Bitwise XRP ETF Debuts Strongly with $25M Trading Volume

The Bitwise XRP ETF (ticker: XRP) made a remarkable debut on the New York Stock Exchange on November 20, 2025, recording approximately $25 million in trading volume on its very first day. Around 1.14 million shares were traded, providing U.S. investors a highly regulated way to gain exposure to XRP without holding the token directly. The ETF is physically backed by spot XRP held in custody by Coinbase, and Bitwise is waiving the 0.34% management fee for the first month on assets up to $500 million to encourage early participation.

This strong launch comes shortly after Canary Capital’s XRPC ETF, which set a high bar with a record $58 million in first-day volume about a week earlier. While Bitwise’s debut volume was below early projections of $90 million, it was still considered impressive given the current challenging market conditions. XRP was trading at approximately $1.92 during the ETF launch, under some price pressure but benefiting from increased institutional interest signaled by the fund’s inflows.

Overall, this launch marks a significant milestone for XRP's institutional adoption and presents a new regulated investment vehicle for investors in the U.S. With several other XRP ETFs expected to launch shortly, including those managed by Franklin Templeton and Grayscale, industry estimates foresee institutional inflows of $5–8 billion for XRP ETFs by the end of 2025, potentially impacting XRP’s market dynamics positively.