🚀 Ripple's Strategic Investment in Bitwise ETP Highlights XRP's Growing Institutional Demand
💼 Ripple has made a significant move by investing in the rebranded Bitwise Physical XRP exchange-traded product (ETP), emphasizing its commitment to enhancing XRP's accessibility in institutional markets. This decision comes as XRP's market value surpasses $80 billion, showcasing its increasing importance in the cryptocurrency landscape.
📈 Ripple's CEO, Brad Garlinghouse, pointed out the surge in global demand for crypto assets in 2024, driven by a clearer regulatory environment in the U.S. He stated,
Global demand for exposure to the crypto asset class has exploded in 2024, fueled by a growing interest in crypto-backed investment offerings.
This trend is expected to accelerate, further boosting the demand for crypto ETPs like the Bitwise Physical XRP ETP.
💪 The investment aligns with Ripple's strategy to leverage XRP's liquidity, utility, and trustworthiness. Garlinghouse highlighted XRP's significance as
one of the most valuable, liquid, and utility-driven digital assets.
🔄 In conjunction with Ripple's investment, Bitwise Asset Management has renamed its European XRP ETP to Bitwise Physical XRP ETP as part of its strategic portfolio realignment. CEO Hunter Horsley commended XRP and its blockchain, the XRP Ledger (XRPL), for their reliability and evolving capabilities over the past decade. He remarked,
XRP and the XRP Ledger are among the most familiar and trusted blockchains in crypto.
🌍 This development follows Bitwise's acquisition of ETC Group in August and its subsequent expansion in Europe. The firm now manages over $10 billion in client assets and has launched products like the Bitwise Aptos Staking ETP on the Six Swiss Exchange.
📊 As institutional interest in cryptocurrencies grows, XRP ETFs are gaining traction. Global asset manager Wisdomtree has filed to establish a Delaware statutory trust for an XRP ETF in the U.S. and has introduced the Wisdomtree Physical XRP ETP in Europe, listed on major exchanges like Deutsche Börse Xetra and Euronext. These developments reflect a broader trend of increasing confidence in XRP's utility and market stability amid evolving regulatory clarity.
