The Bitwise XRP exchange-traded fund (ETF) launched on the New York Stock Exchange on November 20, posting roughly $25 million in first-day trading volume. The fund provides U.S. investors a way to gain exposure to XRP without holding the token directly.
On its debut, 1.14 million shares were traded at an average price of $22. The ETF is physically backed by XRP held in Coinbase custody and references the CME CF XRP-Dollar Rate to limit the risk of price manipulation.
Bitwise waived its 0.34% management fee for the first month on $500 million in assets under management. The fund expands Bitwise’s crypto offerings, which include more than 40 products, and builds on a European XRP ETF launched in 2022.
The launch comes after Canary Capital’s XRPC ETF, which recorded $58 million in first-day volume earlier this year. Additional U.S. XRP ETFs from firms like Grayscale, Franklin Templeton, 21Shares, CoinShares, and WisdomTree are expected in the coming weeks. Analysts project that cumulative inflows could reach $5–8 billion by the end of 2025.
XRP itself traded at $1.92 during the ETF debut, down about 10% from the previous day. On-chain data from Glassnode indicates investors have realized roughly $75 million in daily losses, the highest level since April 2025, suggesting many are closing positions at a loss amid ongoing market pressure.
