Ripple Expands European Presence With Bitwise Physical XRP ETP Investment

YEREVAN (CoinChapter.com) — Ripple has invested in the rebranded Bitwise Physical XRP exchange-traded product (ETP), strengthening its presence in the European crypto market. The product, previously known as the ETC Group Physical XRP ETP, retains its GXRP ticker despite the rebranding.

Bitwise Asset Management acquired ETC Group in August, securing a portfolio worth $1 billion in assets. These include crypto-backed products like Bitcoin ETP (BTCE), Ethereum staking ETP (ET32), and Solana ETP (ESOL). The company aims to build on this foundation to meet growing institutional demand across Europe.

The Bitwise Physical XRP ETP is physically backed, with the issuer holding the actual XRP assets. This structure offers transparency and positions it as a secure option for institutional investors.

XRP Investment Gains Momentum Among Institutional Investors

Hunter Horsley, CEO of Bitwise, highlighted the significance of XRP and the XRP Ledger in the crypto ecosystem. He remarked,

“XRP and the XRP Ledger are among the most familiar and trusted blockchains in crypto. XRPL is unique with over 10 years of track record in reliability, while continuing to expand in capabilities. We’re thrilled to be providing access for investors through an institutional quality product with the Bitwise Physical XRP ETP (GXRP).”

The rebranding of GXRP aligns with Bitwise’s broader strategy to meet rising demand for crypto-backed products.

Ripple CEO Brad Garlinghouse emphasized the increasing interest in institutional crypto investments globally. He noted that regulatory clarity in the U.S. is encouraging further adoption of products like the Bitwise Physical XRP ETP. However, Ripple did not disclose the financial terms of its investment.

Bitwise Expands, WisdomTree XRP ETP Gains Ground in Europe

Bitwise reported significant growth in 2024, managing over $10 billion in client assets. As part of its expansion, the company introduced new products like the Aptos Staking ETP and filed an S-1 registration for a Bitcoin and Ether ETF in the U.S.

Similar products are gaining traction in Europe. For example, Global asset manager Wisdomtree launched the Wisdomtree Physical XRP ETP, which is listed on platforms like Deutsche Börse Xetra and Euronext.