management fee of 0.34 percent that is waived for the first month on the first $500 million in assets, will begin trading on Thursday under the ticker XRP. “XRP is a really intriguing asset for several reasons,” stated Matt Hougan, CIO at Bitwise.

It processes large volumes of transactions, has a very robust and active community of supporters, and has been operating successfully for a very long time at incredibly low costs. With a market valuation of $127.3 billion, XRP is currently the third-largest non-stablecoin cryptocurrency in the world. Having enabled more than 4 billion transactions, XRP is posing a threat to the cross-border payments industry.

Canary Capital’s XRPC will be the top XRP product, followed by Bitwise’s fund. Since its launch last week, Canary’s fund has amassed net inflows totaling $276.8 million.

The Bitwise Physical XRP ETP (GXRP), which offers investors direct, physically backed exposure to the cryptocurrency, was previously introduced by Bitwise in Europe. After declaring earlier on Wednesday that its GXRP fund would soon launch, Grayscale is expected to be the next. James Seyffart, a Bloomberg analyst, stated on X that Grayscale’s Dogecoin ETF and spot XRP ETP are expected to launch next Monday, marking a first. Additionally, I believe that on Monday, the 24th, Franklin Templeton’s XRP ETF may also launch. Next week will be filled with events,” Seyffart wrote.