Ripple has announced its investment in Bitwise’s XRP exchange-traded product (ETP), now rebranded as the Bitwise Physical XRP ETP (ticker: GXRP). By rebranding its ETPs, Bitwise is broadening its European operations and targeting a growing crypto investment market.
Today, Bitwise, a leading crypto asset manager, announced it would rebrand the ETC Group Physical XRP ETP to the Bitwise Physical XRP ETP (ticker symbol GXRP, formerly XRP), effective Nov. 7. After acquiring the ETC Group in August, a firm that manages $1 billion of assets, this step follows.
The acquisition broadened Bitwise’s product offerings to include Bitcoin ETP (BTCE), Ethereum with staking (ET32), Solana (ESOL), and other exciting crypto-based products.
It has rebranded to GXRP, giving European investors direct physical exposure to XRP via an ETP that trades the underlying XRP assets.
Ripple Joins the GXRP Venture
Ripple’s investment in the GXRP ETP further supports its efforts to help XRP-backed financial products gain more traction in Europe. The financial terms of the investment were not disclosed, but Ripple CEO Brad Garlinghouse said there has been strong global demand for crypto-backed investment solutions.
“Garlinghouse notes that as the US regulatory environment for crypto finally gets clear, this trend is poised to accelerate further in demand for crypto ETPs, including Bitwise Physical XRP ETP.”
Bitwise Growth and Expansion Plans
Bitwise also announced plans to rebrand GXRP and overhaul its entire European ETP portfolio as part of its larger plan to spread across the continent. The firm noted robust growth of $10 billion or more in total client assets in 2024.
So, Bitwise co-founder and CEO Hunter Horsley was excited about bringing institutional-quality products to European investors. XRP and the XRP Ledger are widely known and trusted blockchains. “We are excited to share Bitwise Physical XRP ETP access,” Horsley added.
In 2024, Bitwise launched several new crypto investment products on the blockchain. On Nov. 12, the company introduced its first Aptos staking ETP and announced a Nov. 26 filing for a Bitcoin and Ethereum ETF. These moves reflect Bitwise’s strategy to meet an increasing demand for institutional-grade crypto investment products.
Ripple’s collaboration with Bitwise indicates a growing institutional focus on gaining more people access to crypto-backed products in Europe. Firms anticipate that as the regulatory landscape becomes clearer, so will demand for ETPs, and this partnership is a key first step in driving global adoption of digital asset investment.
With support from Ripple and Bitwise’s maturing product suite, GXRP aspires to be a main entry point for European investors seeking exposure to XRP and the wider blockchain world.
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