Institutional Interest and Competition in the XRP ETF Market
Canary Capital CEO Steven McClurg publicly congratulated Bitwise Asset Management following the launch of its new XRP exchange-traded fund (ETF). In a post on social media, McClurg praised Bitwise’s accomplishment and emphasized that smaller firms are proving they can compete with major Wall Street institutions.
“Huge congratulations to our friends at Bitwise on their XRP ETF today! We are showing Wall Street that you don’t have to be BlackRock to launch the top 5 ETFs of 2025. We are rooting for you to get this one in top 5 too, as long as you don’t knock us out of first,” he said.
The message reflects a tone of camaraderie and competitive spirit between the two asset managers, both early movers in the rapidly emerging XRP ETF landscape.
Huge congratulations to our friends at @bitwise on their XRP ETF today! We are showing Wallstreet that you don’t have to be Blackrock to launch the top 5 ETFs of 2025. We are rooting for you to get this one in top 5 too, as long as you don’t knock us out of first. Thank you for…
— Steven McClurg (@stevenmcclurg) November 20, 2025
Context: Ripple’s Ecosystem Sees Sudden Institutional Acceleration
The congratulatory exchange comes during a surge in institutional interest in XRP. Several filings and launches of XRP-backed ETFs are taking shape as regulatory conditions shift and investor appetite grows.
Canary Capital has been the leader in this regard, launching the XRPC ETF on November 13, with an impressive $245 million in inflows and $58 million in trading volume on the first day. Bitwise’s entry marks another strong endorsement of XRP’s institutional viability.
McClurg’s remarks underscore a larger narrative: smaller, crypto-native firms are shaping the ETF battleground, not just giants like BlackRock and Fidelity.
XRP Community Reactions
The XRP community responded quickly to McClurg’s post, offering praise and humor as the ecosystem enters a critical phase of institutional expansion. Prominent community member, Diana, attributed much of the recent momentum in XRP ETF development to Canary Capital’s aggressive positioning:
“Love seeing this energy, Steven. Canary’s accumulation over the last few weeks basically lit the fuse… and Bitwise launching today just proved the market’s finally waking up. What you guys did quietly behind the scenes is a big reason XRP ETFs even have momentum right now.”
Her comment underscores the belief that Canary’s early accumulation and filings helped push institutional interest forward, setting the stage for Bitwise and other issuers.
Lighthearted Commentary on XRP’s Volatility and Reputation
Another community member, Linda King, added a humorous and metaphorical take: “What a great sportsmanship! Together, you guys can rule the financial world! XRP is an interesting coin to own — almost like the brightest individual in the room with behavioral problems and drug addiction, sigh…”
Her comment highlights XRP’s long-standing reputation: brilliant technology, turbulent history.
ETF Competition Heating Up
The exchange between Canary and Bitwise signals growing competitiveness in the XRP ETF market. With more issuers expected to launch before the month’s end, 2025 could see multiple XRP ETFs competing for inflows, liquidity, and AUM rankings.
McClurg’s message, equal parts support and rivalry, reflects this new era of institutional engagement: Small firms are no longer just participating in the ETF race; they are shaping it.