Cryptocurrency investors gained a new avenue for XRP exposure as Bitwise Asset Management launched its spot XRP ETF on the New York Stock Exchange today. Trading under the ticker symbol ‘XRP,’ this marks the second such product in the United States, following Canary Capital’s pioneering XRPC fund that debuted just last week.
Bitwise’s XRP ETF recorded approximately $25 million in trading volume on its opening day. While notable, this figure falls below the impressive $59 million day-one volume achieved by Canary’s XRPC last Thursday — which set records as one of the strongest cryptocurrency ETF debuts of 2024.
The Bitwise XRP ETF $XRP Day 1 EOD Report
— Bitwise (@BitwiseInvest) November 21, 2025
– $25.7 million in trading volume
– $107.6 million in AUM
– 0.34% management fee, with the fee set at 0% for the first month on the first $500M in assets*
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Strategic Positioning in the XRP Investment Landscape
Bitwise, which manages over $15 billion in client assets, has implemented an aggressive strategy to attract investors to its new fund. The company has set a management fee of 0.34%, which it is waiving entirely for the first month on the initial $500 million in assets. This move demonstrates Bitwise’s commitment to gaining market share in the rapidly evolving cryptocurrency ETF space.
Matt Hougan, Bitwise’s Chief Investment Officer, emphasized XRP’s unique attributes during the launch: “XRP has operated successfully for a very long period of time at extremely low cost, it processes high transaction volumes, and it has a strong and vibrant community of supporters. In the new crypto-forward regulatory regime, XRP stands on an equal playing field with other digital assets.”
The San Francisco-based asset manager describes this launch as a “milestone day for the XRP community,” highlighting that the fund provides investors with regulated access to XRP — the crypto asset designed to modernize the $250 trillion global payments market.
Market Impact and Price Movements
Despite the excitement surrounding these new investment vehicles, XRP’s native token price hasn’t received the anticipated boost. The cryptocurrency has experienced downward pressure following both ETF launches, mirroring broader market weakness.
XRP briefly dipped below $2.00 on Wednesday, reaching an intraday low of $1.98 before rebounding slightly. Overall, the token has declined approximately 15% since Canary Capital’s ETF launched last Thursday, demonstrating that institutional access doesn’t necessarily translate to immediate price appreciation.
This price action suggests that while institutional demand exists, as evidenced by healthy trading volumes across both ETFs, broader market forces currently exert stronger downward pressure on cryptocurrency valuations.
Expanding the XRP ETF Ecosystem
The cryptocurrency ETF landscape is set to become even more competitive in the coming days. Bloomberg analysts indicate that additional XRP ETFs from Grayscale (GXRP) and Franklin Templeton (XRPZ) are scheduled to launch next week, potentially creating more options for investors seeking regulated exposure to XRP.
Canary Capital’s CEO was quick to congratulate Bitwise on its ETF launch, noting that their collaborative success demonstrates that “you don’t have to be BlackRock to launch the top 5 ETFs of 2025.” This spirit of cooperation underscores how these smaller asset managers view their collective efforts as expanding the entire crypto ETF ecosystem rather than just competing with each other.
The Bitwise XRP ETF represents the firm’s second XRP-focused investment product, following its 2022 launch of the Bitwise Physical XRP ETP (GXRP) in Europe. The fund holds spot XRP directly, providing investors with price exposure to the cryptocurrency without requiring them to manage the technical complexities of cryptocurrency custody and security.
What These Developments Mean for Digital Assets
The arrival of multiple XRP ETFs signals continued maturation of the cryptocurrency market, building on the momentum started by this year’s spot Bitcoin and Ethereum ETF approvals. These regulated investment vehicles make it significantly easier for traditional investors and institutions to gain exposure to digital assets through familiar brokerage accounts.
However, potential investors should note important distinctions about these funds. Unlike many traditional ETFs, the Bitwise XRP ETF is not registered under the Investment Company Act of 1940, meaning it lacks some investor protections common to conventional funds. The company’s documentation explicitly warns about high volatility and the possibility of significant losses.
As the cryptocurrency ETF ecosystem continues to expand with more options for investors, these products could play an increasing role in bringing digital assets into mainstream financial portfolios. The next few months will be crucial in determining whether these new investment vehicles can attract sufficient capital to become significant players in the broader ETF landscape.
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