Catenaa, Sunday, February 09, 2025 – Purpose Investments has filed a preliminary prospectus with Canadian regulators to launch the world’s first spot XRP exchange-traded fund (ETF), aiming to provide investors with a regulated, long-term exposure to the cryptocurrency.
The asset manager, known for introducing the first Bitcoin and Ethereum ETFs in Canada in 2021, seeks to replicate its past success by offering a regulated investment vehicle for XRP’s growing adoption.
The ETF, if approved, would allocate nearly all its holdings to long-term XRP investments.
“Our commitment to bridging traditional and decentralized finance remains strong,” said Som Seif, Purpose Investments’ CEO. “As XRP adoption rises, an ETF offers investors a transparent and familiar way to access it.”
While XRP exchange-traded products (ETPs) exist in various markets, this would be the first spot XRP ETF, a major milestone for institutional investment in the asset.
The filing comes amid a wave of crypto ETF applications following US regulatory shifts, including SEC Chair Gary Gensler’s resignation. Several US firms, including Grayscale, 21Shares, and Bitwise, have filed for XRP ETFs, though approval remains pending.
XRP’s price hit $3.20 on January 15, its highest since 2018, before settling at $3.09 by the month’s end, marking a 31% gain. Analysts predict an XRP ETF could draw up to $6 billion in investments, mirroring Ethereum ETF adoption rates.
