Key takeaways
- Bitwise has renamed its European XRP ETP, with Ripple planning an investment.
- Bitwise Physical XRP ETP is physically backed and approved by German regulatory authorities.
Ripple will invest in Bitwise’s XRP exchange-traded product (ETP) following its rebranding. The fund, formerly known as ETC Group Physical XRP, is now called Bitwise Physical XRP ETP, Bitwise Asset Management said on Wednesday press release.
The ETP, which trades under the ticker GXRP, was launched in 2022 and is 100% physically backed, operating under a prospectus approved by German financial regulators.
The rebranding is part of Bitwise’s strategy to strengthen its presence in the European market following the acquisition of ETC Group, which manages $1 billion in assets and includes various physical crypto-ETPs, such as the newly launched Bitwise Aptos Staking ETP on the SIX Swiss Exchange.
XRP, currently the fifth largest crypto asset with a market capitalization exceeding $80 billion, has gained traction through expanded use cases of the XRP Ledger, particularly in cross-border remittances, institutional DeFi, and real-world tokenization.
“XRP and the XRP Ledger are among the most familiar and trusted blockchains in crypto,” said Hunter Horsley, CEO and co-founder of Bitwise. “XRPL is unique with over 10 years of experience in reliability, while continuing to expand in capacity.”
According to Ripple CEO Brad Garlinghouse, investors are increasingly seeking exposure to crypto-related investment products. Garlinghouse believes this trend will accelerate as US regulators provide more clarity on crypto regulations.
“As the US crypto regulatory environment finally becomes clearer, this trend is poised to accelerate, further driving demand for crypto ETPs, such as the Bitwise Physical XRP ETP,” he said. “As one of the most valuable, liquid and utility-driven digital assets, XRP is at the forefront of this momentum, emerging as a cornerstone for those seeking access to assets that are resilient and have real utility.”
Bitwise, which oversees over $10 billion in assets, recently filed with the SEC to launch a spot XRP ETF in the US market. Following Bitwise’s move, 21Shares and Canary Capital also joined the XRP ETF race with their respective proposals.
