Bitwise Claims Crown: Now America’s Largest XRP ETF in High-Stakes Race

The XRP ETF arena just got a new heavyweight champion—or so one firm claims.

Bitwise Asset Management declared itself the largest XRP exchange-traded fund provider in the United States today, marking a pivotal shift in a competition that's heating up faster than a crypto wallet after a bull market tweet. This isn't just about bragging rights; it's a land grab for institutional dollars finally flowing into digital asset corridors.

Why Size Matters in the ETF Game

Assets under management are the ultimate scoreboard in the fund world. More capital means greater liquidity, tighter spreads for investors, and a formidable moat against competitors. For a cryptocurrency like XRP, long entangled in regulatory skirmishes, a dominant U.S. ETF signals a level of mainstream acceptance that price charts alone can't convey. It tells Wall Street the asset is here to stay—and ready for prime time.

The Ripple Effect on the Market

This leadership claim sends a clear message to other asset managers: the race is on, and it's not a marathon, it's a sprint. Expect competing firms to slash fees, ramp up marketing, and lobby fiercely for new products. For traders, it means more choice and potentially better pricing. For XRP itself, it's another step out of the courtroom shadows and into the pension fund spotlight—proving once again that in finance, yesterday's pariah can become tomorrow's portfolio staple.

One cynical finance jab? Watching traditional fund giants scramble to build crypto products is like watching your grandpa try to use Discord—you appreciate the effort, but the sheer awkwardness is palpable. Yet, where money flows, awkwardness soon gets polished into a sleek, fee-generating interface.

The takeaway? Bitwise's move is more than a press release. It's a power play in a burgeoning market, proving that in the ETF world, you're either growing or you're gone. The battle for crypto ETF supremacy is officially live.

XRP ETF Market: By The Numbers

SoSoValue’s US XRP spot ETF dashboard shows Bitwise’s fund at $289.00 million in net assets. That places it just ahead of Canary’s XRPC at $285.79 million, a gap of roughly $3.21 million, or about 0.3% of the category’s $1.08 billion total.

The rest of the pack sits a tier below the leaders. Franklin’s XRPZ shows $247.27 million in net assets, 21Shares’ TOXR has $179.34 million, and Grayscale’s GXRP stands at $78.18 million. On the fee front, SoSoValue lists XRP at 0.34%, XRPC at 0.50%, XRPZ at 0.19%, TOXR at 0.30%, and GXRP at 0.35%.

Category-level flow data shows the group took in $4.19 million of net inflows on March 4, pushing cumulative net inflows to $1.26 billion. Trading activity also picked up yesterday: total value traded hit $56.03 million that session, while aggregate net assets rose to $1.0796 billion — about 1.21% of XRP’s market cap.

Meanwhile, the flow history paints a very front-loaded launch. From Nov. 13, 2025 through March 4, 2026, the category logged 62 sessions with net inflows, versus six outflow sessions (with another six flat days).

The single biggest creation day was Nov. 14 with $243.05 million of net inflows; the largest redemption day came much later on Jan. 29, when the group posted -$92.92 million.

That early surge matters because it still dominates the tape: roughly 77% of the $1.26 billion cumulative net inflow in your file arrived within the first four weeks after inception, and average daily net inflows fell sharply after that initial ramp (about $48.5 million/day over the first ~20 sessions versus ~$5.3 million/day in subsequent sessions).

Weekly aggregates tell the same story: the first month repeatedly printed nine-figure weeks, including the strongest week starting Nov. 24 at roughly $243.95 million net inflow. By contrast, the most recent four weeks average single-digit millions per week, and there were two net-outflow weeks overall — with the worst week starting Jan. 26 at about -$52.26 million.

Put differently, the “Bitwise is now the largest” milestone is happening in a market that appears to have moved from launch-phase allocation to maintenance-phase churn, where rankings can flip on marginal flow differences and NAV moves.

At press time, XRP traded at $1.42.