Bitwise Asset Management has confirmed that its new spot exchange-traded fund (ETF) tracking XRP will launch on Thursday, with the ticker symbol "XRP".
The asset management company announced that this new fund will be listed on the New York Stock Exchange, and X users quickly expressed their appreciation while also pointing out that this could cause confusion with the token.
Typically, the ticker symbols for cryptocurrency ETFs include the asset management company's name and a version of the underlying crypto asset, such as Fidelity's FBTC and ARK Invest's ARKB tracking Bitcoin, or Bitwise's Solana ETF BSOL and BlackRock's Ether Trust ETHA tracking Solana (SOL) and Ether (ETH) respectively.
X user Krippenreiter, who identifies as a technologist and DeFi educator, asked, "How could you possibly choose XRP as the official ticker symbol? Now we need to write explanatory articles to distinguish between the XRP asset and the Bitwise XRP ETF."
Others were confused and questioned how the ticker symbol passed through the application process and regulatory review.
An X user with the username Elliot stated, "A very confusing ticker symbol. How can this be allowed? There is no ETF with the ticker symbol BTC, right?"
Some also praised the ticker symbol and congratulated Bitwise for obtaining it for the ETF.
Software engineer Vincent Van Code believes that there may be potential plans behind the ticker symbol, aside from immediate brand recognition.
"That's the point. Native XRP will become a wholesale token, while most retail investors will simply trade the ETF. Wholesale settlement, wholesale custody, wholesale transfers. That is the ultimate goal of native XRP and XRPL," they said.
Bitwise submitted its spot XRP ETF application to the U.S. Securities and Exchange Commission (SEC) in October 2024. The company launched the Bitwise Physical XRP ETP in Europe in 2022, with the ticker symbol GXRP.
Bitwise Chief Investment Officer Matt Hougan stated in a press release, "XRP is a very interesting asset," as it "has been successfully operating at a very low cost for a long time, handling a large number of transactions, and has a very strong and vibrant supporter community."
"Under the new crypto-friendly regulatory framework, XRP is on equal footing with other digital assets. Now the market will have the opportunity to see what XRP can really do."
Canary Capital's ETF launched on November 13 with the ticker symbol XRPC, receiving over $250 million in inflows on its first trading day.
Bloomberg ETF analyst James Seyffart stated in an X post on Wednesday, "A lot is going to happen next week," predicting that Grayscale and Franklin Templeton's XRP ETFs may launch on November 24.
Meanwhile, Hougan stated on Wednesday that with the U.S. government shutdown now over, he expects an "ETF frenzy," with over 100 funds set to launch.
Related: 21Shares Solana ETF launches amid market turmoil, but fund flows show investor interest
Original article: “Bitwise XRP ETF to Launch on Thursday, but Ticker Symbol Sparks Community Controversy”
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