Bitwise Launches Spot XRP ETF Amid Surge in Altcoin Funds
November 19, 2025 — Bitwise Asset Management is set to introduce its spot XRP exchange-traded fund (ETF) to the U.S. market this Thursday, marking a significant development amid a growing influx of altcoin ETFs that have emerged following recent regulatory clarifications by the Securities and Exchange Commission (SEC).
Spot XRP ETF to Trade on NYSE
The new Bitwise spot XRP ETF will trade under the ticker symbol XRP on the New York Stock Exchange. Investors will benefit from a management fee of 0.34%, which Bitwise will waive for the first month on assets up to $500 million. This move is designed to attract early investors and lower entry costs as the product launches.
Matt Hougan, Chief Investment Officer at Bitwise, explained the appeal of XRP as an asset, stating: "XRP is a really intriguing asset for several reasons. 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."
Currently, XRP ranks as the world’s third-largest non-stablecoin cryptocurrency by market capitalization, valued at approximately $127.3 billion. With a proven track record of facilitating over 4 billion transactions, XRP continues to challenge traditional cross-border payment systems.
Growing Competition in the XRP ETF Space
Bitwise’s ETF will be the second spot XRP product available to U.S. investors, following the launch of Canary Capital’s fund, XRPC, last week. Canary’s ETF has already attracted significant capital, accumulating net inflows totaling $276.8 million since inception.
Adding to the momentum, Grayscale announced plans on Wednesday to launch its own spot XRP exchange-traded product (ETP) in the near future. Bloomberg analyst James Seyffart highlighted on social media that Grayscale’s GXRP fund is expected to launch alongside its Dogecoin ETF as early as Monday. Seyffart also mentioned that Franklin Templeton’s XRP ETF might debut the same day, indicating a highly competitive and busy week ahead for XRP-related funds.
Altcoin ETF Launch Frenzy Fueled by Regulatory Guidance
This surge in altcoin-focused ETFs is largely attributed to the SEC’s updated guidance, which clarified the regulatory process for launching crypto ETFs. Since these clarifications, issuers have exploited alternative pathways to bring products to market without requiring explicit SEC approval.
While Bitcoin and Ether ETFs remain dominant, newer altcoin ETFs are gaining traction. Solana-based ETFs, for instance, have seen significant growth, with six spot Solana ETFs launched since late October and total net inflows reaching around $420.4 million. Among the recent entries is 21Shares’ TSOL, which started trading earlier this week.
Issuers are also applying to introduce ETFs covering a range of other cryptocurrencies, including Cardano, Avalanche, and Polkadot, signaling an ongoing expansion of the crypto ETF market in the U.S.
Bitwise’s European XRP Offering
This latest U.S. launch follows Bitwise’s previous introduction of the Bitwise Physical XRP ETP in Europe, which offered investors direct, physically-backed exposure to XRP. The firm’s experience in European markets likely positions it well for a successful launch in the United States.
About the Author:
Danny Park is an East Asia reporter at The Block, with a focus on Web3 developments and cryptocurrency regulations. Prior to joining The Block, he reported on major crypto events including Terra-Luna and FTX collapses. Based in Seoul, Park holds a Bachelor of Journalism and Business Marketing from the University of Hong Kong.
Disclaimer:
This article is provided for informational purposes only and does not constitute legal, tax, investment, or financial advice. The Block operates independently and is committed to delivering objective and timely information about the cryptocurrency industry.
Tags: XRP, XRP ETF, Bitwise, Crypto ETFs, Altcoins, SEC Regulatory Guidance