This article covers several key developments in the crypto space, focusing on Ripple's substantial valuation, the launch of a new tokenized options fund by WisdomTree, and the NYSE listings of Bitwise's crypto index fund and Jack Mallers' Twenty One Capital.
Ripple Secures $40 Billion Valuation and Institutional Backing
Despite a prolonged legal battle with the U.S. SEC, Ripple, the blockchain-based payments company, secured a striking $40 billion valuation after raising $500 million.
- Key Investors: Affiliates of major Wall Street entities, including Citadel Securities, Fortress Investment Group, Brevan Howard, Pantera Capital, and Galaxy Digital.
- Deal Structure: Ripple reportedly secured commitments by offering investors substantial downside protection. Investors could sell shares back after three or four years for a guaranteed 10% annualized return, while Ripple retained the right to repurchase them at a 25% annualized return for the investors.
- Motivation: While Ripple is expanding into stablecoins (RLUSD market cap now over $1 billion), brokerage, and treasury management, sources suggest some backers were also motivated by expectations for a surge in the XRP token's performance.
Tokenized Funds and Institutional Convergence
Several moves highlight the growing convergence between traditional finance (TradFi) and blockchain technology:
- WisdomTree's Tokenized Fund: Asset manager WisdomTree launched the WisdomTree Equity Premium Income Digital Fund (EPXC/WTPIX), a tokenized fund that implements a complex "put-writing" options-income strategy. This offers volatility-wary investors onchain access to an options strategy modeled on the Volos US Large Cap Target 2.5% PutWrite Index.
- Bitwise NYSE Arca Listing: Bitwise Asset Management transitioned its 10 Crypto Index Fund (BITW) from the over-the-counter market to NYSE Arca. This move broadens its visibility, offers diversified exposure to the top 10 crypto assets (including BTC, ETH, SOL, and XRP), and aims to attract greater institutional participation.
Twenty One Capital Makes Public Debut
Jack Mallers' Bitcoin treasury company, Twenty One Capital, went public on the New York Stock Exchange (NYSE) under the ticker XXI following a merger.
- Holdings: The company holds more than 43,000 BTC, valued at nearly $4 billion.
- Significance: The listing marks a major step in the institutional adoption of digital assets, supported by backers like Cantor Fitzgerald, Tether, Bitfinex, and SoftBank.
Conclusion
The week's developments underscore the increasing institutional conviction in the crypto and blockchain space. Ripple's massive valuation, secured even after its regulatory challenges, signals Wall Street's willingness to bet on its future, often with a potential eye on the underlying XRP token. Simultaneously, the NYSE listings of Bitwise's index fund and Twenty One Capital, alongside the launch of WisdomTree's tokenized options strategy, indicate that institutional players are actively creating regulated, accessible, and often complex products to bridge TradFi capital with the digital asset economy. This trend points toward an ongoing, rapid institutionalization of the crypto market.
December 2025, Cryptoniteuae