Community Trust ScoreVerified
Bitwise’s XRP ETF crossed $500 million in assets under management on August 31. Nine months. That’s all it took.
The fund started trading on the NYSE on November 20, 2025, and it’s been climbing ever since — even as XRP itself got hammered. The coin dropped 66% in price since 2026, which is a brutal number by any measure. And yet money kept flowing into Bitwise’s product. That’s the part that probably surprised a lot of people watching the space. When the underlying asset falls that hard, you’d normally expect investors to bail. They didn’t.
Bitwise went to social media to mark the milestone, saying it was grateful for helping expand mainstream access to XRP. Short message, big number behind it.
Franklin Templeton Pushes Hard, Canary Capital Loses Its Lead
The XRP ETF market isn’t a one-horse race anymore. Franklin Templeton’s XRPZ fund pulled in $28.7 million in a single week, which is a pretty sharp move for a newer entrant. That kind of weekly inflow gets attention fast, and it basically set Franklin Templeton up as the most active challenger to Bitwise right now.
Canary Capital’s XRPC is a different story. Earlier in the year, XRPC was the one sitting on the largest assets under management in the XRP ETF space. Not anymore. Bitwise has since moved ahead, which is a real shift in who controls the most XRP among these funds. Canary Capital is still a large presence — that’s not in dispute — but the rankings changed.
Grayscale’s GXRP and 21Shares’ TOXR are operating at a smaller scale. Both are part of the ecosystem, but neither is competing with Bitwise or Franklin Templeton for the top spots right now. No comment from either camp on where they’re taking things next. Unclear if they’re planning to push harder or stay at their current size.
The total assets across all XRP ETFs sit at roughly $1.53 billion. Bitwise alone holds about 364.8 million XRP. Put those two numbers side by side and you get a pretty clear picture of how dominant Bitwise’s position actually is.
XRP Price Drop Didn’t Stop the Inflows
Here’s what’s strange about all of this. XRP’s price has fallen sharply — 66% since 2026 is not a small decline. In most markets, that kind of drop drags fund assets down with it, both from price depreciation and from investors pulling out. But Bitwise’s AUM hit $500 million anyway. That means capital kept coming in even as the token’s value slid. The inflows were strong enough to offset the price damage, at least in terms of total assets.
Since mid-August, XRP hit a local low, and it’s been that recent period where the fund’s growth became particularly noticeable. Whether that’s investors buying the dip through the ETF structure, or just long-term holders staying put, the source didn’t specify. Probably a mix of both.
It’s worth stepping back for a second. XRP ETFs as a category are still pretty young. The fact that the whole sector has accumulated around $1.53 billion in total assets this quickly says something about demand for regulated, exchange-listed exposure to XRP — even when the spot price is struggling. Institutional and retail investors who want XRP exposure without holding the token directly now have several options. Bitwise is the biggest. Franklin Templeton is the fastest-growing right now. Canary Capital is still significant. And Grayscale and 21Shares are in the mix at smaller scale.
Five products. $1.53 billion combined. Nine months since Bitwise launched.
That’s a market that moved fast.
Bitwise holding 364.8 million XRP makes it the single largest institutional holder of the token through an ETF structure, at least based on current data. That’s not a small footprint. And it means Bitwise’s decisions — how it manages, rebalances, or grows the fund — carry real weight for XRP market dynamics going forward.
Franklin Templeton’s $28.7 million weekly inflow is the number to watch next. If XRPZ keeps that kind of pace, the gap between first and second place could narrow faster than expected. Canary Capital’s XRPC probably needs a strong stretch of its own to reclaim the position it held earlier in the year. No indication yet of how Canary plans to respond to being overtaken.
Grayscale and 21Shares haven’t said much publicly about their XRP ETF strategies. Their funds are smaller, and for now, they’re basically filling out the lower end of the competitive field rather than driving the headline numbers.
Bitwise’s 364.8 million XRP and $500 million in AUM, as of August 31.
Hub: XRP price, news, and analysis
Frequently Asked Questions
When did Bitwise’s XRP ETF start trading?
Bitwise’s XRP ETF began trading on the NYSE on November 20, 2025, and reached $500 million in assets under management by August 31, nine months later.
How much XRP does Bitwise’s ETF hold compared to competitors?
Bitwise holds approximately 364.8 million XRP, making it the leader in XRP holdings among ETFs, ahead of Canary Capital’s XRPC, Franklin Templeton’s XRPZ, Grayscale’s GXRP, and 21Shares’ TOXR, with total XRP ETF assets sitting at roughly $1.53 billion.
Why It Matters
The rapid growth of Bitwise's XRP ETF to over $500 million in assets under management, despite a significant decline in XRP's price, highlights a growing institutional interest in crypto products that provide exposure to digital assets while managing risk. This trend indicates that investors may be viewing such ETFs as a more stable avenue for participation in the crypto market, possibly signaling a shift in market sentiment towards regulated investment vehicles in the volatile cryptocurrency landscape. The substantial inflow into Franklin Templeton’s XRPZ fund further underscores this momentum, suggesting a broader acceptance of cryptocurrency as a legitimate asset class among institutional investors.
