Crypto ETF issuer Bitwise rebrands XRP ETP with Ripple’s backing

Bitwise Asset Management unveiled a rebranding of its European XRP ETP, with blockchain firm Ripple backing the newly renamed product.

Bitwise announced Wednesday that it’s rebranding its European XRP exchange-traded product as part of a broader update to its European product suite. In a press release on Nov. 27, the firm said the ETP is now called the Bitwise Physical XRP ETP (GXRP). At the same time, blockchain firm Ripple revealed it would be investing in the rebranded product, though the size of the deal remains undisclosed.

Launched in 2022, the Bitwise Physical XRP ETP is a fully-backed, institutional-grade vehicle designed to provide European investors with exposure to XRP. The product is issued under a prospectus approved by Germany’s financial regulator.

Commenting on the rebranding, Ripple chief executive officer Brad Garlinghouse noted that with the U.S. regulatory environment for crypto finally “becoming more clear,” global demand for crypto exposure “is poised to accelerate, further driving demand for crypto ETPs […].”

Bitwise continues to expand its services, now managing $10 billion in total client assets. The firm recently made headlines with its acquisition of European ETP issuer ETC Group and its purchase of Attestant, a non-custodial Ethereum staking service.

In addition to the latest development, Bitwise recently also proposed a Bitcoin-Ethereum-based mixed crypto ETF to U.S. regulators. According to an S-1 filing with the Securities and Exchange Commission on Nov. 26, the firm aims to introduce a fund that balances exposure between Bitcoin and Ethereum. The new ETF would give investors a balanced portfolio of the two leading cryptocurrencies, which are expected to be “a huge hit with investors,” according to Bitwise CIO Matt Hougan.