Canadian investment firm Purpose Investments has announced the launch of a spot XRP ETF following regulatory approval. This fund offers investors a secure means of access to the fourth-largest cryptocurrency.
Launch of XRP ETF in Canada
According to a press release on June 16, the Purpose XRP ETF will begin trading on the Toronto Stock Exchange on June 18 under the XRPP ticker. This marks the first spot XRP fund approved in North America. Purpose Investments filed its preliminary prospectus for the fund on January 31, working to become the world's first XRP ETF issuer. The Ontario Securities Commission (OSC) recently granted the final prospectus receipt, the last step before a fund can start trading.
Institutional Investor Interest
The Purpose XRP ETF will be available in three versions: CAD-hedged (XRPP), CAD non-hedged (XRPP.B), and US dollar (XRPP.U). Vlad Tasevski, Chief Innovation Officer at Purpose Investments, noted that the approval signifies Canada's lead in providing safe access to crypto assets. He stated, 'We are proud to continue pushing the boundaries of what’s possible in the space by offering investors simple, secure access to the infrastructure powering real-world blockchain adoption.'
US Market and XRP ETF Status
The imminent launch of Purpose Investment’s spot XRP ETF puts pressure on the United States, where no spot XRP fund exists despite XRP being created by a US-based company. Ripple, the company most closely associated with XRP, has recently made some progress in its legal battle with the SEC. According to Bloomberg analysts, the likelihood of an XRP ETF approval in the US in 2025 is currently estimated at 85% due to changes in leadership at the SEC.
The launch of the Purpose XRP ETF highlights the growing interest in cryptocurrencies from institutional investors and narrows the gap between advanced markets like Canada and the US in terms of investment products based on cryptocurrency.
