The Bitwise XRP ETF (Ticker: XRP) Launches on NYSE, Providing Exposure to the Platform Aiming To Modernize Global Payments

Rhea-AI Summary

Bitwise XRP ETF (NYSE:XRP) launches on NYSE, with trading to begin on November 20, 2025. The Fund holds spot XRP, described as the world’s third-largest crypto asset with a market cap of >$120 billion and a 13-year track record. Bitwise, which manages >$15 billion in client assets, set the Fund's management fee at 0.34%, waived for the first month on the first $500M in assets. The XRP Ledger is cited as having processed >4 billion transactions, average daily volume of $1.9 billion, and settlement times of 3–5 seconds. The Fund is not registered under the 1940 Act and carries high volatility and loss risk.

Positive

• Fund trading begins Nov 20, 2025
• Management fee 0.34% (waived first month on $500M)
• Holds spot XRP with market cap >$120B
• Bitwise manages >$15B in client assets

Negative

• Fund is not registered under the 1940 Act
• Fund subject to high volatility and potential total loss

Insights

Market structure analyst

Bitwise launched a spot XRP ETF on NYSE, expanding U.S. access to XRP and adding a regulated trading wrapper.

The Fund will begin trading on November 20, 2025 and offers direct spot exposure to XRP, described as the third-largest crypto asset with a market cap above $120 billion. The product sits within Bitwise's suite, which the firm says manages over $15 billion in client assets and now includes this ETF alongside its European ETP.

Key mechanics to watch: the management fee of 0.34% (waived first month on the first $500M), custody and settlement arrangements for spot XRP, and market liquidity given reported average daily XRP volume of $1.9 billion. Near-term monitoring should focus on initial flows and trading volume in the first 30–90 days after November 20, 2025.

Product risk and compliance specialist

The ETF provides regulated access but carries elevated crypto-specific risks and limited 1940 Act protections.

The Fund is not registered under the Investment Company Act of 1940 and therefore lacks the same investor protections as 1940 Act ETFs; the disclosure highlights high volatility and the possibility of significant or total loss. The Fund holds spot XRP and clarifies that it is not equivalent to direct ownership of the XRP token.

Critical dependencies include custody safeguards, operational controls for settlement on the XRP Ledger (which the release notes averages 3–5 second settlement and >4 billion transactions), and the waiver structure for the first month. Watch regulatory filings and the Fund's custodial disclosures over the next 60–120 days to assess operational risk and governance.

Fund provides exposure to the third-largest crypto asset, known for its 13-year track record and goal of disrupting the $250 trillion market for cross-border payments.

SAN FRANCISCO, Nov. 19, 2025 /PRNewswire/ -- Bitwise Asset Management, the global crypto asset manager with over $15 billion in client assets, today announced the launch of the Bitwise XRP ETF on NYSE. The Fund will start trading on November 20, 2025, with the ticker XRP. It has a management fee of 0.34%, which is waived for the first month on the first $500M in assets.¹

The Bitwise XRP ETF will hold spot XRP, the world's third-largest crypto asset with a market cap of over $120 billion and a 13-year track record. XRP is the digital currency that powers the XRP Ledger, a blockchain that focuses on the efficient exchange, tokenization, and settlement of both crypto-native and traditional assets.² Since its inception, the XRP Ledger has facilitated over four billion transactions, with average daily volume of $1.9 billion and average settlement time of 3-5 seconds.³XRP aims to disrupt the market for cross-border payments, a market projected to reach $250 trillion by 2027.⁴

The Bitwise XRP ETF (the "Fund") is not suitable for all investors. An investment in the Fund is subject to a high degree of risk, has the potential for significant volatility, and could result in significant or complete loss of investment. The Fund is not an investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act") and therefore is not subject to the same protections as ETFs and mutual funds registered under the 1940 Act. An investment in the Fund is not the same as a direct investment in the XRPtoken ("XRP").

"XRP is a really intriguing asset for several reasons," said Bitwise CIO Matt Hougan. "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."

The Bitwise XRP ETF is Bitwise's second XRP-themed fund. The firm launched the Bitwise Physical XRP ETP (ticker: GXRP) in Europe in 2022. The debut of the Bitwise XRP ETF on the New York Stock Exchange gives U.S. institutional and retail traders greater access to XRP and highlights the asset's important role in the evolving digital financial ecosystem.

"In 2025, we're watching digital assets take on real utility in the global economy," said Bitwise CEO Hunter Horsley, "whether that's powering payments, building infrastructure, or earning a permanent role in diversified portfolios. With today's launch of the Bitwise XRP ETF, we're excited to help investors gain exposure to an asset that has the potential to fundamentally reshape how money moves worldwide."

The XRP Ledger is designed to empower businesses to tokenize and transact assets, ranging from U.S. Treasuries (Ondo Finance, OpenEden) and digital commercial paper (Guggenheim Treasury Services) to private credit (Mercado Bitcoin, VERT) and money market funds (abrdn). The XRPtoken is required for all activity on the XRP Ledger, whether executing transactions, maintaining wallet reserves, or establishing "trustlines" (preapproved relationships with trusted counterparties).

