Bitwise XRP ETF Crosses $500M in Assets 9 Months After Launch

Bitwise XRP ETF Passes $500 Million Milestone

Bitwise Asset Management stated in an Aug. 31 post on X that its XRP exchange-traded fund had crossed $500 million in assets under management nine months after its launch. The fund lets brokerage-account investors gain exposure to XRP indirectly, without the custody and access hurdles of buying the crypto token outright.

The asset management firm shared:

“14 years in, and the $XRP community continues to be unstoppable. The Bitwise XRP ETF (XRP) crossed $500,000,000 in AUM—just 9 months after launch.”

“Grateful for the chance to expand mainstream access to XRP and steward investors’ exposure to the opportunities in this space,” the company added.

The fund’s official data showed approximately $502.7 million in net assets as of Aug. 27, alongside nearly 364.8 million XRP valued at about $502.9 million. The product had 32.65 million shares outstanding and a net asset value of $15.40 per share.

The fund began trading on NYSE Arca under the ticker XRP on Nov. 20, 2025, one day after its formal inception. Bitwise launched the product with a 0.34% management fee and a temporary waiver covering the first $500 million in assets during its first month. The original Bitwise announcement described the product as a brokerage-accessible vehicle holding spot XRP.

Holdings Expand Despite XRP Price Volatility

The latest total represents substantial growth from the end of the second quarter, when the trust held approximately 286.8 million XRP and reported $299.1 million in net assets. Its holdings subsequently increased by nearly 78 million XRP through Aug. 27. The fund’s Securities and Exchange Commission (SEC) filing showed that share creations exceeded redemptions during the first half.

Capital share transactions generated a net $234.4 million increase in assets during the six months through June 30. That contribution offset a $176.6 million reduction from operations, driven mainly by realized and unrealized losses as XRP’s valuation declined. Net assets consequently rose from $241.4 million at year-end to $299.1 million despite weaker token prices during the period.

Trading in the fund picked up sharply in the sessions before it crossed the new threshold. The XRP ETF recorded more than $200 million in combined trading volume across three consecutive sessions ending Aug. 24. Each session established a fund record, culminating in daily turnover exceeding $80 million.

AUM Differs From Trading Volume and Net Inflows

Assets under management represent the value of everything held by the fund after accounting for liabilities. The total can rise through share creations, which bring capital or XRP into the trust, and through gains in the underlying cryptocurrency’s market price. Trading volume measures shares exchanged between market participants and does not establish how much new capital entered the product.

Bitwise had already emerged as a leading U.S. XRP fund by March, when the wider market held more than $1.1 billion across seven XRP ETFs. The latest milestone strengthens its position within a market offering indirect cryptocurrency exposure through conventional brokerage accounts.

The product’s nine-month expansion builds on its November debut on NYSE Arca, with authorized participants creating and redeeming shares in blocks of 10,000. Bank of New York Mellon serves as administrator and cash custodian, while Coinbase Custody Trust Co. holds the underlying cryptocurrency. Investors receive proportional exposure to XRP after the fund’s fees and liabilities rather than direct ownership of tokens.

XRP powers the public XRP Ledger, which supports payments, asset exchange, tokenization, and decentralized trading without proof-of-work mining. The network relies on validators to confirm transactions, while XRP pays transaction costs and provides liquidity within ledger-based applications.