Ripple's Strategic Investment in Bitwise's Rebranded XRP ETP for European Expansion

Ripple Invests in Bitwise's XRP ETP: A Strategic Move for European Markets

In a significant development for the cryptocurrency landscape, Ripple has recently announced a strategic investment in Bitwise's XRP exchange-traded product (ETP). This investment comes as Bitwise rebrands its European offering to bolster its position in the rapidly expanding cryptocurrency market.

Rebranding of the XRP ETP

On November 7, Bitwise revealed that it is rebranding its European XRP ETP, previously known as the ETC Group Physical XRP, to the new name Bitwise Physical XRP ETP. Importantly, the ticker symbol GXRP will remain unchanged, ensuring that current and potential investors can easily identify the product.

Expansion into the European Market

This rebranding follows Bitwise's foray into the European market earlier this year, marked by its acquisition of the ETC Group. This firm has established itself as a significant player in the crypto investment space, managing approximately $1 billion in assets. Its portfolio encompasses a variety of physical crypto ETPs, including:

• Bitcoin ETP (BTCE)
• Ethereum with Staking (ET32)
• Solana (ESOL)
• MSCI Digital Assets Select 20 (DA20)
• GXRP (Physical XRP)

A physical ETP is designed to track the performance of underlying assets, which are actually purchased and held by the issuer, providing a more direct investment pathway for investors.

Access to Trusted Blockchains

The Bitwise Physical XRP ETP aims to offer European investors a reliable means of gaining exposure to XRP through a physically backed product that ensures the underlying asset is held securely. Bitwise's co-founder and CEO, Hunter Horsley, has expressed excitement about providing investors with access to XRP and its accompanying ledger technology, highlighting their reputation as among the most trusted blockchains in the cryptocurrency industry.

Future of Bitwise's European Operations

In conjunction with the rebranding, Bitwise is undertaking a comprehensive overhaul of its entire European ETP portfolio as part of its long-term growth strategy. The company has reported impressive growth throughout 2024, with total client assets exceeding $10 billion. Moreover, there are plans to launch more institutional-grade crypto ETPs in the near future.

Continued Product Expansions

Bitwise has been on an expansion spree, recently launching its first Aptos staking ETP on November 12. Furthermore, the firm has filed an S-1 registration for an ETF that will be tied to Bitcoin (BTC) and Ether (ETH), which is set to debut on November 26. This continuous product development indicates Bitwise's commitment to meeting the evolving needs of investors.

Conclusion

Ripple’s investment in Bitwise’s rebranded XRP ETP marks a pivotal moment for the cryptocurrency market, particularly in Europe. As the sector continues to evolve and expand, collaborations like this are expected to pave the way for more institutional investors to engage with digital assets securely. With a robust portfolio and aspirations for growth, Bitwise seems well-positioned to become a leading player in Europe’s cryptocurrency investment landscape.

For more information about cryptocurrency investments and ETP offerings, visit Bitwise Investments.