Bitwise XRP ETF Confirmed Launch Dates for its Trading on NYSE

Key Takeaways:

• Bitwise also launches its spot XRP ETF on Thursday under the attention-grabbing ticker “XRP,” which results in a debate of market clarity and regulatory acceptance.
• The product has come due to issuers scrambling to launch XRP ETFs, with Grayscale and Franklin Templeton having plans to launch on November 24.
• The lineup is viewed by the industry analysts as an indicator that XRP is in a different phase of institutional accessibility.

Bitwise is ready to trade its latest crypto product the Bitwise XRP ETF on the New York Stock Exchange. The ticker of the fund is the same as the symbol of the asset, which makes it one of the most peculiar to enter the U.S. ETF market and trigger instant discussion in the trading desks and the XRP community.

Bitwise Affirms Launch and Defends Unusual Ticker Strategy

The ETF will be traded using the direct symbol XRP, which will not follow the conventional name of ETFs. Issuer and asset ID are usually used by most crypto ETFs to create a minimum of confusion. Bitwise opted to use a high-impact branding strategy that would reflect the native ticker of the token.

Market criticism was attracted by the move. The lack of BTC or ETH tickers caused some confusion among traders in the naming of flow under listing review. There were fears that the ETF would be mistaken with the underlying asset by inexperienced retail traders.

However, certain industry commentaries acclaimed the action. According to the suggestion of developers and analysts on X, the move of the decision suggests a broader trend, in which ETF markets are shifting to retail selling and native XRP is used more to be settled by wholesale.

Read More: Bitwise & VanEck Fast-Track Crypto ETF Push: XRP ETF Could Launch in 20 Days

ETF Issuers are Hastening to XRP: Network Efficiency and Depth of Markets

Bitwise CIO, Matt Hougan, notes that XRP has been operational over time, low cost of transaction, and a constant throughput. The XRP takes only seconds to clear transactions, and the activity has been sustained over 10 years. Such attributes guarantee issuers that the asset will be able to satisfy ETF demand without structural issues.

One of the largest in the industry, Ripple (XRP) has a massive, global following that it maintains with the help of its large base over the course of many market cycles. The basic idea behind it, which is to improve cross-boundary payments, puts it in the middle of an enormous and rapidly developing global settlement space that institutions continue to modernize.

There is also the increase of XRP Ledger tokenization. Developers and financial companies have begun to issue tokenized U.S. Treasuries, digital commercial paper and money-market assets. These on-chain products increase the institutional applicability of XRP in the long term as a settlement of the blockchain.

In order to attract early flows, Bitwise has begged 0.34% as an initial management fee which would be waived on the first 500 million dollars of assets in the first month.

An Overcrowded XRP ETF Portfolio Is Forming

On November 13, Canary Capital released the first XRP ETF, XRPC, which raised more than $250 million on the first day of trade. Such an opening meant that regulated XRP exposure was more interested in the market than it had been anticipated.

According to Bloomberg ETF analyst James Seyffart, Grayscale and Franklin Templeton are aiming at launching it on November 24. Grayscale has most recently used filings to transform its XRP Trust into a spot ETF. Franklin Templeton is working on revision of registration forms, which implies the last preparation steps.

With the U.S. government shutdown breaking, analysts project the approvals of mass crypto ETFs. It is estimated that bitwise leadership plans to list more than 100 digital asset funds as filings continue their journey in the new regulatory environment.

Market Impact: High Visibility Crypto ETF Branding Test

The Bitwise launch is a unique experiment: can an ETF use the ticker of its underlying asset without causing markets confusion? Spreads, volume, and early flows will be observed keenly by the analysts in order to identify the impact of naming decisions on the behavior of the investors.

This ruling can have implications on future branding of crypto ETFs in case the product performs well. To come into the limelight of a saturated market, issuers may insist on more aggressive identifiers. Challenges, in turn, may make traditional ticker rules stronger.

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