XRPI: The First XRP Futures ETF Lists on Nasdaq, Ushering in a New Era for Crypto Investment

By Eugene McCombs - 5/23/25

In a landmark step for digital asset investing, Volatility Shares has introduced the first U.S.-listed XRP futures ETF, trading under the ticker XRPI. This move places XRP — the digital currency native to the Ripple network — on the same institutional playing field as Bitcoin and Ethereum, which already have futures-based ETFs in the U.S.

The fund, which began trading on Nasdaq on May 22, is designed to track the price performance of XRP futures contracts rather than holding the asset itself. This structure provides investors with indirect exposure to XRP's market movements, all within the regulatory safety of a traditional exchange-traded fund.

Opening the Door for Broader XRP Exposure

XRPI represents a turning point for XRP supporters and crypto-curious investors alike. For years, access to XRP was largely limited to crypto exchanges and over-the-counter markets. Now, institutional and retail investors can gain exposure via a product that fits into traditional brokerage accounts.

The ETF targets at least 80% allocation to XRP futures, primarily those listed on the Chicago Mercantile Exchange (CME), offering a regulated and transparent approach to this often-volatile digital asset. The remaining assets may be held in cash or other highly liquid instruments.

Competitive Costs and Institutional Appeal

With a net expense ratio of 0.94%, reduced from a gross figure of 1.15% via temporary waivers, XRPI is competitively priced for a futures-based ETF. The fund’s structure and fee profile are aimed at both sophisticated investors and institutions seeking crypto exposure without the complexities of managing private keys or custody solutions.

The launch comes at a time of growing institutional interest in digital assets. Following the success of Ethereum and Bitcoin ETFs, XRP's entry into the ETF space reflects the maturing of crypto as a recognized asset class.

ETF Market Response and Ripple Effects

Initial reactions to XRPI have been overwhelmingly positive. Investors view it as a validation of XRP’s relevance and a sign of regulators’ increasing openness to crypto-linked products. Analysts point to the growth of leveraged XRP products like the 2x XRP ETF (XXRP), which saw rapid capital inflows, as a strong signal of market demand for XRP-based instruments.

The launch of XRPI could also reignite momentum for spot XRP ETFs. Bitwise Asset Management has already filed for such a product, and XRPI’s performance could influence the SEC’s stance on spot crypto funds.

The Bigger Picture

XRPI’s debut is more than just another ETF listing. It represents the integration of blockchain assets into the fabric of mainstream finance. As the digital asset ecosystem continues to evolve, products like XRPI will be critical in bridging the gap between legacy investors and the blockchain frontier.

Whether you're a long-time XRP holder or a traditional investor looking to diversify, XRPI offers a new way to access the XRP market — through a vehicle that speaks the language of Wall Street.

Disclosure: As with all futures-based ETFs, XRPI may experience tracking error due to the nature of rolling contracts and volatility in futures pricing. Investors should consult financial professionals before investing in any cryptocurrency-related product.