The $XRP ETF market is expanding steadily, but no individual fund has yet joined the billion-dollar tier of crypto ETFs. The debate over the sector’s size intensified after Bitwise’s Solana Staking ETF (BSOL) reached $1 billion in assets under management (AUM) 10 months after launching.
BSOL’s growth has been driven in part by its built-in annual yield of approximately 5.8%, generated through staking within the regulated ETF structure.
Commenting on the milestone on X, Bitwise CEO Hunter Horsley said that only Bitcoin, Ethereum and Solana ETFs had crossed the $1 billion mark. After one commenter suggested the statistic was biased against $XRP, Horsley replied: “I’m not! There’s no $1B $XRP ETF yet!”
SolanaEthereumBitcoin The only 3 crypto assets in the world with ETFs that have grown to $1B+ so far. https://t.co/wwslT0Ixie
— Hunter Horsley (@HHorsley) August 30, 2026
Why Solana ETFs have grown faster than $XRP ETFs
Horsley’s comment highlights a key technological difference between Solana and the $XRP Ledger. Unlike Solana, the $XRP Ledger does not have native staking. All $XRP tokens were issued upfront, and the blockchain cannot create new tokens to distribute as staking rewards.
A possible future alternative for funds is the native XRPL Lending Protocol, which is currently undergoing a validator vote. Until then, $XRP ETFs must rely entirely on demand for spot exposure.
Investor demand remains strong. According to SoSoValue, U.S. spot $XRP ETFs have accumulated $1.44 billion in net assets, while cumulative inflows have reached $1.66 billion. By total capital, the $XRP ETF sector is already operating at a level comparable to leading crypto ETF markets.
However, the lack of yield means that no individual $XRP fund has reached $1 billion in assets.
Bitwise’s $XRP ETF currently leads the segment, controlling 44% of the market with $632.03 million in assets. Franklin Templeton’s XRPZ follows with $411.39 million, while Canary’s WAXRP holds $234.36 million. The remaining market share is divided between products from 21Shares and Grayscale.
Recent Form 13F filings have confirmed growing participation by U.S. institutional investors in crypto ETFs. Based on its current assets, Bitwise’s standalone $XRP fund needs approximately $368 million in additional net assets to reach the $1 billion threshold.
Solana’s performance suggests that pure spot exposure may grow more slowly than products supported by staking income. Whether an $XRP ETF can cross the billion-dollar mark will therefore depend entirely on sustained demand from long-term investors.
