The $XRP ETF market is growing steadily, but it has yet to enter the "big league" of billion-dollar crypto funds. The discussion around the actual figures was triggered by a major Solana milestone: This week, Bitwise's Solana Staking ETF (BSOL) officially reached $1 billion in AUM exactly 10 months after its launch.
Capital flowed into the product largely because of its built-in annual yield of around 5.8%, generated through staking directly within the regulated ETF.
Commenting on the achievement on X, Bitwise CEO Hunter Horsley noted that only Bitcoin, Ethereum and Solana ETFs have crossed the $1 billion mark so far. When someone in the comments suggested that this statistic looked biased against $XRP, Horsley responded directly: "I'm not! There's no $1B $XRP ETF yet!"
Solana
— Hunter Horsley (@HHorsley) August 30, 2026
Ethereum
Bitcoin
The only 3 crypto assets in the world with ETFs that have grown to $1B+ so far. https://t.co/wwslT0Ixie
Why Solana succeeded while $XRP has not
This remark exposed a fundamental technological barrier for $XRP. Unlike Solana, the $XRP Ledger has no native staking at all. All $XRP tokens were issued upfront, and the blockchain simply cannot generate new tokens to pay staking rewards.
The only future alternative for funds could be the native XRPL Lending Protocol, which is currently undergoing a validator vote. For now, however, the $XRP ETF sector is forced to rely exclusively on pure spot demand.
Investor demand is undeniably strong. U.S. spot $XRP ETFs have collectively accumulated an impressive $1.44 billion in net assets, with cumulative inflows reaching $1.66 billion, according to SoSoValue. In terms of total capital, the $XRP sector is already operating at the level of the market leaders.
However, because these products offer no yield, no individual fund has managed to reach the $1 billion mark.
Horsley's own fund leads the segment. The Bitwise $XRP ETF controls 44% of the market, with $632.03 million in assets. Its closest competitors follow behind: Franklin Templeton's XRPZ holds $411.39 million, while Canary's WAXRP has $234.36 million. The remaining share is divided among products from 21Shares and Grayscale.
With the latest Form 13F filings confirming an influx of U.S. institutional investors into crypto ETFs, Bitwise's standalone $XRP fund needs to attract approximately another $368 million in net assets to reach the coveted $1 billion threshold.
Solana's experience has shown that pure spot exposure trails staking-backed products in terms of growth speed. $XRP's ability to cross the billion-dollar mark will therefore depend entirely on the appetite of long-term investors.