In a significant move, Bitwise Asset Management has unveiled a fresh identity for its European XRP exchange-traded product (ETP), marking a strategic rebranding of its entire European product lineup. This development highlights Bitwise’s commitment to adapting and evolving within the dynamic digital asset space.
Ripple Steps In To Invest
Ripple, renowned for its cutting-edge digital asset infrastructure, has announced its intention to invest in the newly rebranded ETP. This move underscores Ripple’s dedication to fostering the growth and expansion of the XRP ecosystem. European investors can now tap into the potential of XRP through GXRP, a 100% physically backed ETP that was initially launched by Bitwise, previously known as ETC Group, back in 2022. This product was issued under a prospectus vetted and approved by Germany’s financial regulatory authority.
The GXRP ETP is designed to provide investors with secure and institutional-grade exposure to XRP. According to Hunter Horsley, CEO and Co-Founder of Bitwise, “XRP and the XRP Ledger are among the most familiar and trusted blockchains in the crypto space. The XRP Ledger boasts a remarkable track record of over a decade in reliability, while continuously evolving in its capabilities. We’re thrilled to offer investors access through an institutional-quality product with the Bitwise Physical XRP ETP (GXRP).”
Ripple CEO Weighs In
Brad Garlinghouse, the CEO of Ripple, has highlighted the global surge in demand for exposure to the crypto asset class, which has accelerated in 2024. This surge is driven by a burgeoning interest in crypto-backed investment offerings. Garlinghouse also pointed out that with the regulatory landscape in the United States expected to become more transparent following the anticipated return of former President Trump, the demand for crypto ETPs such as the Bitwise Physical XRP ETP is poised to grow even further.
Bitwise’s Expansion Plans
2024 has been a year of remarkable growth for Bitwise, with the company surpassing the $10 billion mark in total client assets. In a strategic move, Bitwise acquired ETC Group, a leading European ETP issuer, in August. This acquisition is part of a broader strategy to rebrand and expand its European ETP portfolio while bolstering its operations across the continent.
Looking ahead, Bitwise is set to launch a variety of additional institutional-grade crypto ETPs. Among these is the Bitwise Aptos Staking ETP, which began trading on the SIX Swiss Exchange on November 19, 2024. Furthermore, Bitwise is preparing to file a Form S-1 for an XRP spot ETF in the United States, signaling its ambition to further cement its position in the crypto investment landscape.
In conclusion, the rebranding of Bitwise’s XRP ETP and Ripple’s investment commitment are significant steps toward enhancing the accessibility and appeal of XRP to European investors. As Bitwise continues its expansion, it remains at the forefront of providing innovative and reliable crypto investment solutions globally.
