Bitwise's XRP ETF Set to Launch This Thursday Amid Ticker Concerns

Bitwise Asset Management has officially announced that its new spot exchange-traded fund (ETF) that tracks XRP will be launching this Thursday under the ticker symbol "XRP." The fund will be available on the New York Stock Exchange, generating enthusiasm from X users, while also sparking some concerns regarding potential confusion with the XRP token itself.

Key Takeaways

Bitwise Asset Management will launch its XRP ETF on the New York Stock Exchange this Thursday with the ticker "XRP."
The ticker choice has raised concerns in the crypto community regarding potential confusion with the actual XRP token.
This is Bitwise's second XRP-related product, following the launch of the Bitwise Physical XRP ETP in 2022.
Upcoming XRP ETFs from other companies are expected soon, with significant industry interest and market activity.

Bitwise XRP ETF to launch Thursday, but community questions ticker

Typically, cryptocurrency ETFs incorporate elements of both the asset manager’s name and the underlying cryptocurrency into their ticker symbols. For example, Fidelity has FBTC and ARK Invest’s ETFs are labeled ARKB to track Bitcoin, whereas Bitwise's Solana ETF carries the ticker BSOL, and BlackRock's Ether Trust is labeled ETHA for Ether.

XRP, Asset Management, ETF
Source: Bitwise

Potential Confusion Around the XRP ETF Ticker

In response to the announcement, an X user named Krippenreiter, identified as a technician and DeFi educator, questioned how Bitwise selected "XRP" as the official ticker, highlighting the need for clear explanations to differentiate between the XRP asset and the ETF.

Krippenreiter's Concern
Source: Krippenreiter

Some users raised additional concerns about how the ticker passed through the application process and regulatory checks. One user, Elliot, remarked, “This ticker symbol is very confusing. How can that be allowed? There’s no ETF with the ticker BTC, is there?”

Conversely, others expressed support for Bitwise, praising the company for securing the ticker. Software engineer Vincent Van Code suggested that there might be strategic reasoning behind the ticker choice beyond immediate brand recognition. Van Code stated, “That’s the point. Native XRP will become the wholesale token, and the majority of retail will simply trade the ETF. Wholesale settlement, custody, and transfers will be the end game for native XRP and XRPL.”

Vincent Van Code's Insight
Source: Vincent Van Code

Bitwise's Second XRP ETF

Bitwise initially filed for its spot XRP ETF with the United States Securities and Exchange Commission (SEC) in October 2024. Also, the Bitwise Physical XRP ETP, carrying the ticker GXRP, was launched in Europe in 2022.

Related: 21shares Solana ETF launches amid crash, but flows signal investor interest

According to Matt Hougan, the chief investment officer of Bitwise, “XRP is a really intriguing asset,” due to its low operational costs, ability to handle high transaction volumes, and the strong, vibrant community that supports it.

Upcoming XRP ETFs

Canary Capital's ETF, labeled XRPC, debuted on November 13 and saw over $250 million in inflows on its first trading day. Bloomberg's ETF analyst James Seyffart noted in a post on X, “Lots happening next week,” predicting that Grayscale's and Franklin Templeton's XRP ETFs will likely launch on November 24.

In addition, Hougan stated on Wednesday that now that the US government’s shutdown has concluded, he anticipates a surge of ETF launches, potentially amounting to over 100 new funds.

Magazine: Ethereum’s Fusaka fork explained for beginners: What is PeerDAS?