Leading asset management firm Bitwise has continued to establish its foothold in the XRP ETF ecosystem, pulling in the largest amount of capital on most trading sessions.
Following its consistent XRP purchases, the Bitwise XRP ETF now holds more than half a billion dollars’ worth of XRP as of October 17, per the latest data from SosoValue.
Bitwise crossed crucial XRP milestone
The data shows that the XRP ETF issued by Bitwise has accumulated up to $541.12 million in net assets as its XRP fund continues to grow.
While the fund has continued to witness consistent investor demand, the data shows that its total net inflows now stand at $684.73 million, as investor capital has continued to flow consistently into the fund since it launched.
With over $541 million worth of XRP now owned by the company, it appears that Bitwise has continued to play a major role in providing investors with exposure to XRP through traditional financial markets.
As such, it has continued to provide investors with the opportunity to benefit from XRP’s price movements without the need to purchase and manage XRP directly.
What does this mean for XRP?
While this marks a major milestone for Bitwise and its investment product, it is also significant for the broader XRP ecosystem as it indicates growing demand for XRP among institutions.
Nonetheless, it is important to note that the net assets and inflows achieved by an ETF do not necessarily indicate an equivalent amount of XRP purchased by the fund; they could hold more.
