Bitwise Asset Management has rolled out its anticipated XRP ETF on the New York Stock Exchange, setting a significant precedent for cryptocurrency investment products. The fund will be traded as XRP and give investors access to the third-biggest cryptocurrency by market capitalization. In an effort to reward early investors, Bitwise announced that it would not charge any fee on the first $500 million in AUM for a month.
Bitwise XRP ETF aims to provide US investors with direct spot exposure to XRP, which fuels the operation of the XRP Ledger. The XRP Ledger is a blockchain that allows for fast and low-cost global asset settlements. The fund expands the availability of in the United States since investors can access the asset through an exchange-traded vehicle.
The ETF has an all-in management fee of 0.34% and has agreed to a fee waiver for the first month on assets up to $500 million to encourage early participation and let investors get into the fund without immediate costs. The initial AUM is approximately $2.3 million, which was put into the fund from market makers and authorized participants before the first day of trading.
Bitwise Chief Investment Officer, , commented on XRP’s potential, citing its resilience and active user base. The efficiency of XRP in terms of speed and lower charges has positioned it as one of the most important blockchain assets. The ETF’s launch is the latest in a series of crypto investment products by Bitwise targeting European investors, after the company announced plans to start offering the products in the region.
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