As a seasoned financial analyst with over two decades of experience under my belt, I find the recent developments at Bitwise Asset Management particularly intriguing. The rebranding of their European XRP ETP, backed by Ripple, signals a strategic move that could potentially capitalize on the growing demand for crypto exposure in Europe.
Bitwise Asset Management has revealed a rebranding for its European XRP Exchange-Traded Product (ETP), now supported by blockchain company Ripple, under its new name.
On Wednesday, Bitwise unveiled plans to rename its European XRP exchange-traded product as part of a wider overhaul of their European product lineup. In a statement issued on November 27th, the company revealed that the ETP is now known as the Bitwise Physical XRP Exchange-Traded Product (GXRP). Simultaneously, blockchain company Ripple announced they will be investing in the revamped product; however, the specifics of the investment deal have yet to be disclosed.
As a researcher, I’m excited to share that in 2022, I was involved in the debut of the Bitwise Physical XRP ETP. This innovative product serves as a reliable investment vehicle for institutions and European investors alike, offering direct exposure to the digital asset XRP. Notably, this product is fully-backed and adheres to institutional-grade standards. It’s important to mention that it operates under a prospectus approved by Germany’s financial regulatory body.
Speaking about the rebranding, Ripple’s CEO, Brad Garlinghouse, mentioned that as the U.S. regulatory landscape for cryptocurrency becomes more defined, global interest in cryptocurrencies is expected to increase at a faster pace, leading to an upward trend in the demand for crypto Exchange-Traded Products (ETPs).
Continuing its growth trajectory, Bitwise currently oversees approximately $10 billion worth of client assets. Recently grabbing attention, the firm has completed acquisitions such as the European ETP issuer ETC Group and Attestant – a provider of non-custodial Ethereum staking services.
As an analyst, I’m excited to share that in addition to the recent advancements, my team at Bitwise has also proposed a groundbreaking Bitcoin-Ethereum mixed ETF to U.S. regulators. In a filing with the Securities and Exchange Commission on Nov 26th, we outlined our intention to introduce a fund that provides a well-balanced exposure between Bitcoin and Ethereum. This innovative ETF would offer investors a diversified portfolio of these two leading cryptocurrencies. According to our Chief Investment Officer, Matt Hougan, this unique blend could potentially strike a chord with many investors.
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2024-11-27 12:50