The list of crypto-backed investment products on Wall Street is growing longer, as the Bitwise 10 Crypto Index Fund officially launches on the New York Stock Exchange (NYSE), providing investors with a new, regulated way to gain exposure to several cryptocurrency assets, including Cardano and XRP.
The recent ETF launch contributes to the growing momentum surrounding crypto ETFs in the US, as interest continues to expand beyond Bitcoin and Ethereum.
Bitwise Launches BITW ETF With Exposure to XRP and ADA
According to pro-crypto journalist Eleanor Terrett, the US SEC has given an official nod to Bitwise 10 Crypto Index Fund (BITW) to begin trading as an ETF with the ticker BITW on the New York Stock Exchange (NYSE).
Terrett revealed this information in an X post, highlighting that the crypto index fund had been held up by the SEC since July. The fund will feature major cryptocurrencies such as BTC, ETH, XRP, SOL, ADA, LINK, LTC, SUI, AVA, and DOT.
BITW, unlike most existing crypto ETFs, will provide investors with exposure to a broad range of cryptocurrencies in one transaction, making it unique and appealing to institutions and traditional investors who seek crypto exposure to multiple assets but prefer to avoid managing multiple wallets, private keys, or custody solutions.
For context, Grayscale currently has a basket crypto ETF trading in the U.S. Meanwhile, by trading on the NYSE, the funds benefit from strong liquidity, transparency, and regulatory oversight..
Why XRP and ADA Are Gaining ETF Attention
XRP and Cardano serve distinct roles in the cryptocurrency ecosystem, yet both command strong investor interest.XRP is best known for its use in cross-border payments, serving as a bridge asset for global value transfers, particularly among financial institutions exploring blockchain-based settlements.
Cardano, on the other hand, has carved out its place as a research-focused crypto project. Its development approach emphasizes peer-reviewed upgrades, long-term scalability, and sustainability. The launch of ETFs tied to both tokens reinforces the notion that investors are increasingly seeking exposure to established networks with clear use cases, rather than just market hype.
Interestingly, XRP ETFs made their debut in the market on November 14 with Canary Capital XRPC and have since maintained a streak of no outflows. Additionally, it is currently on track to surpass the $1 billion AUM milestone in less than four weeks of trading. ADA, on the other hand, is making increasing its presence in the ETF market with BITW after featuring in Grayscale’s GDLC ETF over a month ago. At the moment, ADA does not have an exclusive spot ETF in the United States.
In the meantime, Grayscale is still awaiting SEC approval to convert its Cardano Trust into a spot ETF, similar to its successful conversions for Bitcoin, Ethereum, and XRP.
Market Impact
Following BITW NYSE debut, traders are closely monitoring trading volume, inflows, and the broader price reaction of XRP and ADA. While ETF launches often boost visibility and legitimacy, short-term price moves can vary depending on broader market conditions.
Meanwhile, sustained inflows could strengthen liquidity for both assets and encourage further institutional participation. More importantly, a successful performance may clear the path for additional altcoin-based ETFs in the months ahead, especially for ADA, which has yet to officially make its debut in the US ETF market.
Temitope Olajide
The CoinRemark Team
