Bitwise, a crypto asset management firm, announced on the 28th the rebranding of the European XRP ETP (Exchange Traded Product). This is part of a broader strategy to strengthen its position in the crypto investment space.
The product, now named Bitwise Physical XRP ETP (GXRP), reaffirms XRP as a key investment vehicle.
Bitwise Rebrands to Physical XRP ETP
The rebranding is an important milestone for Bitwise. The asset manager entered the European market earlier this year after acquiring ETC Group, a local crypto ETP issuer. Meanwhile, the GXRP ETP is regulated by the German financial authority and fully physically backed, providing European investors with a secure exposure to XRP.
Ripple Labs, the issuer of XRP, has also agreed to invest in GXRP. Ripple CEO Brad Garlinghouse highlighted XRP's unique value proposition in light of the growing global demand for crypto investment products.
Garlinghouse was quoted in the announcement as saying, "XRP is at the forefront of the momentum of utility-based digital assets."
He also predicted that regulatory clarity in the US will further drive interest in crypto-based products. Ripple has been leading the adoption of XRP through applications such as cross-border remittances, tokenization, and institutional DeFi on the XRP Ledger (XRPL), which has been praised for its efficiency and reliability and contributed to XRP becoming the fifth-largest cryptocurrency.
"XRP and the XRP Ledger are among the most familiar and trusted blockchains in crypto. We're excited to make them accessible through institutional-grade products like GXRP," said Bitwise CEO Hunter Horsley.
XRP boasts a market capitalization of over $82 billion and has risen nearly 3% on this news. According to BeInCrypto data, the token is trading at $1.43 at the time of writing.
Increasing Expectations for XRP ETF Approval Under Trump Administration
Europe is relatively more accommodating to the issuance of ETFs and ETPs. Bitwise is leveraging this experience to target the US market. They updated their US XRP ETF filing in October and filed for approval earlier that month.
These filings reflect the growing momentum in the XRP ETF race, with competitors like Canary Capital and the recent Wisdomtree also joining the fray. Garlinghouse has expressed optimism that XRP ETF approval is "inevitable."
"We're clearly seeing ETFs are popular...the US SEC was dragged into approving a Bitcoin ETF...which saw $17 billion flow in, the fastest-growing ETF in history. This clearly demonstrates the demand from institutions and retail to access this asset class," Garlinghouse said.
Traditional finance giants like BlackRock remain on the sidelines, not yet announcing plans to explore an XRP ETF. While XRP benefits from real-world utility, its dependence on the Ripple ecosystem may limit broader adoption. This, along with the Ripple vs. SEC lawsuit, has been hindering the XRP ETF.
Nevertheless, while the US market remains challenging, Europe provides a more fertile ground for crypto ETPs. Bitwise's plans to introduce additional institutional-grade products strengthen its European strategy, including the Aptos Staking ETP listed on the Swiss stock exchange earlier this month.
Donald Trump's recent re-election has sparked optimism among many experts that it could create a more crypto-friendly regulatory environment, reigniting new optimism. Analysts suggest that Trump's victory has rekindled optimism for crypto ETFs, including those for XRP and Solana, and his administration is expected to adopt policies favorable to digital assets.
Bitwise, which manages over $1 billion in client assets, sees this as an opportunity to solidify its leadership in the space.
"Regulatory clarity will drive the adoption of crypto-based investment products," Horsley noted.
Nevertheless, Bitwise's progress underscores the growing institutional interest in crypto-based products. Its European expansion reflects a strategic pivot to leverage global opportunities, even as the US market remains complex.
