Overview
Bitwise Asset Management has launched its XRP ETF on the New York Stock Exchange, offering US investors direct spot exposure to XRP, the third-largest cryptocurrency by market cap, with a 0.34% all-in management fee and a one-month waiver on fees for the first $500 million in assets under management (AUM). Initial AUM is reported around $2.3 million.
Key Details
- Product: XRP ETF traded on NYSE under the ticker XRP.
“The fund will be traded as XRP and give investors access to the third-biggest cryptocurrency by market capitalization.”
- Regulation and Structure: The ETF seeks direct spot exposure to XRP, leveraging the XRP Ledger for fast, low-cost settlements. Fee structure includes a 0.34% management fee with a temporary waiver for the first month on assets up to $500 million.
- Initial Capital: Approximately $2.3 million in seed capital from market makers and authorized participants prior to first trading day.
- Strategic Purpose: Aims to broaden access to XRP-focused investment products in the United States by enabling direct exposure through an exchange-traded vehicle.
“Bitwise Chief Investment Officer, Matt Hougan, commented on XRP's potential, citing its resilience and active user base.”
Context and Implications
The introduction of a spot XRP ETF on a major U.S. exchange marks a notable development for institutional access to XRP and the broader crypto asset ecosystem, potentially increasing liquidity and visibility for XRP-related investments.
Quotes
Bitwise leadership emphasized the ETF’s potential to unlock new attention and participation in XRP through a regulated vehicle.
“Bitwise XRP ETF to begin trading on NYSE Arca under the ticker symbol ‘XRP’”
Author’s takeaway
Bitwise’s XRP ETF on the NYSE represents a significant step toward mainstream institutional access to XRP, supported by a modest initial AUM and an introductory fee waiver to help onboarding.
Author’s summary (120–200 characters): Bitwise launches XRP ETF on NYSE with a 0.34% fee and initial $2.3M AUM, offering direct spot XRP exposure to U.S. investors via a regulated ETF.
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