Bitwise spot XRP ETF launches Thursday amid altcoin fund rush

Bitwise Asset Management announced the launch of its spot XRP exchange-traded fund (ETF) on the New York Stock Exchange, trading under the ticker XRP starting Thursday with a 0.34% management fee, waived for the first month on the initial $500 million in assets. Bitwise CIO Matt Hougan cited XRP's long operational history, low cost, high transaction volume, and strong community as reasons for its intrigue. XRP is currently the world's third-largest non-stablecoin cryptocurrency. This fund will be the second spot XRP product in the U.S., following Canary Capital's XRPC, which launched last week. The launch occurs amid a broader rush of new U.S. ETFs tracking various altcoins like Solana, Litecoin, and Hedera, likely aided by recent SEC guidance that fast-tracked crypto ETF listings. Analysts anticipate more launches soon, including Grayscale's and Franklin Templeton's XRP ETFs.

(Source：The Block)