Launch of Bitwise XRP ETF Set for Thursday But Raises Community Concerns over Ticker Symbol
Bitwise Asset Management’s new XRP ETF will debut on Thursday, but the chosen ticker ‘XRP’ is causing confusion among community members regarding its representation.
Bitwise Asset Management has announced that its new spot exchange-traded fund (ETF) based on XRP is scheduled to launch on Thursday, marked under the ticker ‘XRP’.
The announcement has garnered applause from users on X but also raised concerns regarding potential confusion this ticker may cause with the cryptocurrency itself.
Typical crypto ETFs use a name and asset combination for their tickers. For instance, Fidelity has FBTC for Bitcoin, while Bitwise’s past offerings include BSOL for Solana.
Community Reactions
X user, Krippenreiter, who identifies as a technical analyst and educator, expressed concerns about the implications of choosing XRP as the ETF’s official ticker. “Now we will need to write explainers to differentiate between XRP, the asset, and XRP, the Bitwise ETF,” they remarked.
Source: Bitwise
Others have echoed this confusion, questioning how this ticker was approved through regulatory channels, with one user commenting, “Very confusing ticker symbol. How is that allowed?”
Conversely, there are applauses for the name, with software engineer Vincent Van Code suggesting it is strategic for brand recognition.
Background on Bitwise’s ETF
Bitwise initially filed for its spot XRP ETF with the U.S. Securities and Exchange Commission in October 2024. Prior to this, they had launched the Bitwise Physical XRP ETP under the ticker GXRP in Europe back in 2022.
Hougan from Bitwise remarked, “XRP is a fascinating asset due to its long-standing low-cost operation, high transaction volumes, and strong community support.”
“In the new crypto-friendly regulatory environment, XRP is on a level playing field with other digital assets. Now the market can experience what XRP is truly capable of.”
Future of XRP ETFs
Canary Capital’s new ETF, labeled XRPC, debuted on November 13, garnering significant investor interest, totaling over $250 million in inflows on its first trading day. Bloomberg’s ETF analyst, James Seyffart, noted on X that more ETFs from Grayscale and Franklin Templeton are expected to launch soon, indicating a surge in the ETF market.
As the landscape changes, Bitwise anticipates over 100 new fund launches following the resolution of the U.S. government’s shutdown. Stay tuned!
