Solana (SOL), Litecoin (LTC), and Hedera (HBAR) became the first altcoins to be approved in the US. Following these altcoins, XRP became the fourth altcoin.
Canary Capital’s XRPC will be the first ETF for XRP in the US, while Bitwise’s XRP ETF will be the second.
At this point, Bitwise Asset Management announced the launch of its spot XRP ETF on the New York Stock Exchange on November 20.
The ETF will begin trading on Thursday under the ticker symbol XRP. The ETF will carry a 0.34% management fee, which will be waived until assets under management reach $500 million.
The Bitwise XRP ETF is Bitwise’s second XRP-themed fund. Previously, Bitwise launched the Bitwise Physical XRP ETP (GXRP) in Europe, providing investors with direct, physically-backed exposure to the cryptocurrency.
Grayscale has also joined the XRP ETF bandwagon, with Bloomberg analyst James Seyffart noting that Grayscale’s spot XRP ETF will likely launch alongside its Dogecoin ETF next Monday.
Bitwise called the launch of the spot XRP ETF a “historic moment,” with Bitwise CIO Matt Hougan and Bitwise CEO Hunter Horsley offering words of praise for XRP.
“XRP is a really compelling asset for a number of reasons. It’s been operating successfully for a very long time at an extremely low cost, handles high trading volumes, and has a really strong and vibrant community of supporters. In the new cryptocurrency regulatory regime, XRP is on equal footing with other digital assets. Now the market will have the opportunity to see what XRP is truly capable of,” said Matt Hougan.
“With today’s launch of the Bitwise XRP ETF and its selection of XRP, we are excited to help investors invest in an asset that has the potential to fundamentally change how money moves around the world,” said Hunter Horsley.
