Bitwise Asset Management has announced that its new spot exchange-traded fund (ETF) tracking XRP will launch this Thursday under the ticker “XRP.”
The fund will debut on the New York Stock Exchange, a move that drew praise from X users—but also sparked concerns over potential confusion with the cryptocurrency itself.
Most crypto ETFs typically include both the asset manager’s name and the underlying crypto in their ticker symbols. Examples include Fidelity’s FBTC and ARK Invest’s ARKB for Bitcoin, Bitwise’s Solana ETF BSOL, and BlackRock’s Ether Trust ETHA for Ether and Solana.
While the XRP ticker aligns with the brand, some users see it as potentially misleading. X user Krippenreiter, a self-described technician and DeFi educator, questioned the choice: “How exactly were you able to choose XRP as your official ticker? Now we’ll need to write explainers to differentiate between XRP, the asset, and XRP, the Bitwise ETF.”
Some users expressed confusion, questioning how the ticker symbol passed the application process and regulatory review.
“Very confusing ticker symbol. How can that be allowed? There’s no ETF with the ticker BTC, is there?” commented X user Elliot.
At the same time, others praised the choice and congratulated Bitwise for securing the ticker for the ETF.
Vincent Van Code, a software engineer, suggested there could be a deeper strategy behind the ticker beyond just brand recognition.
“That’s the point. Native XRP will become the wholesale token, while the majority of retail investors will trade the ETF. Wholesale settlement, wholesale custody, wholesale transfers. That’s the endgame for native XRP and the XRPL,” they explained.
Bitwise Prepares Second XRP ETF
Bitwise filed for its spot XRP ETF with the U.S. Securities and Exchange Commission in October 2024. The firm previously launched the Bitwise Physical XRP ETP, ticker GXRP, in Europe back in 2022.
Bitwise Chief Investment Officer Matt Hougan described XRP as “a really intriguing asset,” noting that it “has operated successfully for a very long period of time at extremely low cost, processes high transaction volumes, and has a strong, vibrant 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.”
More XRP ETFs on the Horizon
Canary Capital’s XRP ETF, ticker XRPC, debuted on Nov. 13 and attracted over $250 million in inflows on its first trading day.
Bloomberg ETF analyst James Seyffart noted on X Wednesday, “Lots happening next week,” predicting that Grayscale’s and Franklin Templeton’s XRP ETFs will likely launch on Nov. 24.
Meanwhile, Bitwise CIO Matt Hougan said that with the U.S. government shutdown now over, he expects an “ETF-palooza,” with more than 100 new fund launches.
