Bitwise Xrp Etf To Launch Thursday, But Community Questions Ticker

Bitwise’s new XRP exchange-traded fund is set to go live when markets open on Thursday under the ticker “XRP.”

Bitwise Asset Management has confirmed that its new spot exchange-traded fund (ETF) tracking XRP is set to launch on Thursday, under the ticker “XRP.”

The new fund will go live on the New York Stock Exchange, the asset manager announced, which X users were quick to applaud, and also pointed out the possible confusion it could cause with the token.

Typically, crypto ETFs feature a version of the asset manager’s name and the underlying crypto asset in the ticker, such as Fidelity’s FBTC and ARK Invest’s ARKB, which track Bitcoin, or Bitwise’s Solana ETF BSOL and BlackRock’s Ether Trust ETHA tracking Solana (SOL) and Ether (ETH).

X user Krippenreiter, a self-proclaimed technician and DeFi educator, asked how exactly they “were able to choose XRP to be your official ticker. Now we will need to write explainers to differentiate between XRP, the asset, an XRP the Bitwise ETF.”

Others were confused and questioned how the ticker symbol made it through the application process and regulatory scrutiny.

“Very confusing ticker symbol. How can that be allowed? there’s no ETF with the ticker BTC is there?” an X user under the handle Elliot said.

There were also those who applauded the ticker and congratulated Bitwise on securing it for the ETF.

Vincent Van Code, a software engineer suggested there might be an underlying plan behind the ticker, aside from the instant brand recognition.

“That’s the point. Native XRP will become the wholesale token, and majority of retail will simply trade the ETF. Wholesale settlement, wholesale custody, wholesale transfers. That’s the end game for native XRP and XRPL,” they said.

Source: CoinTelegraph