Bitwise Launches Spot XRP ETF on NYSE, Ticker “XRP” Live

Core Insights - Bitwise Asset Management launched its Spot XRP ETF on the New York Stock Exchange on November 20, securing the ticker symbol "XRP," indicating strong exchange confidence in the product as a primary liquid vehicle for institutional investors [1] - The ETF has a unitary management fee of 0.34%, which will be waived for the first month on the first $500 million in assets [2] - The ETF is physically backed, holding actual XRP rather than derivatives or futures contracts [2] Competitive Landscape - Bitwise is now the second player in the US spot XRP market, following Canary Capital's launch of the first product on November 13, with Franklin Templeton expected to launch its offering on November 24 [4] - The sequence of launches suggests a growing institutional acceptance of XRP as an asset [4] - Bitwise previously launched a physical XRP ETP in Europe in 2022, and the US launch is part of a multi-year global strategy [4] Regulatory Environment - The ETF's prospectus cites legal clarity from the conclusion of the SEC vs Ripple litigation and relies on the GENIUS Act, enacted on July 18, 2025, which provides clear definitions for payment assets [6] - The GENIUS Act creates a jurisdictional carve-out for certain payment-focused digital assets, reducing SEC oversight [6] - This legislative clarity was a catalyst for the listing of these ETFs in 2025 [7] Market Metrics - XRP currently has a market capitalization of $127 billion, highlighting its significant presence in the crypto market [7] - The XRP Ledger has processed over 4 billion transactions since its inception, with an average daily volume of $1.9 billion [7]