Bitwise Asset Management announced that its new spot exchange-traded fund (ETF) tracking XRP is set to launch on Thursday under the ticker “XRP” on the New York Stock Exchange. The move drew mixed reactions from crypto enthusiasts, with some praising the straightforward branding while others raised concerns about potential confusion between the ETF and the underlying XRP token.

Typically, crypto ETFs use a combination of the asset manager’s name and the underlying asset in their tickers—examples include Fidelity’s FBTC for Bitcoin or Bitwise’s BSOL for Solana. The simplicity of the “XRP” ticker, while instantly recognizable, has sparked debate among X users about differentiating between the ETF and the native token in trading and reporting.

This launch marks Bitwise’s second XRP-related fund, following the European Bitwise Physical XRP ETP (GXRP) launched in 2022. The firm filed for its spot XRP ETF with the SEC in October 2024. Bitwise CIO Matt Hougan described XRP as “an intriguing asset” with low operating costs, high transaction volumes, and a strong community, noting that the ETF allows the market to explore XRP’s full potential under the new U.S. regulatory framework.

The launch comes amid a broader wave of XRP ETFs, including Canary Capital’s XRPC, which raised over $250 million on its first day. Analysts anticipate additional launches from Grayscale and Franklin Templeton later this month, signaling an upcoming surge of crypto fund activity.