Bitwise Rebrands European XRP ETP to Bitwise Physical XRP ETP

Bitwise Asset Management has rebranded its European XRP exchange-traded product (ETP) from ETC Group Physical XRP to Bitwise Physical XRP ETP. This change, announced in a press release, follows Bitwise's acquisition of ETC Group, enhancing its European product suite. Ripple, the company behind XRP, plans to invest in the revamped product, indicating increased involvement in the European digital asset market.

Strengthening Institutional Crypto Investment

The Bitwise Physical XRP ETP, trading under ticker GXRP, provides European investors with a regulated way to gain exposure to XRP, the fifth-largest digital asset by market cap. Launched in 2012, XRP is valued at over $80 billion and is widely adopted in sectors such as cross-border remittances and decentralized finance (DeFi).

This rebranded product is backed 100% by XRP and was initially launched in 2022. It is regulated by Germany’s financial authorities, offering a secure investment option for both institutional and individual investors without direct interaction with digital assets.

Hunter Horsley, CEO of Bitwise, noted XRP's reliability: “XRP and the XRP Ledger are among the most familiar and trusted blockchains in crypto... We’re thrilled to be providing access for investors through an institutional quality product with the Bitwise Physical XRP ETP (GXRP).”

Brad Garlinghouse, CEO of Ripple, emphasized growing global demand for crypto assets, particularly in the institutional market, stating that clearer US regulatory environments will accelerate interest in products like the Bitwise Physical XRP ETP.

Ripple’s Continued Commitment to XRP

Ripple’s investment in the Bitwise Physical XRP ETP aims to expand XRP’s utility and visibility in institutional markets. XRP's attributes, including speed and scalability via the XRP Ledger, make it appealing to financial institutions.

Bitwise reported significant growth in 2024, surpassing $10 billion in total client assets. The acquisition of ETC Group and the rebranding of its European products reflect its commitment to strengthening regional presence. Earlier this month, Bitwise launched the Bitwise Aptos Staking ETP, marking its tenth crypto ETP in Europe.

In October, Bitwise filed for an XRP spot ETF in the United States, further demonstrating its ambition to lead the institutional-grade crypto investment market globally.