Bitwise Asset Management has confirmed that its new spot exchange-traded fund (ETF) tracking XRP is set to launch on Thursday, under the ticker “XRP.” The new fund will go live on the New York Stock Exchange, the asset manager announced. This move has generated discussion within the crypto community, with some users quick to applaud the direct ticker, while others pointed out the potential for confusion with the underlying token.
Understanding ETF Tickers and Potential Confusion
Typically, crypto ETFs feature a version of the asset manager’s name and the underlying crypto asset in the ticker. For example, Fidelity’s FBTC and ARK Invest’s ARKB track Bitcoin, while Bitwise’s Solana ETF is BSOL and BlackRock’s Ether Trust is ETHA, tracking Solana (SOL) and Ether (ETH) respectively.
The choice of "XRP" as the ticker for the Bitwise ETF has led to questions. An X user, Krippenreiter, a self-proclaimed technician and DeFi educator, inquired about the process of choosing "XRP" as the official ticker, noting that it will necessitate explainers to differentiate between XRP the asset and XRP the Bitwise ETF.
Other users expressed confusion about how such a ticker symbol was approved through the application and regulatory scrutiny process. One X user, Elliot, questioned the allowance of such a ticker, asking if an ETF with the ticker BTC already existed.
Conversely, some users applauded the ticker choice, congratulating Bitwise on securing it for the ETF. Vincent Van Code, a software engineer, suggested that the ticker might serve a strategic purpose beyond immediate brand recognition. He posited that it could be part of an endgame strategy where native XRP becomes a wholesale token, with most retail investors trading the ETF, facilitating wholesale settlement, custody, and transfers on the XRP Ledger.
Bitwise's Expansion into XRP ETFs
Bitwise initially filed for its spot XRP ETF with the United States Securities and Exchange Commission in October 2024. The company previously launched the Bitwise Physical XRP ETP, under the ticker GXRP, in Europe in 2022.
Matt Hougan, Bitwise's chief investment officer, described XRP as a "really intriguing asset" in a statement. He highlighted its long-term successful operation at extremely low costs, its ability to process high transaction volumes, and its strong community of supporters.
“In the new crypto-forward regulatory regime, XRP stands on an equal playing field with other digital assets. Now the market will have the opportunity to see what XRP can really do.”
Anticipation for More XRP ETFs
The launch of Bitwise's ETF follows the debut of Canary Capital's ETF, XRPC, which launched on November 13 under the ticker XRPC and garnered over $250 million in inflows on its first trading day. Bloomberg ETF analyst James Seyffart predicted further activity, anticipating that Grayscale’s and Franklin Templeton’s XRP ETFs would likely go live on November 24.
Hougan also commented on the broader market landscape, stating that with the US government shutdown now over, he anticipates an "ETF-palooza" with potentially over 100 new launches.

