In a significant move to enhance its market presence, Bitwise Asset Management has announced a strategic rebranding initiative for its European XRP exchange-traded product (ETP). This change is part of a broader plan to update and refresh its European product suite, aiming to better align with the evolving needs of the crypto investment community.
Ripple Steps In To Invest
Adding momentum to this development, Ripple, a frontrunner in digital asset infrastructure, has disclosed its intent to invest in the newly revamped ETP. This move highlights Ripple’s unwavering dedication to bolstering the XRP ecosystem. The rebranded ETP, known as GXRP, offers European investors a straightforward path to gain exposure to XRP. Launched by Bitwise in 2022, this product is 100% physically backed and operates under a prospectus sanctioned by Germany’s financial regulator, ensuring a secure and institutional-grade investment platform.
Hunter Horsley, CEO and Co-Founder of Bitwise, emphasized the significance of this initiative, 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. We’re thrilled to be providing access for investors through an institutional quality product with the Bitwise Physical XRP ETP (GXRP).”
Ripple CEO Weighs In
Brad Garlinghouse, the CEO of Ripple, provided insights into the growing demand for crypto assets. He noted that global interest in crypto-backed investment products has surged in 2024, driven by an increasing appetite for diversified investment opportunities. Garlinghouse also pointed out that with the anticipated clarification of the US regulatory environment, especially following political shifts, this trend is expected to gain further traction. The clarity is likely to fuel the demand for crypto ETPs, including the Bitwise Physical XRP ETP.
Bitwise’s Expansion Plans
Bitwise has been on a growth trajectory, with 2024 marking a milestone as the firm surpassed $10 billion in total client assets. This expansion is bolstered by the acquisition of the leading European ETP issuer, ETC Group, earlier in the year. With this acquisition, Bitwise is poised to rebrand its European ETP portfolio, positioning itself for strategic growth across the continent.
Looking ahead, Bitwise is slated to introduce additional institutional-grade crypto ETPs. Among these is the Bitwise Aptos Staking ETP, which commenced trading on the SIX Swiss Exchange on November 19, 2024. Additionally, Bitwise has filed a Form S-1 for an XRP spot ETF in the United States, signaling its commitment to broadening its product offerings and meeting the rising demand for crypto investment vehicles.
Overall, Bitwise’s strategic initiatives and Ripple’s investment underscore a robust commitment to advancing the XRP ecosystem and providing investors with secure, innovative avenues for crypto investment.
