Bitwise Asset Management's XRP exchange-traded fund has surpassed $500 million in assets under management nine months after its November 2025 launch, according to the asset manager's announcement on August 31.
The fund holds approximately $502.7 million in net assets as of August 27, with nearly 364.8 million XRP tokens valued at approximately $502.9 million. The product trades on NYSE Arca under the ticker XRP with 32.65 million shares outstanding and a net asset value of $15.40 per share.
The ETF provides brokerage-account investors indirect exposure to XRP without the custody requirements of purchasing the token directly. Bank of New York Mellon serves as administrator and cash custodian, while Coinbase Custody Trust Co. holds the underlying cryptocurrency. Bitwise charges a 0.34% management fee.
Growth Trajectory
The fund's holdings expanded substantially from the end of the second quarter, when it held approximately 286.8 million XRP and reported $299.1 million in net assets. The increase of nearly 78 million XRP reflects growth despite XRP price volatility during the period.
Net assets rose from $241.4 million at year-end to $299.1 million by June 30, driven by $234.4 million in net capital inflows from share creations. This growth offset a $176.6 million reduction from operations, primarily from realized and unrealized losses tied to fluctuations in XRP's valuation.
Trading activity accelerated sharply before the fund crossed the $500 million threshold. The XRP ETF recorded more than $200 million in combined trading volume across three consecutive sessions ending August 24, with daily turnover exceeding $80 million.
Market Position
Bitwise emerged as a leading U.S. XRP fund by March, when seven XRP ETFs held more than $1.1 billion combined across the wider market. The product operates through authorized participants who create and redeem shares in blocks of 10,000.
XRP powers the public XRP Ledger, which supports payments, asset exchange, tokenization, and decentralized trading without proof-of-work mining. Validators confirm transactions on the network, while XRP pays transaction costs and provides liquidity within ledger-based applications.
