The company already manages bitcoin, ether and solana ETFs.
There are 5 XRP ETF proposals left to be evaluated by the SEC.
Asset management firm Bitwise announced the launch of its spot cryptocurrency XRP exchange-traded fund (ETF) on the New York Stock Exchange.
The ETF, based on the cryptocurrency issued by Ripple, start quoting today, November 20, under the symbol XRP, with a management fee of 0.34% which is exempt during the first month on the first 500 million dollars in assets.
This exemption represents a common promotional strategy in the sector, which seeks to attract initial investment flows by temporarily eliminating the annual cost of managing the fund, allowing investors to capture the pure return of the underlying asset without immediate deductions.
Matt Hougan, Chief Investment Officer at Bitwise, stood out the qualities of the asset, mentioning its successful operating history at low cost, its ability to process high transaction volumes and the strength of its user community.
Despite this important debut on the stock market, The price of XRP has remained without significant movements, trading around $2.11. This price level represents a distance of 40% from its all-time high (ATH) of $3.65. Consolidation above this price could be key to establishing firmer support and potentially fueling a rally in the near term.
With the launch of Bitwise, XRP now has two spot ETFs listed in the US market, the first being the one managed by Canary Capital, which debuted on November 14, as reported by CriptoNoticias.
Specialists in the ETF sector, such as James Seyffart, anticipate that other XRP fund proposals, including those from Grayscale and Franklin Templeton, They could be approved and launched soon, possibly on Monday, November 24with five proposals still pending evaluation by the United States Securities and Exchange Commission.
This debut expands the manager’s institutional investment product offering in the digital currency segment. Bitwise is an already consolidated entity in the market, as it currently manages and offers ETFs based on bitcoin (BTC), ether (ETH) and solana (SOL).