Bitwise renames XRP ETP in Europe after Ripple investment
Bitwise rebrands XRP ETP, Ripple joins as investor
Bitwise Asset Management has announced the rebranding of its European XRP exchange-traded product (ETP) to Bitwise Physical XRP ETP as part of a broader effort to unify its European product suite. Previously known as ETC Group Physical XRP, the product trades under the ticker GXRP and is 100% physically backed.
Ripple, a leading digital asset infrastructure company, revealed plans to invest in the newly rebranded ETP, underscoring its commitment to the growth of the XRP ecosystem.
XRP's expanding market presence
XRP, the fifth-largest cryptocurrency with a market capitalization exceeding $80 billion, has become a preferred asset for financial innovation. The XRP Ledger (XRPL), renowned for its speed, reliability, and efficiency, supports significant advancements in cross-border payments, institutional decentralized finance (DeFi), and real-world tokenization. These features have solidified XRPL’s role as critical infrastructure for financial services providers worldwide.
European investors can access XRP through the GXRP ETP, which was initially launched in 2022 under a prospectus approved by Germany's financial regulator. According to Bitwise, the ETP offers exposure to XRP via a secure, institutional-grade investment mechanism.
Industry leaders highlight XRP’s value
Hunter Horsley, CEO and Co-Founder of Bitwise, emphasized the enduring reputation of XRP and XRPL:"With more than a decade of reliability, XRPL continues to evolve and deliver unique value to investors. The Bitwise Physical XRP ETP provides institutional access to this innovative asset."
Brad Garlinghouse, CEO of Ripple, described 2024 as a pivotal year for crypto adoption:"As global interest in crypto-backed investment tools grows and U.S. regulatory clarity improves, demand for products like the Bitwise Physical XRP ETP will only increase. XRP’s liquidity and real-world utility make it a cornerstone for investors seeking resilient digital assets."
Strategic growth and expansion plans
Bitwise has demonstrated robust growth in 2024, surpassing $10 billion in client assets. The company expanded its footprint by acquiring European ETP issuer ETC Group in August, consolidating its portfolio under the Bitwise brand. Additionally, Bitwise is enhancing its offerings, having launched the Bitwise Aptos Staking ETP on the SIX Swiss Exchange in November 2024.
Looking ahead, Bitwise plans to introduce more institutional-grade products, including the anticipated filing of a Form S-1 for an XRP spot ETF in the U.S., signaling a strategic move to capitalize on increasing investor demand. This initiative reflects Bitwise’s dedication to innovation and leadership in the rapidly evolving digital asset industry.
Earlier, Bitwise announced the acquisition of Attestant, a UK-based Ethereum staking services provider. This step highlights Bitwise's confidence in the Ethereum ecosystem and the potential of staking as a viable investment avenue for both institutions and retail investors.
