When Bitwise Asset Management announced their latest exchange-traded fund would trade under the simple ticker “XRP,” the crypto community didn’t know whether to celebrate or complain. The fund launches Thursday on the New York Stock Exchange, marking another milestone in cryptocurrency’s mainstream acceptance. But its three-letter symbol has ignited unexpected controversy.
However, they face an ironic problem. The ticker shares its name with the actual digital asset it tracks. Industry observers point out that most crypto ETFs follow a different naming system. Fidelity uses FBTC for Bitcoin, while Bitwise’s own Solana fund trades as BSOL. This departure from tradition has left traders scratching their heads.
Community Reaction Mixed
Social media users are questioning how regulators approved such a confusing ticker. “There will be a challenge of distinguishing between XRP, the asset, and XRP the Bitwise ETF in future discussions,” said DeFi educator Krippenreiter. Some say that the move represents strategic branding, as retail investors may eventually prefer trading the ETF over native tokens.
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The latest offering is Bitwise’s second XRP offering, following their 2022 European product. Whether the ticker choice proves clever or chaotic will become clearer in the coming weeks. For Bitwise, the bet is that name recognition outweighs confusion. Investors, meanwhile, will be watching early inflows closely to judge whether the strategy sticks.
