Purpose Investments, a Canadian asset manager, has filed a preliminary prospectus to launch the world's first spot XRP ETF on the Toronto Stock Exchange, outpacing competitors in the US.
Emergence of Canadian XRP ETF
Purpose Investments is hoping Canada will be the first to approve an XRP ETF as they believe such a fund can enable investors to profit from XRP's growth in a regulated manner. CEO Som Seif stated that increasing institutional interest and adoption of XRP makes the launch of an ETF increasingly necessary.
Grayscale's Battle for US Approval
Meanwhile, in the US, Grayscale Investments has applied to convert its existing Trust into an ETF on the New York Stock Exchange, choosing Coinbase Custody Trust Company as its official custodian. Despite the hurdles in getting approval, the new SEC leadership offers renewed optimism.
Newcomers in the XRP ETF Race
European company CoinShares and Bitwise Asset Management are also seeking to launch their own XRP ETFs. They started their procedures in early January 2025 but have not disclosed much information. Canada's swift moves threaten that the US might fall behind.
The ETF market for XRP is rapidly evolving, and Canada might become the first nation to approve a spot XRP ETF. Under the new SEC leadership, crypto exchanges are hopeful for favorable regulatory changes.
