Bitwise Rebrands XRP ETP with Ripple’s Backing and Investment

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Hassan Shittu

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Hassan Shittu

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

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November 27, 2024

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Bitwise Asset Management has unveiled the rebranding of its European XRP exchange-traded product (ETP), now named the Bitwise Physical XRP ETP (GXRP), as part of an expansive update to its European product offerings.

The rebranded ETP initially launched in 2022 under the name ETC Group Physical XRP, represents Bitwise’s strategic efforts to strengthen its presence in Europe following its acquisition of the ETC Group earlier this year.

Ripple, the blockchain company behind XRP, has also announced plans to invest in this revamped product.

XRP, the world’s fifth-largest cryptocurrency with a market cap exceeding $80 billion, continues to gain traction due to its utility in cross-border payments, decentralized finance (DeFi), and tokenization.

The GXRP ETP provides European investors a regulated and institutional-grade avenue to gain exposure to XRP without directly handling digital assets.

Bitwise XRP ETP: Is This A Revamped Product for a Booming Market?

The GXRP ETP is fully backed by XRP and regulated under Germany’s financial oversight, which ensures transparency and security for investors seeking exposure to this rapidly growing asset class.

Since its launch in 2022, the XRP ETP has attracted significant interest. It benefits from the unique attributes of the XRP Ledger (XRPL), which offers unmatched speed, scalability, and reliability.

These qualities have positioned XRP as one of the top go-to assets for financial institutions, leveraging blockchain technology for cross-border transactions and tokenization of real-world assets.

Bitwise’s CEO, Hunter Horsley, emphasized XRP’s longstanding reliability, stating:

“XRP and the XRP Ledger are among the most familiar and trusted blockchains in crypto. XRPL is unique with over 10 years of track record in reliability while continuing to expand in capabilities.”

Ripple CEO Brad Garlinghouse also shared similar sentiments, highlighting the growing institutional demand. He said:

“Global demand for exposure to the crypto asset class has exploded in 2024, fueled by a growing interest in crypto-backed investment offerings.”

He pointed out that with regulatory clarity emerging in the U.S. and globally, the appetite for crypto ETPs like GXRP is expected to surge further.

The timing of the rebranding aligns with Bitwise’s broader strategy to tap into the increasing demand for institutional crypto investment.

This includes its recent launch of other innovative products, such as the Bitwise Aptos Staking ETP, and its filing for an XRP spot ETF in the United States.

Ripple’s Strategic Investment: How Big Can Bitwise Continue Expanding?

Ripple’s backing comes as the company continues to promote XRP’s capabilities, including its role in facilitating efficient, low-cost cross-border payments.

The rebranding also reflects Bitwise’s rapid growth in 2024. The firm recently surpassed $10 billion in client assets.

Beyond XRP, the company has rolled out products like the Aptos Staking ETP and, notably, its recent acquisition of ETC Group and Ether-staking provider Attestant.

Today, Bitwise also proposed a new ETP to the SEC to provide balanced exposure to Bitcoin and Ethereum, the two largest cryptocurrencies representing 70% of the $3.2 trillion crypto market.

This innovative ETP would allocate holdings based on their relative market capitalization, offering investors a blend of Bitcoin’s stability as a digital store of value and Ethereum’s versatility in powering DeFi and NFTs.

If approved, the ETP could attract strong interest from retail and institutional investors, leveraging Bitcoin and Ethereum’s combined market cap of $2.25 trillion.

Bitwise is also exploring opportunities beyond Bitcoin and Ethereum, signaling a potential Solana ETF filing.