Inside Bitwise’s XRP ETF: 0.34% Fee, Coinbase Custody and BNY Mellon

A Sept. 18 SEC filing confirms that the Bitwise XRP ETF is listed on NYSE Arca under the ticker XRP and is designed to provide exposure to XRP held directly by the trust.

Bitwise currently lists the fund with approximately $616.4 million in assets under management, a 0.34% expense ratio, and an inception date of Nov. 19, 2025.

That makes the latest filing an update to an existing product rather than a new XRP ETF launch — a distinction Coinpaper recently examined in its coverage of the Sept. 18 Bitwise filing and XRP’s 7.7% move.

Coinbase Custody Holds the XRP

The crypto side of the ETF is handled by Coinbase Custody Trust Company.

According to the prospectus, Coinbase Custody serves as the trust’s XRP custodian and is responsible for safeguarding the XRP owned by the fund. It also manages the XRP accounts used for the ETF’s operations and facilitates transfers when required.

Investors therefore do not need to manage wallets, exchanges or private keys themselves.

Instead, they buy NYSE Arca-listed ETF shares whose value is designed to reflect the XRP held by the trust, minus fees and other fund liabilities.

The ETF calculates its NAV using the CME CF XRP-Dollar Reference Rate – New York Variant, giving the fund a standardized benchmark rather than relying on a single crypto exchange.

BNY Mellon Handles the Fund Infrastructure

While Coinbase safeguards the underlying cryptocurrency, Bank of New York Mellon supports the traditional finance side of the structure.

Bitwise lists BNY Mellon as the ETF’s administrator and trust custodian, while the prospectus also identifies the bank as the trust’s transfer agent.

Its responsibilities include issuing and redeeming shares, maintaining shareholder accounts and producing reports for the trust.

The structure shows how spot crypto ETFs increasingly bridge two separate financial systems.

XRP itself remains in specialized digital-asset custody, while accounting, administration and shareholder servicing are handled through established institutional infrastructure.

Bitwise Charges a 0.34% Annual Fee

The fund carries a 0.34% annual expense ratio, according to Bitwise’s current fund details.

That fee is the price investors pay for accessing XRP through an exchange-traded product instead of buying and storing the token directly.

The trade-off is that ETF shareholders do not directly own or control the XRP backing their shares.

The trust is primarily designed as a spot exposure vehicle rather than a product built around generating additional yield from its XRP holdings.