Bitwise Asset Management has announced the rebranding of its European XRP exchange-traded product (ETP) as part of a strategic overhaul of its European product lineup.
The product, previously known as ETC Group Physical XRP, has been renamed the Bitwise Physical XRP ETP. This move comes alongside Ripple’s announcement of an investment in the product, underscoring XRP’s expanding presence in the global crypto market.
XRP’s Rising Adoption
XRP, the world’s fifth-largest cryptocurrency by market capitalization at over $80 billion, has seen a surge in adoption, particularly due to the growing utility of the XRP Ledger (XRPL).
The XRPL is celebrated for its speed, efficiency, and reliability, which have made it a preferred choice for financial services, especially in areas like cross-border payments, institutional DeFi, and real-world asset tokenization.
Expanding Access to XRP Through Institutional Offerings
The Bitwise Physical XRP ETP provides European investors with exposure to XRP through a fully physically backed product. Initially launched by the ETC Group in 2022, the ETP is issued under a prospectus approved by Germany’s financial regulator, ensuring a high level of institutional quality and compliance.
Hunter Horsley, CEO and Co-Founder of Bitwise, said, “XRP and the XRP Ledger are among the most familiar and trusted blockchains in crypto. With over a decade of reliability and continued innovation, XRPL stands out. We’re excited to offer investors access through our Bitwise Physical XRP ETP.”
Ripple CEO Brad Garlinghouse echoed these sentiments, noting that global interest in crypto-backed investment products has grown significantly in 2024. He cited the clarifying U.S. regulatory landscape as a catalyst for increased adoption of exchange-traded crypto products.
“XRP is uniquely positioned as one of the most valuable and utility-driven digital assets, making it a cornerstone for resilient, real-world utility investments,” he added.
Bitwise’s European Expansion and Crypto Growth
Bitwise’s move follows its August 2024 acquisition of the ETC Group, a crypto investment firm managing $1 billion in assets. The acquisition expanded Bitwise’s offerings to include various crypto-based ETPs, such as Bitcoin (BTCE), Ethereum with staking (ET32), and Solana (ESOL). The company has seen significant growth this year, reporting over $10 billion in client assets.
In November alone, Bitwise introduced new offerings like its first Aptos staking ETP and filed for an ETF tied to Bitcoin and Ether. This aggressive expansion reflects the company’s commitment to providing institutional-grade crypto investment products.
XRP’s Market Performance and Investor Sentiment
XRP’s recent price surge has further solidified its position as a leading cryptocurrency. The token is trading at $1.43, up over 8% in the past 24 hours, and has gained 27% in the last seven days. Last week, long-term XRP holders realized over $1.5 billion in profits as the cryptocurrency hit a three-year high.
While profit-taking is typical following a rally, it does not indicate a shift in long-term sentiment for XRP. Instead, it highlights the token’s resilience and growing utility, particularly as Ripple and Bitwise continue to strengthen their strategic initiatives.
By aligning their efforts, Ripple and Bitwise are paving the way for greater adoption of XRP through institutional-grade products, setting a place for the broader cryptocurrency market. The Bitwise Physical XRP ETP stands as a testament to XRP’s evolving role in the digital asset ecosystem.