Bitwise Asset Management has confirmed that its new spot exchange-traded fund (ETF), tracking the course XRP, will launch on Thursday, November 20 under the ticker «XRP».
It was this ticker that caused outrage in the crypto community.
How were they able to choose? XRP as the official ticker. Now we will need to write explanations to distinguish XRP, asset, and XRP, ETF Bitwise, wrote a technical analyst and educator. DeFi Krippenreiter.
The EFT will debut on the New York Stock Exchange (NYSE). The management fee will be 0,34%, but it will be waived for the first month on assets up to $500 million.
XRP «It’s a truly intriguing asset for several reasons. It’s been operating successfully for a very long time at extremely low costs, processes large transaction volumes, and has a truly strong and active community of supporters,» said Bitwise CIO Matt Hougan.
In the US, the Bitwise fund will become the second product based on XRP following Canary Capital’s XRPC. Since its launch last week, net inflows have been ETF Canary reached $276,8 million. Bitwise previously launched the Bitwise Physical fund in Europe. XRP-ETP (GXRP), which provides investors with direct access to physically backed cryptocurrency.
Next up is Grayscale, which has already announced the imminent launch of its GXRP fund. Bloomberg analyst James Seyffarth wrote that the spot XRP-Grayscale’s ETP is likely to debut next Monday, November 24th, along with ETF on Dogecoin, which will be the first such case.