Canadian Asset Manager Seeks XRP ETF Approval
Purpose Investments has filed a preliminary prospectus with Canadian securities regulators for an XRP exchange-traded fund, aiming to become the first provider of a spot XRP ETF globally.Purpose’s History of Crypto ETF Innovation
Purpose Investments made history as the first issuer of spot Bitcoin and Ethereum ETFs in February and April 2021, respectively. With XRP gaining institutional interest, Purpose hopes to replicate its past success by offering a regulated investment vehicle for the cryptocurrency. The fund aims to provide long-term XRP exposure for investors seeking an alternative to direct crypto holdings.Competition With U.S. ETF Filings
Several asset managers have submitted applications for XRP ETFs in the U.S., including Grayscale, which seeks to convert its existing XRP Trust into a spot ETF. Other firms such as Bitwise, WisdomTree, Canary Capital, and 21Shares have also filed similar proposals. However, while the U.S. regulatory process remains uncertain, Canada has historically moved faster in approving crypto ETFs.Regulatory Landscape and Industry Expectations
While European markets already offer XRP exchange-traded products (ETPs), Canada’s more favorable regulatory environment positions Purpose Investments to potentially launch the first full-fledged XRP ETF. The pro-crypto stance of the Trump administration and the expected confirmation of a crypto-friendly SEC chair could accelerate approvals in the U.S. as well. If successful, the Purpose XRP ETF would provide another regulated pathway for institutional investors to gain exposure to the digital asset within a traditional financial framework.
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