First XRP ETF Launches in the US
Solana (SOL), Litecoin (LTC), and Hedera (HBAR) were among the first altcoins to receive approval in the United States. Following these approvals, XRP has now become the fourth altcoin to be featured in a US-based ETF.
Canary Capital's XRPC is set to be the first ETF for XRP in the US, with Bitwise's XRP ETF following as the second.
Bitwise Announces XRP ETF Launch
Bitwise Asset Management officially announced the launch of its spot XRP ETF on the New York Stock Exchange, with trading scheduled to commence on November 20.
The ETF will begin trading on Thursday under the ticker symbol XRP. It will have a management fee of 0.34%, which will be waived until the assets under management reach $500 million.
The Bitwise XRP ETF represents Bitwise's second fund focused on XRP. Previously, Bitwise introduced the Bitwise Physical XRP ETP (GXRP) in Europe, offering investors direct, physically-backed exposure to the cryptocurrency.
Grayscale has also entered the XRP ETF market. According to Bloomberg analyst James Seyffart, Grayscale’s spot XRP ETF is anticipated to launch concurrently with its Dogecoin ETF next Monday.
Historic Moment for XRP
Bitwise has described the launch of the spot XRP ETF as a "historic moment." Both Bitwise CIO Matt Hougan and Bitwise CEO Hunter Horsley expressed positive sentiments regarding XRP.
Matt Hougan stated, "XRP is a really compelling asset for a number of reasons. It's been operating successfully for a very long time at an extremely low cost, handles high trading volumes, and has a really strong and vibrant community of supporters. In the new cryptocurrency regulatory regime, XRP is on equal footing with other digital assets. Now the market will have the opportunity to see what XRP is truly capable of."
Hunter Horsley added, "With today’s launch of the Bitwise XRP ETF and its selection of XRP, we are excited to help investors invest in an asset that has the potential to fundamentally change how money moves around the world."