Asset management firm Bitwise has announced the rebranding of its European exchange-traded product (ETP) for XRP. This comes as part of its broader strategy to strengthen its presence in the cryptocurrency investment space.
Now called the Bitwise Physical XRP ETP (GXRP), the product represents a renewed commitment to XRP as a primary investment vehicle.
Rebranding Bitwise Offering to Physical XRP ETP
The rebranding marks a significant milestone for Bitwise. The asset manager entered the European market earlier this year after acquiring ETC Group, a local issuer of cryptocurrency ETPs. Meanwhile, the GXRP ETP, which is 100% physically backed and regulated by the German financial authority, provides European investors with secure exposure to XRP.
The move comes in line with Ripple’s announcement of an investment in GXRP, signaling confidence in XRP’s potential amid growing institutional interest. Ripple CEO Brad Garlinghouse has emphasized the unique value of XRP, especially in light of the growing global demand for cryptocurrency investment products.
“XRP is at the forefront of momentum as a usage-driven digital asset,” the announcement read, quoting Garlinghouse.
He also predicted that regulatory clarity in the US will spur more interest in crypto-backed offerings. Notably, Ripple has been at the heart of XRP adoption, leveraging the XRPL ledger for applications such as cross-border remittances, tokenization, and institutional DeFi. XRPL is celebrated for its efficiency and reliability, supporting XRP’s position as the fifth-largest cryptocurrency.
“XRP and the XRP Ledger are among the most popular and trusted blockchains in crypto. We are excited to provide access through an institutional-grade product like GXRP,” said Bitwise CEO Hunter Horsley.
XRP Price Performance. Source: BeInCrypto
XRP, which has a market cap of over $82 billion, is up nearly 3% on the news. According to BeInCrypto data, the token is trading at $1.43 at the time of writing.
XRP ETFs on the Horizon with Trump Administration
Elsewhere, Bitwise’s commitment to XRP extends beyond Europe. In October, the company amended its application for an XRP ETF in the United States after its initial filing earlier that month.
The applications reflect the growing momentum in the XRP ETF race, with competitors like Canary Capital and WisdomTree recently entering the fray. Garlinghouse recently expressed optimism, calling the XRP ETF approval “inevitable.”
“We clearly see that ETFs are popular… The SEC was dragged, screaming and resisting, to approve a Bitcoin ETF in January… $17 billion flowed into the fastest growing ETF in history. It clearly shows that there is demand from institutions and retail to access the asset class,” Garlinghouse said.
Traditional finance giants like BlackRock are sitting on the sidelines, with no announced plans to explore XRP ETFs. The concern is that while XRP has real-world utility, its reliance on the Ripple ecosystem could limit wider adoption. This, coupled with the Ripple-SEC lawsuit, continues to hamper the XRP ETF.
However, while the US market remains challenging, Europe offers fertile ground for crypto ETPs. Plans to introduce additional top-tier institutional offerings bolster Bitwise’s European strategy. These include the Aptos Staking ETP that launched on the SIX Swiss Exchange earlier this month.
The recent re-election of Donald Trump, which many experts believe could pave the way for a more supportive regulatory environment for cryptocurrencies, is inspiring renewed optimism. Analysts suggest that Trump’s victory has revived optimism around cryptocurrency exchange-traded funds, 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 consolidate its leadership in this space.
“Regulatory clarity will stimulate crypto-backed investment offerings,” Horsley noted.
However, Bitwise’s progress highlights the growing institutional interest in crypto-backed products. The company’s entry into Europe reflects its strategic shift to capitalize on global opportunities, even as U.S. markets become more complex.