Ripple, a leading provider of digital asset infrastructure, is planning to invest in a recently rebranded XRP-focused Exchange-Traded Product (ETP) managed by Bitwise Asset Management.
Bitwise, a leading digital asset manager, revealed plans to rename its European XRP ETP, formerly the ETC Group Physical XRP, to the Bitwise Physical XRP ETP while retaining its existing ticker symbol, GXRP.
The decision comes after Bitwise expanded into the European market in August by acquiring the ETC Group, a cryptocurrency investment company overseeing $1 billion in assets, including various physical crypto ETPs such as Bitcoin (BTCE), Ethereum with staking (ET32), Solana (ESOL), MSCI Digital Assets Select 20 (DA20), and GXRP.
A physical ETP is a financial product designed to mirror the performance of its underlying assets, which are directly purchased and retained by the issuer.
Bitwise XRP ETP Targets Europeans
The Bitwise Physical XRP ETP also aims to provide European investors access to XRP via a physically backed investment vehicle that directly holds the asset.
Hunter Horsley, co-founder and CEO of Bitwise noted in a press release that XRP and the XRP Ledger are among the industry’s most recognized and reliable blockchain technologies.
“We’re thrilled to be providing access for investors through an institutional quality product with the Bitwise Physical XRP ETP (GXRP),” Horsley said.
Bitwise intends to rename its entire European ETP lineup as part of its strategy to broaden its regional presence.
Bitwise Hits Over $10B in Total Client Assets
Bitwise reported substantial growth in 2024, with total client assets surpassing $10 billion. The firm also announced plans to introduce more crypto ETPs tailored for institutional investors.
“Global demand for exposure to the crypto asset class has exploded in 2024, fueled by a growing interest in crypto-backed investment offerings. With the U.S. regulatory environment for crypto finally becoming more clear, this trend is poised to accelerate, further driving demand for crypto ETPs, such as the Bitwise Physical XRP ETP,” said Brad Garlinghouse, CEO at Ripple.
The company recently expanded its range of crypto products. On November 12, Bitwise introduced its first Aptos staking ETP, and on November 26, it submitted an S-1 registration for an ETF linked to Bitcoin.
