With Ripple announcing an investment in Bitwise XRP ETP, Bitwise will rebrand its European ETP portfolio as it grows.
As Bitwise rebrands its service to increase its market share in Europe, Ripple has announced an investment in Bitwise’s XRP exchange-traded product (ETP).
Bitwise declared on November 7 that it would change the name of its European XRP ETP from the ETC Group Physical XRP to the Bitwise Physical XRP ETP. GXRP, its ticker, will not change.
The move comes after Bitwise entered the European market in August by purchasing the ETC Group, a cryptocurrency investment company that managed $1 billion in assets, including GXRP, Ethereum with staking (ET32), Bitcoin ETP (BTCE), Solana (ESOL), MSCI Digital Assets Select 20 (DA20), and physical crypto ETPs.
An offering that follows the performance of underlying assets—which the product’s issuer also purchases and holds—is known as a physical ETP.
Bitwise XRP ETP Is Designed To Appeal To Europeans
By holding the underlying asset in a physically backed instrument, the Bitwise Physical XRP ETP aims to expose European investors to XRP.
XRP and the XRP Ledger are among the “most familiar” and reliable blockchains in the industry, according to a press release from Bitwise co-founder and CEO Hunter Horsley.
“With the Ripple To Invest In Bitwise XRP ETP (GXRP), we are excited to be offering investors access through an institutional-quality product,” Horsley continued.
As part of its endeavors to broaden its operations throughout the continent, Bitwise also intends to rebrand its whole European ETP portfolio.
Bitwise reported substantial growth in 2024, pointing to a total customer asset value of over $10 billion. The business also stated that it intends to introduce more institutional-grade cryptocurrency ETPs.
Recently, the company has expanded its line of crypto-based items. Bitwise released their first Aptos staking ETP on November 12. It submitted an S-1 registration for a Bitcoin-related ETF on November 26.
Ripple Makes GXRP Investment
Bitwise also revealed that Ripple will invest in GXRP in addition to the rebranding. Brad Garlinghouse, the CEO of Ripple, noted a spike in demand for cryptocurrency-backed investment products worldwide in 2024, even though the financial specifics were not made public.
According to Garlinghouse, “this trend is poised to accelerate, further driving demand for crypto ETPs, such as the Bitwise Physical XRP ETP,” when the US legal climate for cryptocurrencies eventually becomes more clear.
