Bitwise’s XRP ETF Ignites Discussion Across Digital Asset Market
- Bitwise to launch its XRP ETF under the ticker “XRP” on the NYSE.
- Community split over ticker choice due to confusion with the XRP crypto token.
Bitwise Asset Management is going to launch its XRP exchange-traded fund on Thursday morning, right after the New York Stock Exchange opens for trading. The fund will be listed under the ticker “XRP,” which is the same as the cryptocurrency, thus resulting in a debate within the digital asset community. Some members of the industry have expressed their concern about the possibility of the same ticker causing confusion between the ETF product and the source XRP token.
Community Divided Over Ticker Choice
The selection of the ticker has stirred a variety of reactions on different social media platforms. Critics have been emphasizing that this move might confuse those investors who are trying to find their way in the market. DeFi educator Krippenreiter, for instance, was worried that now more explanatory content will have to be made in order to differentiate between XRP the asset and the Bitwise fund. In addition to this, a commenter pointed out that no Bitcoin ETF has the straightforward “BTC” ticker and hence wondered how the regulators gave a green light to such an identical symbol match.
On the contrary, some market players consider the ticker as a tactical move that could be mutually beneficial for the fund and the ecosystem at large. Software engineer Vincent Van Code was of the opinion that the corresponding ticker might be indicative of a future where institutional investors will be the ones trading the ETF wrapper. In the meantime, the positive stakeholders have been giving their applause to Bitwise for getting what they reckon as a valuable ticker real estate which is an easy way of instant brand recognition in the market.
Bitwise had initially sought SEC approval for its product related to XRP in October 2024. This was the company’s second product linked to XRP after the launch of a European product in 2022. Chief Investment Officer Matt Hougan pointed out that the main reason for the attraction of XRP was its operational track record, whereby he mentioned its low-cost structure and the high number of transactions processed as the key factors. The company thinks that the regulatory environment that keeps changing is now positioning XRP as a strong competitor to other digital assets in the U.S. market.
Bitwise announcement is to be expected after Canary Capital’s XRPC fund announcement that recorded a First-day trading volume of over $250 million earlier this month. Bloomberg analyst James Seyffart writes on Twitter that we should see more XRP ETFs from Grayscale and Franklin Templeton going live next week after the government shutdown. Hougan believes that over 100 total fund launches across different asset classes will occur in the next weeks due to regulatory clarity.
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