Ripple invests in Bitwise’s rebranded Physical XRP ETF

Ripple, the blockchain giant, is backing Bitwise Asset Management’s revamped Physical XRP ETP, now trading under the ticker GXRP. The rebranding is part of Bitwise’s overhaul of its European product line following its August acquisition of the ETC Group.

This physically backed exchange-traded product offers European investors direct access to XRP. It was originally launched in 2022 and operates under a prospectus approved by BaFin, Germany’s financial regulator.

Ripple CEO Brad Garlinghouse pointed out that demand for crypto investment vehicles has exploded in 2024. He called XRP “one of the most valuable, liquid, and utility-driven digital assets,” pointing to its real-world use in cross-border payments and tokenization.

Bitwise plans aggressive European expansion

Since acquiring the ETC Group, Bitwise has been aggressively reshaping its portfolio to cater to growing institutional interest. The rebranding of GXRP is part of a larger strategy that includes launching innovative products like the Bitwise Aptos Staking ETP, which began trading on the SIX Swiss Exchange on November 19.

Additionally, Bitwise has filed a Form S-1 with the SEC, signaling plans to launch an XRP spot ETF in the U.S. The company has seen remarkable growth in 2024, crossing $10 billion in total client assets. CEO Hunter Horsley credited XRP’s decade-long track record and reliability.

“XRPL is unique with over 10 years of track record in reliability, while continuing to expand in capabilities,” Horsley said.

Bitwise’s timing couldn’t be better. Ripple’s recent win in regulatory clarity and XRP’s price surge have created an ideal market environment. XRP’s value has skyrocketed 190% in the last month, reaching $1.50, its highest level in three years.

The surge came after Donald Trump’s presidential win, as investors bet on friendlier crypto regulations under his administration.

Ripple’s strategy includes regulatory lobbying and launching new products

The company has been busy on multiple fronts, from regulatory lobbying to launching new products. Ripple recently contributed $25 million to the pro-crypto Fairshake Super PAC, its third donation this year.

Another major move is Ripple’s preparation to launch RLUSD, its first stablecoin. Pending approval from the New York Department of Financial Services (NYDFS), RLUSD is designed for international payments and tokenization of real-world assets.

Ripple is already working with many exchanges for RLUSD’s rollout and has formed an advisory board to ensure compliance. The company continues to expand its partnerships, securing licenses in key jurisdictions like Dubai.

Meanwhile, XRP’s recent market activity has kept traders buzzing. On November 7, Ripple moved 470 million XRP, worth $250.4 million, to an unidentified wallet. Such large transfers are common as Ripple supports operations and liquidity for its On-Demand Liquidity (ODL) services.

XRP’s meteoric rise has also triggered profit-taking among investors. Over $1.5 billion in profits were realized in just one week, coinciding with a 6% dip in XRP’s price on November 26.

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