Bitwise CEO Hunter Horsley celebrates the strong early performance of the firm’s newly launched spot XRP ETF.
In a post on X, Horsley highlighted the robust demand for the Bitwise XRP ETF (XRP), which began trading on NYSE Arca last week. He noted that the fund recorded $18 million in inflows yesterday alone. With this addition, the ETF has now amassed approximately $135 million in total inflows within its first three days of trading.
Significance of the Milestone
This milestone is considered an impressive start for a newly launched crypto ETF, especially during a bearish market. It also signals genuine interest from institutions and traditional investors who prefer regulated exposure to holding XRP directly.
As inflows soar, Bitwise will continue to acquire more XRP to back the ETF shares. Horsley expressed gratitude to investors for choosing Bitwise as the manager of their XRP exposure.
Bitwise XRP ETF Performance
As of November 24, the fund holds 77,144,674 XRP (77.14 million) backing the shares issued to investors. At current market prices, these holdings are worth $168.68 million.
Bitwise also disclosed that 11.19 XRP backs each ETF share, giving investors direct exposure to the fourth-largest cryptocurrency by market cap.
Cumulative Inflows Into XRP ETF
The Bitwise fund is just one of several spot ETFs tied to XRP. Currently, four spot ETFs offer investors direct exposure to the cryptocurrency. They include the Canary XRP ETF (XRPC), Grayscale XRP Trust ETF (GXRP), Franklin Templeton XRP ETF (XRPZ), and the Bitwise XRP ETF (XRP).
Collectively, these products recorded net inflows of $35.41 million yesterday, pushing their cumulative inflows to $622.11 million, according to SoSoValue. Their combined net assets now stand at approximately $644.64 million, equivalent to roughly 0.49% of XRP’s total market cap.
Meanwhile, more spot XRP ETFs, including the proposed funds from 21Shares, CoinShares, and WisdomTree, are still pending. Analysts suggest they could launch in the coming days or weeks.
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