Ripple has announced that it will invest in Bitwise’s XRP exchange-traded product (ETP) as the issuer rebrands the offering to enhance its presence in the European market.
Bitwise declared on November 7 that it would rename its European XRP ETP, the ETC Group Physical XRP, to the Bitwise Physical XRP ETP. Its ticker symbol, GXRP, will remain unaltered.
The transaction continued Bitwise’s entry into the European market in August when it acquired the ETC Group, a crypto investment firm that manages $1 billion in assets.
This firm includes physical crypto ETPs, the Bitcoin ETP (BTCE), Ethereum with staking (ET32), Solana (ESOL), MSCI Digital Assets Select 20 (DA20), and GXRP.
A physical ETP is a product that monitors the performance of underlying assets, which are also purchased and held by the product’s issuer.
Bitwise XRP ETP Targets Europeans
The Bitwise Physical XRP ETP is intended to expose European investors to XRP using a physically backed product that retains the underlying asset.
Hunter Horsley, the CEO and co-founder of Bitwise, stated in a news release that the XRP Ledger and XRP are among the most recognizable and trusted blockchains in the industry.
Horsley stated, “We are delighted to offer investors access to an institutional-quality product in the form of the Bitwise Physical XRP ETP (GXRP).”
In addition to expanding operations across the continent, Bitwise intends to rebrand its complete European ETP portfolio.
In 2024, Bitwise reported substantial growth, with over $10 billion in client assets. The company also intends to introduce additional institutional-grade crypto ETPs.
The company has recently expanded its line of crypto-based products. Bitwise implemented its inaugural Aptos staking ETP on November 12. On November 26, it submitted an S-1 registration for an exchange-traded fund (ETF) that prioritizes Bitcoin and Ether.
Ripple invests in GXRP
In addition to the rebrand, Bitwise announced that Ripple will invest in GXRP. Ripple CEO Brad Garlinghouse emphasized a significant increase in global demand for crypto-backed investment products in 2024, although the financial details remained undisclosed.
Garlinghouse stated that increasing demand for crypto ETPs, such as the Bitwise Physical XRP ETP, is expected to continue as the regulatory environment for crypto in the United States becomes more transparent.
