WisdomTree has introduced a physical XRP ETP with the XRPW symbol on prominent European exchanges.
WisdomTree Investments, an asset management firm, has introduced the WisdomTree Physical XRP exchange-traded product (ETP) under the ticker symbol (XRPW). The commodity was introduced on European exchanges, including Deutsche Börse Xetra, SIX Swiss Exchange, and Euronext Paris and Amsterdam.
Institutional interest in XRP has increased as a result of the recent listing of a new exchange-traded product (ETP) by asset management firm WisdomTree on numerous key European exchanges. The product was listed on Deutsche Börse Xetra, Six Swiss Exchange, and Euronext in Paris and Amsterdam. The ETP provides investors with physical exposure to the digital asset and a management expense ratio of 0.50%.
The ETP is Europe’s most competitively priced XRP offering, as per WisdomTree. Through an institutional-grade, materially supported structure, the financial product will provide investors with access to the current price of XRP.
WisdomTree declared that the product would be entirely supported by XRP and that the assets would be safeguarded in cold wallets. Additionally, the organization plans to implement a dual custody model that includes regulated custodians. WisdomTree maintains a portfolio of nine cryptocurrency ETPs, which encompass significant digital assets including Bitcoin, Solana, Ethereum, and combined assets.
The news is in response to the increasing likelihood of an XRP ETF approval in the context of the persistently optimistic market sentiment. Brad Garlinghouse, the CEO of Ripple, stated that a Ripple ETF is inevitable. Institutions have already commenced the application process for spot XRP ETFs; however, none have been approved as of yet. Bitwise, a crypto asset management firm and ETF issuer, submitted an application for a Ripple ETF to the United States financial monitor. Additionally, the organization acquired a European ETP issuer in order to access the same market.
Additionally, in November, 21Shares, an ETF issuer, submitted an S-1 document to the U.S. Securities and Exchange Commission (SEC) for a spot Ripple ETF. The asset manager became the third investment firm to submit an application for the listing and trading of shares of a spot XRP ETF, following Bitwise and Canary Capital, which had submitted identical applications.
The most recent performance of XRP has been substantial. The asset has experienced a 26.44% increase in the past 24 hours, which is in addition to the 75.45% gain it has experienced over the past seven days. At the time of this publication, it occupies the sixth spot on CoinMarketCap’s list of the most important crypto ventures, with a market capitalization of $79.7 billion.
Asset management firms are increasingly applying for ETPs and ETFs in response to the increasing demand for altcoins from institutional investors. Institutional investors have also recently become aware of Solana. In the pursuit of Solana ETFs, Bitwise joined VanEck and Canary Capital. The asset manager submitted S-1 forms to the U.S. regulator and established CSC Delaware Trust Company as the offerings’ agent.
