Bitwise Lists XRP Spot ETF on NYSE, Market Sees New Crypto Access

Bitwise Asset Management debuted a spot XRP exchange traded fund on the New York Stock Exchange on November 20, 2025, according to market summaries tracking the listing. The new ETF, trading under the ticker XRP, holds physical XRP in custody and launched with a management fee reported at about 0.34 percent, with promotional fee waivers available for an initial tranche of assets.

The listing follows a period of legal and regulatory clarification surrounding XRP that market participants say cleared a path for direct spot products tied to the token. That clarification, coupled with growing institutional interest in diversified crypto exposures, created the backdrop for Bitwise to bring a regulated, exchange traded vehicle to market that offers direct ownership through a familiar investment wrapper.

Product structure and fee strategy will be central to the ETF s early reception. The roughly 0.34 percent management fee places the fund within a fee band that issuers have used to compete for both retail and institutional flows, while promotional waivers are designed to lower the effective cost to early investors and seed adoption. Custody arrangements, proof of reserves and the fund s operational controls will also matter for large investors and custodians assessing counterparty and settlement risk.

Market commentary around the launch emphasized that spot asset ETFs tend to draw a mix of retail and institutional inflows. Exchange traded vehicles can broaden access by allowing investors to buy XRP exposure through brokerage accounts without direct custody, and they can integrate crypto into traditional asset allocation frameworks. For market makers and exchanges, an ETF backed by spot XRP can increase on ramp liquidity and improve price discovery in secondary markets.

At the same time, the product highlights enduring risks. Crypto backed funds remain exposed to high price volatility, potential swings in trading volumes and the evolving regulatory environment for tokens and custodial arrangements. Investors considering the ETF should evaluate their risk tolerance for token specific events, the operational transparency of the fund, and how XRP exposure fits within broader portfolio construction.

The Bitwise listing also contributes to a broader trend of institutionalization in digital asset markets, as regulated investment vehicles proliferate and asset managers seek to package crypto exposures for mainstream investors. The near term impact will depend on initial inflows, the extent of promotional fee uptake and how regulatory developments unfold. Market participants will be watching daily trading volumes, custody disclosures and any subsequent filings that further clarify the fund s governance and redemption mechanisms.