Nov 27, 202410:45 GMT-5
XRPUSD+6.85%
Bitwise Asset Management has announced the rebranding of its XRP ETP (exchange-traded product) in Europe. This is part of its broader strategy to strengthen its position in the cryptocurrency investment space.
Now called Bitwise Physical XRP ETP (GXRP), the product represents a renewed commitment to XRP as a key investment vehicle.
Bitwise renames its offering to Physical XRP ETP (GXRP)
The rebranding marks a significant milestone for Bitwise. The asset manager ventured into the European market after acquiring ETC Group, a local issuer of cryptocurrency ETPs.
Meanwhile, the GXRP ETP, 100% physically backed and regulated by the financial authority of Germany, 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's CEO, Brad Garlinghouse, emphasized the unique value proposition of XRP, particularly in light of the growing global demand for cryptocurrency investment products.
“XRP is at the forefront of momentum as a utility-driven digital asset,” reads an excerpt from the announcement, quoting Garlinghouse.
He also predicted that regulatory clarity in the U.S. would stimulate greater interest in cryptocurrency-backed offerings.
Notably, Ripple has been at the heart of XRP adoption, leveraging 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 XRP Ledger are among the most familiar and trusted blockchains in crypto. We are excited to provide access through an institutional-grade product like GXRP,” said Bitwise CEO Hunter Horsley.
XRP, which has a market capitalization of over 82 billion dollars, has risen nearly 3% with this news. According to data from BeInCrypto, the token is trading at 1.43 dollars at the time of writing.
Is an XRP ETF on the horizon thanks to the Trump Administration?
Elsewhere, Bitwise's commitment to XRP extends beyond Europe. In October, the firm revised its XRP ETF filing in the U.S. following its initial application earlier that month.
The filings reflect growing momentum in the race for XRP ETFs, where competitors like Canary Capital and, more recently, WisdomTree have also entered the fray. Garlinghouse recently expressed optimism, calling the approval of an XRP ETF “inevitable.”
“We are clearly seeing that ETFs have been popular… The SEC was dragged, kicking and screaming, to approve the Bitcoin ETF in January… 17 billion dollars have flowed into the fastest-growing ETF in history. It clearly demonstrates that there is demand from institutions and retail to access the asset class,” Garlinghouse said.
Giants of traditional finance 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 the Ripple ecosystem could limit broader adoption. This, along with Ripple's lawsuit against the SEC (Securities and Exchange Commission), continues to impede an XRP ETF.
However, while the U.S. market remains a challenge, Europe offers fertile ground for cryptocurrency ETPs. Plans to introduce additional institutional-grade offerings reinforce Bitwise's European strategy. These include the Aptos Staking ETP launched on the SIX Swiss Exchange earlier this month.
Donald Trump's recent reelection, which many experts believe could pave the way for a more pro-crypto regulatory environment, inspires renewed optimism.
Analysts suggest that Trump's victory has revitalized optimism for cryptocurrency ETFs, including XRP and Solana ETFs, as his administration is expected to adopt favorable policies for digital assets.
Bitwise, which manages over 10 billion dollars in client assets, sees this as an opportune moment to solidify its leadership in the space.
“Regulatory clarity will catalyze cryptocurrency-backed investment offerings,” Horsley noted.
However, Bitwise's progress highlights the growing institutional interest in cryptocurrency-backed products. The firm's foray into Europe reflects its strategic pivot to capitalize on global opportunities, even as U.S. markets remain complex.
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