Ripple invests in Bitwise XRP ETP amid European expansion

Ripple (CRYPTO:XRP) has announced plans to invest in the rebranded Bitwise XRP exchange-traded product (ETP) as Bitwise strengthens its presence in Europe.

On November 7, Bitwise revealed it would rebrand its European XRP ETP, formerly known as ETC Group Physical XRP, to Bitwise Physical XRP ETP, retaining the ticker GXRP.

This move follows Bitwise's acquisition of the ETC Group in August, a crypto investment firm managing $1 billion in assets, including Bitcoin (CRYPTO:BTC) ETP (BTCE) and Ethereum (CRYPTO:ETH) with staking (ET32).

The Bitwise Physical XRP ETP aims to provide European investors with direct exposure to XRP through a physically backed product holding the underlying asset.

"We're thrilled to be providing access for investors through an institutional quality product with the Bitwise Physical XRP ETP (GXRP)," remarked Hunter Horsley, co-founder and CEO of Bitwise Asset Management.

As part of its European expansion, Bitwise plans to rebrand its entire European ETP portfolio.

The company reported substantial growth in 2024, with over $10 billion in total client assets, and intends to launch additional institutional-grade crypto ETPs.

Recent product launches include an Aptos (CRYPTO:APT) staking ETP and filings for ETFs tied to Bitcoin and Ether.

Ripple’s investment in GXRP is seen as a strategic move to align with the rising demand for crypto-backed products.

"With the U.S. regulatory environment for crypto finally becoming more clear, this trend is poised to accelerate, further driving demand for crypto ETPs, such as the Bitwise Physical XRP ETP," stated Ripple CEO Brad Garlinghouse.

At the time of reporting, the XRP price was $1.47.