Ripple Invests in Rebranded Bitwise XRP ETP as Part of European Expansion

Ripple has announced a strategic investment in Bitwise’s rebranded XRP exchange-traded product (ETP), marking a significant move to strengthen its presence in the European crypto market. The ETP, formerly known as the ETC Group Physical XRP, will now be branded as the Bitwise Physical XRP ETP. While the product’s ticker, GXRP, remains unchanged, the rebrand reflects a broader effort by Bitwise to expand its European footprint.

The rebranding follows Bitwise’s entry into the European market in August 2024, when it acquired the ETC Group, a crypto investment firm managing $1 billion in assets. The acquisition included a suite of physical crypto ETPs, such as the Bitcoin ETP (BTCE), Ethereum with staking (ET32), Solana (ESOL), and MSCI Digital Assets Select 20 (DA20), alongside the now-rebranded XRP ETP (GXRP).

What is a Physical XRP ETP?

A physical exchange-traded product (ETP) is a financial instrument that tracks the value of an underlying asset — in this case, XRP. Unlike synthetic ETPs, which rely on derivatives, physical ETPs are backed by actual holdings of the asset, giving investors a more direct form of exposure. The newly branded Bitwise Physical XRP ETP is designed to offer European investors a secure and straightforward method to gain exposure to XRP through an institutional-grade financial product.

Hunter Horsley, co-founder and CEO of Bitwise, emphasized the value of the XRP Ledger as one of the most “familiar” and trusted blockchain technologies in the industry.

“We’re thrilled to be providing access for investors through an institutional-quality product with the Bitwise Physical XRP ETP (GXRP),” said Horsley.

Bitwise’s Expansion in Europe

The rebrand of the XRP ETP is part of a larger effort by Bitwise to scale its European operations. The firm plans to rebrand its entire European ETP portfolio and introduce new institutional-grade crypto ETPs.

Bitwise has experienced notable growth in 2024, with over $10 billion in total client assets under management. Recent product launches include the firm’s first Aptos staking ETP on November 12 and the filing of an S-1 registration for a new Bitcoin and Ether ETF on November 26.

The push to expand in Europe is seen as a strategic move to capitalize on growing demand for crypto-backed investment products. Bitwise aims to become a key player in Europe’s evolving crypto investment landscape, providing institutions and retail investors with access to a broad range of crypto ETPs.

Ripple’s Strategic Investment in GXRP

Ripple’s financial support for the GXRP ETP underscores its commitment to growing the utility and adoption of XRP as an investment product. While the exact financial terms of the investment were not disclosed, Ripple CEO Brad Garlinghouse highlighted the opportunity presented by a maturing regulatory landscape for crypto in the United States.

“With the U.S. regulatory environment for crypto finally becoming more clear, this trend is poised to accelerate, further driving demand for crypto ETPs, such as the Bitwise Physical XRP ETP,” said Garlinghouse.

Ripple’s backing of the GXRP ETP is seen as a strategic move to position XRP as a key player in the rapidly growing crypto ETP sector. With institutional demand for transparent, regulated crypto investment products on the rise, Ripple’s partnership with Bitwise could pave the way for greater adoption of XRP across traditional financial markets.

Ripple’s investment in Bitwise’s newly rebranded GXRP ETP signals a larger push for XRP’s institutional adoption in Europe. With Bitwise aiming to increase its presence across the continent, the strategic alignment between the two companies highlights growing momentum for regulated crypto investment products. As U.S. regulatory clarity improves and demand for crypto-backed financial products accelerates, Ripple’s role in supporting the expansion of GXRP could further solidify XRP’s place in global financial markets.