Bitwise Renames European XRP ETP and Gains Ripple Investment

Bitwise Asset Management has renamed its European XRP exchange-traded product (ETP), now called the Bitwise Physical XRP ETP (ticker: GXRP, ISIN: DE000A3GYNB0), as part of a strategic rebranding of its European product suite. This announcement coincides with Ripple’s decision to invest in the product, highlighting its commitment to advancing XRP adoption.

XRP, the fifth-largest cryptocurrency with a market cap exceeding $80 billion, has seen growing interest due to its utility on the XRP Ledger (XRPL). The ledger is recognized for its speed, efficiency, and reliability, supporting use cases such as cross-border payments, institutional DeFi, and real-world tokenization. European investors can access XRP through GXRP, a 100% physically backed ETP launched in 2022 under a Germany-approved prospectus.

Hunter Horsley, CEO of Bitwise, emphasized the significance of XRP and XRPL in the crypto ecosystem: “XRP and the XRP Ledger are among the most trusted blockchains, boasting over a decade of reliability while continuing to expand capabilities. The Bitwise Physical XRP ETP provides institutional-grade access to this foundational digital asset.”

Ripple CEO Brad Garlinghouse highlighted the growing global demand for crypto-backed investment vehicles in 2024. With a clearer U.S. regulatory framework, he predicts accelerated interest in products like the Bitwise Physical XRP ETP, positioning XRP as a cornerstone asset due to its liquidity and real-world utility.

Bitwise has experienced substantial growth, surpassing $10 billion in client assets this year. Following its acquisition of European ETP issuer ETC Group in August, the firm is expanding its operations in Europe with plans for additional institutional-grade crypto ETPs. This includes the recently launched Bitwise Aptos Staking ETP on the SIX Swiss Exchange and a U.S. filing for an XRP spot ETF.

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