Bitwise Asset Management has debuted its spot XRP ETF on the New York Stock Exchange under the ticker “XRP.” For the first month, the ETF will waive the 0.34% fund management fee for assets up to $500 million. Matt Hougan, CIO of Bitwise, highlighted XRP as a powerful network offering high transaction volume at low costs.
Introduction of Bitwise’s Second Spot XRP ETF
Following Canary Capital’s XRPC fund, Bitwise’s new product is the second spot XRP ETF in the U.S. Canary’s ETF quickly attracted a net inflow of $276.8 million. Previously, Bitwise provided direct XRP access to investors in Europe through its “Bitwise Physical XRP ETP (GXRP).” With this new move, XRP has become one of the broadest altcoins for ETF-based global access. Currently, XRP ranks as the third largest non-stablecoin cryptocurrency with a market cap of $127.3 billion.
According to Hougan, XRP has maintained stable operations for a long time, processing millions of transactions at low fees. “The XRP community forms a highly dynamic and strong ecosystem,” he stated. Bitwise also emphasized XRP’s challenge to traditional systems in cross-border payments.
Rapid Growth of Altcoin ETFs
Bitwise’s initiative represents the latest addition to the burgeoning altcoin ETF wave in the U.S. Bloomberg analyst James Seyffart noted that Grayscale’s GXRP ETF and the Dogecoin 
$0.08514 ETF would start trading next Monday. Franklin Templeton’s XRP ETF is also expected to launch on the same day. This will significantly increase the number of altcoin-based ETFs in the U.S. market.
The U.S. Securities and Exchange Commission (SEC)’s clarification of the process for cryptocurrency ETF applications has offered issuers a new legal route. As a result, many institutions can launch their products without direct SEC approval. Recently, Solana 
$65, XRP, Litecoin, and Hedera-based ETFs have garnered significant interest from investors. Solana ETFs alone have seen a net inflow of $420.4 million so far. As of today, 21Shares’ TSOL ETF has started trading.
