The official "Effective Notice" from the U.S. Securities and Exchange Commission (SEC) lists Bitwise XRP ETF, with the registration number 333-282465, and confirms that its effective date is September 28th. Bitwise subsequently submitted the final version of the 424B3 prospectus on the same day.
But the wording is crucial: this is not about a new XRP ETF being approved. The product Bitwise has been listed and traded on NYSE Arca since November 19, 2025, with the code XRP.
The documents submitted on September 18th are now in effect.
This progress brings to an end a document process that attracted unusual attention earlier this month.
Bitwise submitted "Amendment No. 2 after Entry into Force" ( Post - Effective Amendment No .2) on September 18th. At that time, this document was still a preliminary prospectus, and it clearly stated that no fund shares could be sold based on this registration statement before the registration statement came into effect.
On the same day, the same document happened to see a 7.7% increase in XRP, which sparked confusion in the market about whether Bitwise had obtained new approval from ETF. What actually occurred was a revision to a product that was already in operation; this distinction became particularly important during the period on September 18th when the Bitwise document triggered fluctuations in XRP.
What changes have actually taken place in front of investors?
The final prospectus retains the core structure unchanged.
The fund directly holds XRP, uses Coinbase Custody to custodiate the tokens, and relies on Bank of New York Mellon (BNY Mellon) to undertake key administrative functions. Its annual fee rate is maintained at 0.34%, and these details have previously been reflected in the custody and fee structure of Bitwise XRP ETF.
Therefore, this notification signifies that the registration update has officially taken effect, and it is neither the launch of a new product nor an approval for listing on an exchange.
As XRP ETF continues to attract institutional capital, this distinction becomes particularly important. Recently, the total holdings of relevant funds in the United States have exceeded 1 billion XRP.
