Ripple announces plans to invest in the rebranded physical XRP exchange-traded product (ETP) from leading asset manager Bitwise.
XRP latest news today: The San Francisco-based company made the disclosure after Bitwise renamed its European XRP ETP, formerly dubbed the ETC Group Physical XRP (GXRP). The renaming is part of Bitwise’s commitment to rebranding its suite of products in Europe.
Following the rebranding, the ETP is now Bitwise Physical XRP, operating under the same GXRP ticker. This rebranding comes three months after Bitwise entered the European market through its acquisition of ETC Group in August.
ETC Group, which offered several physical crypto ETPs, including GXRP and Bitcoin ETP (BTCE), had $1 billion in AUM. Launched in 2022, GXRP offers European investors regulated exposure to the fifth biggest cryptocurrency by market cap through a 100% physically backed ETP. The product is issued under a prospectus approved by the German authorities.
Commenting on the development, Bitwise co-founder and CEO Hunter Horsley highlighted XRP and XRPL among the most famous crypto projects. The executive expressed excitement about granting investors access to an institutional-grade product like the XRP ETP.
Ripple to Invest in Bitwise Rebranded XRP ETP
With Bitwise rebranding the product, Ripple disclosed plans to invest in GXRP. However, the company did not reveal the financial details of the forthcoming investment.
Notably, Brad Garlinghouse, the CEO at Ripple, recognized the growing demand for investment products around cryptocurrencies. He suggested that this trend will skyrocket, bolstering demands for crypto ETPs like GXRP as the U.S. gets clearer crypto regulations.
Furthermore, he characterized XRP as a utility-driven token, essentially a cornerstone asset for investors looking to gain access to digital assets with real-world utility. For context, XRP’s utility cuts across sectors like cross-border remittance and institutional decentralized finance (DeFi).
Bitwise Success in 2024
Meanwhile, 2024 has been a significant year for Bitwise. Having recorded $10 billion in total client assets, Bitwise expanded its European footprint by acquiring ETC Group.
The company also increased its crypto ETPs, including launching the Bitwise Aptos Staking ETP on the SIX Swiss Exchange. Following the successful launch of its Bitcoin and Ethereum ETFs, it became the first company to seek the U.S. SEC’s blessing for a spot-based exchange-traded fund tied to XRP.