Ripple Plans Investing in Bitwise XRP ETP
Ripple announced that it will invest in Bitwise’s XRP ETP while Bitwise declared that the Bitwise Physical XRP ETP would replace the ETC Group Physical XRP as the new name for its European XRP ETP.
The action follows Bitwise’s August entry into the European market through the acquisition of the ETC Group, an investment firm that managed $1 billion in assets, including GXRP, Ethereum with staking (ET32), Bitcoin ETP (BTCE), Solana (ESOL), MSCI Digital Assets Select 20 (DA20), and physical crypto ETPs.
l ETP monitors the performance of underlying assets, which are also purchased and held by the product’s issuer.
The Bitwise Physical XRP ETP aims to expose European investors to XRP with a physically backed product that retains the underlying asset. Bitwise co-founder and CEO Hunter Horsley stated that XRP and the XRP Ledger are among the “most familiar” and reliable blockchains in the industry. “We are excited to offer investors access to the Bitwise Physical XRP ETP (GXRP), an institutional-grade product,” Horsley continued.
Bitwise also intends to rebrand all of its European ETP products as part of its strategy to grow its business throughout the continent. In 2024, Bitwise reported substantial growth, pointing to over $10 billion in total client assets. In addition, the company stated that it intends to introduce more institutional-grade crypto ETPs.
Bitwise announced that Ripple will invest in GXRP in addition to rebranding. Ripple CEO Brad Garlinghouse noted that demand for cryptocurrency-backed investment products would soar globally in 2024. “This trend is poised to accelerate, further driving demand for crypto ETPs, such as the Bitwise Physical XRP ETP,” Garlinghouse stated, adding that the US regulatory environment for cryptocurrency is finally becoming more clear. Bitwise reported that its client assets totaled over $10 billion in 2024, indicating notable growth. In addition, the company stated that it intends to introduce more institutional-grade crypto ETPs.
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