Bitwise is launching an XRP spot ETF under the ticker “XRP,” causing potential confusion with the underlying asset. The launch follows the approval of other crypto ETFs and indicates growing institutional interest in XRP.
What to Know:
- Bitwise is launching an XRP spot ETF under the ticker “XRP,” causing potential confusion with the underlying asset.
- The launch follows the approval of other crypto ETFs and signals growing institutional interest in XRP.
- Experts predict a surge in ETF launches, indicating a maturing crypto market and evolving regulatory landscape.
Bitwise Asset Management is set to launch its new spot exchange-traded fund (ETF) tracking XRP under the ticker “XRP,” marking a significant step for the cryptocurrency. The fund is scheduled to go live on the New York Stock Exchange, potentially creating some initial confusion among investors due to the ticker’s direct association with the digital asset. This move underscores the increasing acceptance and integration of XRP into traditional financial markets.
The choice of the ticker symbol “XRP” has sparked debate, with some questioning how it was approved, given the potential for confusion with the cryptocurrency itself. Others see it as a strategic move, suggesting that native XRP could become primarily used for wholesale transactions, while the ETF serves retail investors. This could streamline custody and transfer processes, further legitimizing XRP within financial ecosystems.
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.”
Bitwise initially filed for its spot XRP ETF with the SEC in October 2024 and launched the Bitwise Physical XRP ETP (GXRP) in Europe back in 2022. According to Bitwise CIO Matt Hougan, XRP’s long-term successful operation, high transaction volumes, and strong community make it an intriguing asset. He also stated that XRP stands on an equal playing field with other digital assets in the new crypto-forward regulatory regime.
“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.”
The launch of Bitwise’s XRP ETF follows Canary Capital’s XRPC launch on Nov. 13, and analysts predict Grayscale’s and Franklin Templeton’s XRP ETFs will likely go live soon. With the resolution of the US government shutdown, a surge in ETF launches is expected, signaling a maturing crypto market. This “ETF-palooza” could bring more diverse investment options to the forefront.
The launch of Bitwise’s XRP ETF signifies a pivotal moment for both the asset and the broader crypto market. As regulations become clearer and institutional interest grows, XRP is poised to gain further legitimacy and accessibility.
Related: XRP Price: $12M Max Pain for Bears
Source: Original article
Quick Summary
Bitwise is launching an XRP spot ETF under the ticker “XRP,” causing potential confusion with the underlying asset. The launch follows the approval of other crypto ETFs and signals growing institutional interest in XRP. Experts predict a surge in ETF launches, indicating a maturing crypto market and evolving regulatory landscape.
Source
Information sourced from official Ripple publications, institutional research, regulatory documentation and reputable crypto news outlets.
Author
Ripple Van Winkle is a cryptocurrency analyst and founder of XRP Right Now. He has been active in the crypto space for over 8 years and has generated more than 25 million views across YouTube covering XRP daily.
Editorial Note
Opinions are the author's alone and for informational purposes only. This publication does not provide investment advice.
