Bitwise Asset Management has confirmed that its new spot exchange-traded fund (ETF) tracking XRP is set to launch on Thursday, under the ticker “XRP.”
The new fund will go live on the New York Stock Exchange, the asset manager announced, which X users were quick to applaud, and also pointed out the possible confusion it could cause with the token.
Typically, crypto ETFs feature a version of the asset manager’s name and the underlying crypto asset in the ticker, such as Fidelity’s FBTC and ARK Invest’s ARKB, which track Bitcoin, or Bitwise’s Solana ETF BSOL and BlackRock’s Ether Trust ETHA tracking Solana (SOL) and Ether (ETH).
XRP ETF ticker is on-brand, but confusing
X user Krippenreiter, a self-proclaimed technician and DeFi educator, asked how exactly they “were able to choose XRP to be your official ticker. Now we will need to write explainers to differentiate between XRP, the asset, an XRP the Bitwise ETF.”
Others were confused and questioned how the ticker symbol made it through the application process and regulatory scrutiny.
“Very confusing ticker symbol. How can that be allowed? there’s no ETF with the ticker BTC is there?” an X user under the handle Elliot said.
There were also those who applauded the ticker and congratulated Bitwise on securing it for the ETF.
Vincent Van Code, a software engineer suggested there might be an underlying plan behind the ticker, aside from the instant brand recognition.
“That’s the point. Native XRP will become the wholesale token, and majority of retail will simply trade the ETF. Wholesale settlement, wholesale custody, wholesale transfers. That’s the end game for native XRP and XRPL,” they said.
Second XRP ETF for Bitwise
Bitwise filed for its spot XRP ETF with the United States Securities and Exchange Commission in October 2024. The company launched the Bitwise Physical XRP ETP, ticker GXRP, across Europe in 2022.
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Bitwise chief investment officer Matt Hougan said in a statement that “XRP is a really intriguing asset,” because it “has operated successfully for a very long period of time at extremely low cost, it processes high transaction volumes, and it has a really strong and 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 incoming
Canary Capital’s ETF XRPC launched on Nov. 13 under the ticker XRPC, and garnered over $250 million of inflows during its first trading day.
Bloomberg ETF analyst James Seyffart said in an X post on Wednesday, “Lots happening next week,” and predicted Grayscale’s and Franklin Templeton’s XRP ETF will likely go live on Nov. 24.
At the same time, Hougan said on Wednesday that with the US government’s shutdown now over, he expects “ETF-palooza,” with over 100 fund launches.
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