Canadian investment firm 3iQ has announced the launch of a new ETF focused on XRP, now available for North American users.
Launch of XRP ETF
The 3iQ XRP ETF (XRPQ) began trading on the Toronto Stock Exchange (TSX) today, providing investors direct access to the fourth-largest cryptocurrency by market cap. The announcement stated that Ripple, the developer of the XRP Ledger and the XRP cryptocurrency, is an early investor in the fund. To mark the launch, the 3iQ team will ring the TSX's closing bell.
Availability and Benefits
The ETF debuts with a zero management fee for the first six months. It exclusively invests in long-term XRP positions acquired from reputable exchanges and OTC platforms, with all holdings stored in cold wallets. Pascal St-Jean, president and CEO of 3iQ, stated, "The launch of XRPQ marks another milestone in our mission to provide investors with convenient and cost-effective access to digital assets within a regulatory framework."
Market Competition for ETFs
The launch of this ETF coincides with another XRP-focused ETF launch from Purpose Investments, which also began trading this week. Meanwhile, the U.S. Securities and Exchange Commission has opened a public comment period for two proposed ETFs from Franklin Templeton, including the Franklin XRP ETF, aiming to list on the Cboe BZX Exchange. Although Bitcoin and Ether ETFs have already been approved, firms are now competing to launch the first spot ETFs for other major tokens like XRP and Solana.
The launch of the 3iQ XRP ETF highlights the growing institutional interest in cryptocurrencies within regulated products, offering new opportunities for investors.
