XRP has been included in the Bitwise 10 Crypto Index Fund (BITW), which Bitwise Asset Management announced on Dec. 9.
It is the largest crypto index fund to begin trading on NYSE Arca as an exchange-traded product (ETP).
Originally launched in 2017 as a closed-end fund, it transitioned to this fully regulated ETP structure following SEC approval.
The fund aims to provide investors with exposure to the top 10 cryptocurrencies by market capitalization.
XRP had a 5.17% weighting, which makes it the third-largest holding in the index.
According to Bitwise, the popular altcoin has "the potential to reshape how money moves worldwide."
Apart from the Ripple-linked token, BITW also includes Cardano, Chainlink, Litecoin, Sui, Avalanche, Ethereum, and, of course, Bitcoin.
The index will be rebalanced on a monthly basis based on market cap, liquidity, and active screening.
"Mainstream adoption"
A multi-asset ETF goes far beyond what the SEC, under the leadership of former Chair Gary Gensler, considered to be acceptable.
It expands crypto exposure beyond BTC into a diversified set of tokens.
According to analyst Nate Geraci, this is what mainstream adoption actually looks like.
Major ETF milestone
Bitwise recently became one of the first issuers to launch a spot-based XRP ETF.
As reported by U.Today, XRP ETFs have become the fastest U.S. crypto ETFs to reach $1 billion in AUM since Ethereum ETFs.
Ripple CEO Brad Garlinghouse recently spotlighted this milestone on social media after predicting that cryptocurrency ETFs would continue gaining more prominence within the sector.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team