Collins J. Okoth
Asset management firm WisdomTree Investments launched the WisdomTree Physical XRP exchange-traded product (ETP) with the ticker symbol (XRPW). The product was launched on European exchanges, such as Deutsche Börse Xetra, SIX Swiss Exchange, and Euronext Paris and Amsterdam.
XRP has seen institutional interest after asset management firm WisdomTree launched a new exchange-traded product (ETP) listed on several major European exchanges. The product was listed on Deutsche Börse Xetra, Six Swiss Exchange, and Euronext in Paris and Amsterdam. The ETP offers investors physical exposure to the digital asset and has a management expense ratio of 0.50%.
WisdomTree launches XRP ETP in Europe
We’re excited to announce the launch of the WisdomTree Physical XRP ETP, now listed on Börse Xetra, SIX Swiss Exchange, and Euronext Paris and Amsterdam.
The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest… pic.twitter.com/30VAQVau8t
— WisdomTree in Europe (@WisdomTreeEU) November 21, 2024
According to WisdomTree, the ETP is Europe’s most competitively priced XRP offering. The financial product will expose investors to XRP’s spot price through an institutional-grade, physically backed structure.
WisdomTree announced that the product would be 100% physically backed by XRP, and the assets would be secured in cold wallets. The entity also intends to employ a dual custody model with regulated custodians. WisdomTree has nine cryptocurrency ETPs in its portfolio, covering major digital assets such as Bitcoin, Solana, Ethereum, and combined assets.
The news follows the rising possibility of an XRP ETF approval amid the ongoing bullish market sentiment. Ripple’s CEO, Brad Garlinghouse, explained that a Ripple ETF is inevitable. Institutions have already begun applying for the spot XRP ETFs, but none have been approved yet. Bitwise, a crypto asset management firm and ETF issuer filed for a Ripple ETF with the United States financial watchdog. The firm also acquired a European ETP issuer to enter the same market.
In November, 21Shares, an ETF issuer, also filed an S-1 document with the U.S. SEC for spot Ripple ETF. The asset manager became the third investment firm to apply for listing and trading shares of a spot XRP ETF after Bitwise and Canary Capital led with similar applications.
XRP’s recent performance has been significant. The asset is up 26.44% in the last 24 hours, adding to its seven-day gain of 75.45%. At the time of this publication, it claims the sixth position on CoinMarketCap’s list of the top crypto projects, with a market cap of $79.7 billion.
More asset managers go after altcoin spot ETFs
Institutional investors’ growing demand for altcoins has pushed asset management firms to apply for ETPs and ETFs. Recently, Solana has also appeared on the radar of institutional investors. Bitwise joined VanEck and Canary Capital in the race for Solana ETFs. The asset manager submitted S-1 forms with the U.S. regulator and incorporated CSC Delaware Trust Company as the offerings’ agent.
Trump’s incoming administration has boosted investor confidence in the crypto industry. SEC chair Gary Gensler announced he will be stepping down from his current role in the agency on January 20th, 2025. Gensler has received heavy backlash from the crypto community for his aggressive anti-crypto litigation.
His most notable dispute with the industry involved the years-long battle against Ripple for token issuance. When campaigning to the 50 million Americans in the crypto space, Trump promised to fire Gary Gensler on day one in office. With Gensler out of office, Ripple could be on track to winning its legal case against the commission.
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