Bitwise Rebrands XRP ETP Amid Ripple’s Strategic Investment
2024-11-27

Bitwise Asset Management has announced the rebranding of its European XRP ETP (exchange-traded product). This is part of its broader strategy to strengthen its foothold in the crypto investment space.
Now named the Bitwise Physical XRP ETP (GXRP), the product represents a renewed commitment to XRP as a key investment vehicle.
Bitwise Rebrands Offering to Physical XRP ETP
The rebranding marks a significant milestone for Bitwise. The asset manager ventured into the European market earlier this year after acquiring ETC Group, a local crypto ETP issuer. Meanwhile, the GXRP ETP, 100% physically backed and regulated by Germany’s financial authority, offers European investors secure exposure to XRP.
This move aligns with Ripple’s announcement of an investment in GXRP, signaling confidence in XRP’s potential amid growing institutional interest. Ripple CEO Brad Garlinghouse emphasized XRP’s unique value proposition, particularly in light of the increasing global demand for crypto investment products.
“XRP is at the forefront of momentum as a utility-driven digital asset,” an excerpt in the announcement read, citing Garlinghouse.
He also predicted that regulatory clarity in the US would spur further interest in crypto-backed offerings. Notably, Ripple has been at the heart of XRP’s adoption, leveraging the XRP Ledger (XRPL) for applications such as cross-border remittances, tokenization, and institutional DeFi. The XRPL, celebrated for its efficiency and reliability, underpins XRP’s position as the fifth-largest cryptocurrency.
“XRP and the XRP Ledger are among the most familiar and trusted blockchains in crypto. We’re thrilled to provide access through an institutional-grade product like the GXRP,” Bitwise CEO Hunter Horsley said.
XRP, which boasts a market capitalization of over $82 billion, is up by almost 3% on this news. According to BeInCrypto data, the token is trading for $1.43 as of this writing.
XRP ETFs on the Horizon With Trump Administration
Elsewhere, Bitwise’s commitment to XRP extends beyond Europe. In October, the firm revised its US XRP ETF filing following its initial application earlier that month.
The submissions reflect growing momentum in the XRP ETF race, where competitors like Canary Capital and, most recently, WisdomTree have also entered the fray. Garlinghouse recently expressed optimism, calling an XRP ETF approval “inevitable.”
“We clearly are seeing that ETFs have been popular…The United States SEC was dragged, kicking and screaming, to approve the Bitcoin ETF in January…$17 billion has flowed into the fastest-growing ETF in history. It clearly demonstrates that there’s demand from institutions and retail to access the asset class,” Garlinghouse said.
Traditional finance giants like BlackRock remain on the sidelines, with no announced plans to explore XRP ETFs. The concern is that while XRP benefits from real-world utility, its reliance on Ripple’s ecosystem could limit broader adoption. This, coupled with the Ripple versus SEC (Securities and Exchange Commission) lawsuit, continues to impede an XRP ETF.
Nevertheless, while the US market remains a challenge, Europe offers fertile ground for crypto ETPs. Plans to introduce additional institutional-grade offerings bolster Bitwise’s European strategy. These include the Aptos Staking ETP launched on the SIX Swiss Exchange earlier this month.
Donald Trump’s recent re-election, which many experts believe could pave the way for a more pro-crypto regulatory environment, inspires renewed optimism. Analysts suggest Trump’s victory has reinvigorated optimism for crypto ETFs, including XRP and Solana ETFs, as his administration is expected to adopt policies favorable to digital assets.
Bitwise, which manages over $10 billion in client assets, sees this as an opportune moment to solidify its leadership in the space.
“Regulatory clarity will catalyze crypto-backed investment offerings,” Horsley noted.
Nevertheless, Bitwise’s progress highlights the increasing institutional interest in crypto-backed products. The firm’s venture into Europe reflects its strategic pivot to capitalize on global opportunities, even as US markets remain complex.