TLDR
- The Bitwise XRP ETF debuted on the New York Stock Exchange on November 20, 2025.
- The ETF traded 1.14 million shares, reaching a total volume of $25 million on its first day.
- Bitwise waived its 0.34% management fee for the first month on $500 million in assets under management.
- The ETF is physically backed by spot XRP held in custody by Coinbase.
- The launch follows Canary Capital’s XRPC ETF, which had a strong debut with $58 million in first-day volume.
The Bitwise XRP ETF began trading on the New York Stock Exchange on November 20. This allows U.S. investors to invest in XRP without holding the token directly. On its first day, the ETF saw a trading volume of 1.14 million shares, totaling about $25 million. Although earlier projections suggested a volume of $90 million, market conditions impacted these results.
Bitwise XRP ETF Launches with Coinbase Custody and Fee Waiver
The Bitwise XRP ETF is backed by actual spot XRP, with the holdings managed by Coinbase. To mitigate the risk of market manipulation, the ETF compares its net asset value to the CME CF XRP-Dollar Reference Rate. This rate aggregates data from several exchanges, ensuring a reliable pricing mechanism.
In a move to attract early investors, Bitwise has waived the 0.34% management fee for the first month. The waiver applies to the first $500 million in assets under management. Bitwise, which has over 40 crypto products, previously launched a similar European XRP ETF in 2022.
CEO Brad Garlinghouse of Ripple highlighted the ETF’s importance, referring to it as a “pre-Thanksgiving rush” for XRP ETFs. He also pointed to XRP’s role in facilitating cross-border payments as a key benefit for investors.
Other ETF Launches and Market Developments
The Bitwise XRP ETF follows Canary Capital’s XRPC ETF, which debuted as the top-performing ETF of the year. Canary’s ETF had $58 million in first-day trading volume. More U.S. spot XRP ETFs are expected to launch soon, with major players like Grayscale, Franklin Templeton, and 21Shares among them. These new products could bring in $5 to $8 billion by the end of 2025.
Despite the debut of the Bitwise XRP ETF, XRP’s price has faced some downward pressure. As of now, XRP is trading at $1.92, down 10% from the previous day. Glassnode’s on-chain data shows that XRP’s realized losses have surged over the last month, with average daily losses reaching $75 million. This marks the highest level since April 2025.
The launch of additional XRP ETFs will likely increase market volatility. With several companies entering the space, investors are paying close attention to how these new products perform. The next few weeks could see further fluctuations in XRP’s price as the ETF market develops.
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