Ripple has announced its investment in Bitwise’s XRP exchange-traded product (ETP) as part of a broader effort to expand the token’s reach in the European market. Bitwise has rebranded its ETC Group Physical XRP to the Bitwise Physical XRP ETP while retaining its ticker, GXRP.
Bitwise Expands in Europe with XRP ETP
Bitwise, which entered the European market in August after acquiring crypto investment firm ETC Group, manages $1 billion in assets, including several ETPs such as:
- Bitcoin ETP (BTCE)
- Ethereum with Staking (ET32)
- Solana (ESOL)
- MSCI Digital Assets Select 20 (DA20)
- XRP (GXRP)
The rebranded Bitwise Physical XRP ETP is aimed at giving European investors secure exposure to XRP through a physically backed product that holds the underlying cryptocurrency.
Bitwise CEO Hunter Horsley emphasized XRP’s established reputation in the blockchain space:
“We’re thrilled to provide investors with an institutional-quality product through the Bitwise Physical XRP ETP (GXRP).”
Ripple Invests in GXRP
Ripple’s investment in the rebranded GXRP ETP highlights the company’s commitment to expanding crypto-backed investment products globally. While specific financial details of the investment were not disclosed, Ripple CEO Brad Garlinghouse pointed to increasing global demand for such offerings, driven by regulatory clarity in the U.S. market.
“With U.S. crypto regulations becoming clearer, we anticipate accelerated demand for crypto ETPs like the Bitwise Physical XRP ETP,” Garlinghouse stated.
Bitwise’s 2024 Growth and Future Plans
Bitwise reported substantial growth in 2024, surpassing $10 billion in client assets, and has outlined ambitious plans to expand its institutional-grade crypto ETP offerings:
- November 12: Launched its first Aptos staking ETP.
- November 26: Filed an S-1 registration for a Bitcoin and Ether ETF.
In addition to the XRP ETP, Bitwise plans to rebrand its entire European portfolio as part of its strategy to strengthen its presence across the continent.
