How Did Bitwise Get ‘XRP’? Community Asks as New ETF Goes Live

Key Insights

• Bitwise launches its spot XRP ETF on the NYSE under the ticker “XRP,” drawing both praise and confusion for using the same symbol as the token itself.
• Traders question how such a potentially confusing ticker passed regulatory review, while others view the branding as a strategic win.
• The debut comes amid a broader wave of XRP ETF launches, signaling growing institutional interest and competition in the segment.

Crypto news: Bitwise Asset Management launched its new spot XRP ETF on Nov. 20, 2025, listing on the NYSE Arca under the ticker XRP.

The fund began trading Nov. 20 with a 0.34% management fee (waived on the first $500 million of assets for one month).

This follow-up comes a week after Canary Capital Group rolled out its first U.S. spot XRP ETF (ticker XRPC) on Nov. 13, 2025 – an ETF that drew over $250 million of inflows on day one.

Bitwise’s release highlighted XRP’s 13-year history and $125 billion market cap, noting that XRP “powers the XRP Ledger, a blockchain that focuses on efficient exchange, tokenization, and settlement.”

In short order, the new ETF extends the wave of crypto products beyond Bitcoin – but traders immediately zeroed in on the choice of ticker.

Crypto news: Ticker Sparks Debate

Within hours of the launch, crypto news feeds on X (formerly Twitter) lit up with questions about the ticker XRP. Users noted that no prior U.S. crypto ETF had ever used the exact underlying token’s symbol.

“Very confusing ticker symbol. How can that be allowed? There’s no ETF with the ticker BTC, is there?” one trader commented.

Another, a DeFi educator known as “Krippenreiter,” asked bluntly how Bitwise “were able to choose XRP to be [their] official ticker,” adding that the firm would now have to “write explainers to differentiate between XRP, the asset, and XRP the Bitwise ETF.”

These posts referenced the fact that, for example, Fidelity’s Bitcoin ETF uses the ticker FBTC and other funds avoid the plain “BTC” label.

Not all reactions were negative. Some users praised the on-brand choice. Software developer Vincent Van Code suggested a strategic rationale:

“That’s the point. Native XRP will become the wholesale token, and [the] majority of retail will simply trade the ETF.

Wholesale settlement, wholesale custody, wholesale transfers. That’s the end game for native XRP and XRPL,” the user wrote.

In other words, some observers see the ETF as reinforcing XRP’s institutional role. Bitwise’s own executives have been making a similar point.

CIO Matt Hougan said in a statement that “XRP is a really intriguing asset,” noting it “has operated successfully for a very long period of time at extremely low cost” and “has a really strong and vibrant community of supporters.”

He added that under today’s regulatory environment, “XRP stands on an equal playing field with other digital assets” – a comment reflecting the company’s confidence that a large-caps, utility token like XRP belongs in investors’ portfolios.

XRP Market Reaction and Outlook

The trading debut saw modest price movement. XRP was about $2.11 on Nov. 20, roughly 4.8% below its close at $2.214 the day before.

For context, the token is up about 91% over the past year. Inflows into the ETFs have been robust. As noted, Canary’s XRPC fund attracted roughly $250 million on Nov. 13, and industry analysts expect similar demand for the Bitwise ETF.

Bloomberg ETF analyst James Seyffart commented on Nov. 19 that “lots [are] happening next week,” predicting that spot XRP ETFs from Grayscale and Franklin Templeton would likely begin trading around Nov. 24.

With Washington’s funding shutdown lifted, Bitwise’s Matt Hougan told clients to brace for an “ETF-palooza,” forecasting well over 100 new fund launches in the coming weeks.

The corporate messaging underscores that this launch is driven by XRP’s long-term potential. Bitwise’s press release describes XRP as “the world’s third-largest crypto asset” with a market cap over $125 billion.

It emphasized the XRP Ledger’s 13-year track record of over 4 billion transactions (about $1.9 billion in daily volume) and its focus on fast, low-cost cross-border payments.

CEO Hunter Horsley stated that investors are gaining exposure “to an asset that has the potential to fundamentally reshape how money moves worldwide.”

Similarly, Canary Capital’s CEO Steven McClurg, speaking at XRPC’s launch, called XRP “one of the most established and widely used digital assets in the world” and said ETF access would “enable the next wave of adoption and growth in a critical blockchain system.”

In sum, Bitwise’s XRP ETF debut is generating headlines in crypto news and among traders. The innovative use of the ticker XRP – while unusual – highlights enthusiasm for the token’s utility.

For now, the launch has confirmed that XRP has arrived at Wall Street’s doorstep. Market watchers will be closely tracking flows into the new fund and any impact on XRP’s trading price.

Crypto news feeds will likely stay focused on this ETF and the dozens more scheduled to launch in the coming days, as traders and analysts gauge whether these products truly shift the industry’s dynamics.