Bitwise XRP ETF Records Strong Turnover
Trading activity in the Bitwise XRP ETF accelerated significantly during a three-session stretch ending Aug. 24, according to Bitwise Asset Management President Teddy Fusaro. Each of the three sessions established a new high for the fund, culminating in more than $80 million on Aug. 24, following volume exceeding $60 million in each of the two prior days.
The three-day run marked the fund's busiest trading period since its launch in November 2025. The figures represent secondary-market turnover rather than net inflows, meaning the volume reflects existing shareholders buying and selling shares rather than capital entering the product.
Fund Holdings and Market Context
Official data from Bitwise indicated that the XRP fund held approximately 328.2 million XRP valued at $484.6 million as of Aug. 23. At that time, the fund maintained about $484.5 million in net assets, 29.38 million shares outstanding, and a 0.34% expense ratio.
The volume records coincided with a sharp recovery in XRP's price, which lifted the fund's net asset value to $15.36 on Aug. 20, marking an 11.71% gain. Cryptocurrency prices generally turned higher after the U.S. Department of the Treasury announced on Aug. 19 that it would at least double its long-end buyback operations to $4 billion each, effective Sept. 9.
Supply Dynamics and Product Structure
Data from 21Shares indicates that XRP's circulating supply grew 5.5% year over year through escrow releases. During the first half of 2026, U.S. spot XRP exchange-traded products absorbed 14.8% of that increase, with an annualized inflow rate equaling roughly one-seventh of annual net supply growth.
Bitwise launched the XRP fund in November 2025 to provide investors with exposure to XRP through traditional brokerage accounts. The product trades on NYSE Arca under the ticker XRP, holding the underlying digital asset through Coinbase Custody Trust Co.