The Bitwise XRP ETF is the 49th investment product to join Bitwise's extensive suite of crypto portfolio offerings across the U.S. and Europe. For more information, visit bitxrpetf.com.

About Bitwise
Bitwise Asset Management is a global crypto asset manager with more than $15 billion in client assets and a suite of over 40 crypto investment products spanning ETFs, separately managed accounts, private funds, hedge fund strategies, and staking. The firm has an eight-year track record and today serves more than 4,000 private wealth teams, RIAs, family offices, and institutional investors, as well as 15 banks and broker-dealers. The Bitwise team of over 125 technology and investment professionals is backed by leading institutional investors and has offices in San Francisco, New York, and London.

Notes
(1) Brokerage fees may apply.
(2) Tokenization is the process of representing ownership rights or value of a real-world asset
(like real estate, bonds, or company shares) as a digital token on a blockchain.
(3) Source: Dune Analytics, CoinGecko as of November 19, 2025.
(4) Source: BCG.

Risks and Important Information

This material must be accompanied by a prospectus. Please read the prospectus carefully before investing. To obtain a current prospectus visit bitxrpetf.com/welcome.

The amount of XRP tokens ("XRP") represented by a Share will continue to be reduced during the life of the Fund due to the transfer of the Fund's XRP to pay for the Sponsor's management fee, and to pay for litigation expenses or other extraordinary expenses. This dynamic will occur irrespective of whether the trading price of the Shares rises or falls in response to changes in the price of XRP.

There is no guarantee or assurance that the Fund's methodology will result in the Fund achieving positive investment returns or outperforming other investment products.

Investors may choose to use the Fund as a means of investing indirectly in XRP. Because the value of the Shares is correlated with the value of XRP held by the Fund, it is important to understand the investment attributes of, and the market for, XRP.

XRP Risk. There are significant risks and hazards inherent in the XRP market that may cause the price of XRP to fluctuate widely. The Fund's XRP may be subject to loss, damage, theft or restriction on access. Investors considering a purchase of Shares should carefully consider how much of their total assets should be exposed to the XRP market, and should fully understand, be willing to assume, and have the financial resources necessary to withstand the risks involved in the Fund's investment strategy.

Liquidity Risk. The market for XRP is still developing and may be subject to periods of illiquidity. During such times it may be difficult or impossible to buy or sell a position at the desired price. Possible illiquid markets may exacerbate losses or increase the variability between the Fund's NAV and its market price. The lack of active trading markets for the Shares may result in losses on investors' investments at the time of disposition of Shares.

Regulatory Risk. Future and current regulations by a U.S. or foreign government or quasi-governmental agency could have an adverse effect on an investment in the Fund.

Blockchain Technology Risk. Certain of the Fund's investments may be subject to the risks associated with investing in blockchain technology. The risks associated with blockchain technology may not fully emerge until the technology is widely used. Blockchain systems could be vulnerable to fraud, particularly if a significant minority of participants colluded to defraud the rest. Because blockchain technology systems may operate across many national boundaries and regulatory jurisdictions, it is possible that blockchain technology may be subject to widespread and inconsistent regulation.

Nondiversification Risk. The Fund is nondiversified and will hold a single issue. As a result, a decline in the market value of a particular issue held by the Fund may affect the Fund's value more than if it invested in a larger number of issuers.

Recency Risk. The Fund is recently organized, giving prospective investors a limited track record on which to base their investment decision. If the Fund is not profitable, the Fund may terminate and liquidate at a time that is disadvantageous to Shareholders.

The XRP Ledger differentiates itself from other digital asset networks in that its stated primary function is transactional utility, not store of value. Today, there is limited use of XRP in the retail, commercial, or payments spaces, and, on a relative basis, speculators make up a significant portion of users. The significant holdings of XRP by Ripple Labs and other early stakeholders could have an adverse effect on the market price of XRP.

Bitwise Investment Advisers, LLC serves as the sponsor of the Fund. Foreside Fund Services, LLC serves as the Marketing Agent for the Fund, and is not affiliated with Bitwise Investment Advisers, LLC, Bitwise, or any of its affiliates.

Media Contact:
Tova Kaufmann
pr@bitwiseinvestments.com

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SOURCE Bitwise Asset Management

FAQ

When will the Bitwise XRP ETF (XRP) begin trading on NYSE?

The Bitwise XRP ETF (XRP) will start trading on November 20, 2025.

What is the Bitwise XRP ETF management fee and are any waivers offered?

The management fee is 0.34%, waived for the first month on the first $500 million in assets.

Does the Bitwise XRP ETF (XRP) hold physical XRP and what is XRP's market cap?

The Fund holds spot XRP; the press material cites XRP with a market cap of over $120 billion.

How liquid and fast is the XRP Ledger according to the announcement?

The XRP Ledger reportedly processed >4 billion transactions, average daily volume $1.9 billion, and settlement in 3–5 seconds.

Is an investment in the Bitwise XRP ETF (XRP) equivalent to holding XRP directly?

No. The announcement states an investment in the Fund is not the same as a direct investment in the XRP token.

What investor protections apply to the Bitwise XRP ETF (XRP)?

The Fund is not registered under the Investment Company Act of 1940, so it is not subject to the same 1940 Act protections.