Toronto-based asset manager Purpose Investments is set to launch a spot XRP exchange-traded fund (ETF) in Canada this week after obtaining regulatory approval, giving investors direct, secure exposure to the fourth-largest cryptocurrency by market capitalization through traditional investment accounts such as TFSAs and RRSPs. Purpose Investment’s Spot XRP ETF To Go Live Tomorrow According to a June 16 press release, the Purpose XRP ETF will begin trading on the Toronto Stock Exchange on Wednesday, June 18, under the XRPP ticker. This will mark the first spot XRP fund greenlighted in North America. Purpose Investments initially filed its preliminary prospectus for its spot XRP fund in Canada on Jan. 31, in a bid to become the world’s first XRP ETF issuer. The Ontario Securities Commission (OSC) recently granted a “final prospectus receipt,” the last essential step before a fund can start trading, per the Monday announcement. The Purpose XRP ETF, introduced amidst growing institutional interest in XRP, will be available in three versions: CAD-hedged (XRPP), CAD non-hedged (XRPP.B), and US dollar (XRPP.U) units. Commenting on the forthcoming launch, Vlad Tasevski, Chief Innovation Officer at Purpose Investments, noted that the approval indicates that Canada is ahead of many other nations in offering investors safe, compliant access to crypto assets like XRP. “We’re 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,” Tasevski said in a statement. As you may recall, Purpose in 2021 introduced in Canada the world’s first spot Bitcoin exchange-traded fund, years before the product’s greenlighting in the U.S. US Still Without XRP ETF Despite Growing Market Optimism 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 firm most closely associated with XRP, has recently made some progress on resolving its legal showdown with the US Securities and Exchange Commission. Similar spot and futures-based XRP investment vehicles are already trading in other jurisdictions. Hashdex, for instance, debuted its spot XRP ETF on B3, the Brazilian stock exchange, in April. Meanwhile, U.S.-based firms, including Bitwise, WisdomTree, Franklin Templeton, and Grayscale, have all submitted paperwork for spot XRP fund approval with the SEC. According to Bloomberg analysts, the likelihood of an XRP ETF approval in the US in 2025 is currently at 85% amid a crypto-friendly SEC chairman after Gary Gensler’s exit.
