- Bitwise rebrands XRP ETP to strengthen its presence in Europe, renaming it the Bitwise Physical XRP ETP while retaining the GXRP ticker.
- Ripple backs GXRP initiative by investing in the product to support growing global demand for crypto-backed investment options.
- Bitwise plans expansion with rebranded European ETPs and new institutional-grade crypto offerings, fueled by rising investor interest.
Bitwise has announced the rebranding of its XRP exchange-traded product (ETP), previously known as the ETC Group Physical XRP, to the Bitwise Physical XRP ETP. The change, effective as of November 7, retains the product’s ticker, GXRP, and aims to bolster its position within Europe’s financial markets.
The move follows Bitwise’s entry into the European market earlier this year, marked by its acquisition of the ETC Group. The investment firm currently manages $1 billion in assets, including a range of physical crypto ETPs, such as Bitcoin (BTCE), Ethereum with staking (ET32), Solana (ESOL), and MSCI Digital Assets Select 20 (DA20).
The XRP ETP offers European investors exposure to Ripple’s XRP, backed by physically held assets. Bitwise CEO Hunter Horsley described the XRP Ledger as one of the most trusted blockchains in the crypto space, adding that the rebranding aligns with the firm’s focus on delivering institutional-quality products to European clients.
Ripple Backs Growth of Crypto ETPs
Ripple has confirmed its investment in the newly branded GXRP ETP, signaling confidence in the growing demand for crypto-backed investment products globally. While Ripple did not disclose the financial terms of its involvement, CEO Brad Garlinghouse emphasized the rising interest in such products, particularly as regulatory clarity improves in key markets like the United States.
Bitwise’s portfolio expansion is not limited to the GXRP ETP. The firm recently launched its first Aptos staking ETP and filed for a Bitcoin and Ether ETF, reflecting its broader strategy to cater to institutional investors. With over $10 billion in client assets under management, Bitwise’s plans to develop additional crypto-based ETPs are poised to support the increasing global appetite for digital asset investments.
By combining Ripple’s financial backing and Bitwise’s operational expansion, the GXRP ETP aims to cement its position as a leading investment product in Europe’s growing crypto market.
