Ripple’s investment in Bitwise’s XRP exchange-traded product (ETP) has been confirmed. This follows a rebranding initiative to enhance the product’s appeal in Europe.
Bitwise XRP ETP Rebranded for the European Market
On November 7, it was revealed that the ETC Group Physical XRP would be rebranded as the Bitwise Physical XRP ETP. The ticker symbol, GXRP, will remain the same.
This rebranding comes after Bitwise acquired the ETC Group in August, marking its entry into Europe. ETC Group, a crypto investment firm, manages assets worth $1 billion, including several physical crypto ETPs such as Bitcoin ETP (BTCE), Ethereum with staking (ET32), and Solana (ESOL).
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A physical ETP is structured to reflect the value of its underlying assets, which the issuer purchases and holds.
European Investors Targeted by Bitwise XRP ETP
The Bitwise Physical XRP ETP aims to offer European investors direct exposure to XRP. This is achieved through a physically backed product that holds XRP as the underlying asset.
Hunter Horsley, co-founder and CEO of Bitwise, stated that XRP and the XRP Ledger are among the most trusted blockchain technologies in the market.
“We’re excited to offer investors an institutional-grade product through the Bitwise Physical XRP ETP (GXRP),” Horsley added.
The company has also announced plans to rebrand its European portfolio of ETPs to facilitate further regional expansion.
Bitwise Reports Significant Growth in 2024
Bitwise has highlighted its rapid growth in 2024, with total client assets surpassing $10 billion. Plans are underway to introduce more institutional-grade crypto ETPs.
The company has recently expanded its product range, launching its first Aptos staking ETP on November 12. On November 26, Bitwise filed for an S-1 registration for an ETF linked to Bitcoin and Ether.
Ripple’s Investment in GXRP Confirmed
Ripple has committed to investing in GXRP as part of Bitwise’s rebranding efforts. Financial specifics were not disclosed, but Ripple CEO Brad Garlinghouse acknowledged a growing demand for crypto-backed investments globally in 2024.
Garlinghouse noted that more explicit US crypto regulations are expected to boost interest in such products, including the Bitwise Physical XRP ETP.
