XRP News Today: Purpose Investments Launches First North American XRP ETF

Purpose Investments, a prominent Canadian asset manager, has secured final regulatory approval to launch the Purpose XRP ETF. This groundbreaking development marks a significant milestone in the digital asset landscape, as the ETF is set to begin trading on the Toronto Stock Exchange on June 18, 2025. The fund will be available under the tickers XRPP (CAD-hedged), XRPP.B (CAD), and XRPP.U (USD), offering investors direct exposure to spot XRP, the native token of the XRP Ledger. This decentralized, open blockchain facilitates fast and cost-effective cross-border payments, making it an attractive option for investors seeking to capitalize on the growth of digital assets within a regulated framework.

The Purpose XRP ETF is designed to provide investors with a transparent and familiar way to access XRP, aligning with the company's goal of broadening access to digital assets through regulated and transparent investment vehicles. Som Seif, CEO of Purpose Investments, emphasized the ETF's potential to offer investors a secure and regulated means to profit from the digital asset's growth. Vlad Tasevski, Chief Innovation Officer at Purpose Investments, highlighted Canada's leadership in building a regulated digital asset ecosystem, stating that the approval reinforces the country's position as a global leader in this space.

This marks the third spot XRP ETF globally, following earlier launches by Hashdex in Brazil and 21Shares in Switzerland. It is also the first of its kind in North America, adding more trust and access to this crypto as an investment. The ETF will be eligible for tax-friendly accounts like TFSAs and RRSPs, making it an appealing alternative for both retail and institutional investors in Canada. It is also available in distinct currency options like CAD and USD, making it flexible for investors with different requirements.

The approval of the Purpose XRP ETF comes at a time when there is a surge in interest in XRP ETF filings. XRP has surpassed many altcoins, including Solana, Dogecoin, and Litecoin, in terms of ETF filings. This increased interest is driven by several factors, including the resignation of former SEC Chair Gary Gensler, the crypto-friendly stance of the Trump administration, and Ripple's legal victory against the SEC. The legal battle between Ripple and the SEC has been a significant factor in the increased interest in XRP ETFs, with the two parties agreeing on a $50 million settlement in March. However, the agreement faced a temporary hurdle in May when Judge Analisa Torres rejected a joint motion to amend the final judgment. Ripple and the SEC filed a second joint motion on June 12, asking Judge Torres to lift the XRP sales ban to institutions and reduce the $125M fine. The regulator must submit a procedural status report to the U.S. Court of Appeals by June 16.

In the U.S., several firms have filed for XRP ETFs, including Grayscale Investments, Franklin Templeton, CoinShares, Bitwise, and ProShares. Grayscale Investments applied on January 30 to convert its existing XRP trust into an ETF, while Franklin Templeton filed for a spot XRP ETF on March 11, aiming to track the spot price of XRP, with assets held by Coinbase Custody. The SEC is set to review the application on June 17. CoinShares and Bitwise also submitted their own XRP ETF applications around the same time, with ProShares requesting a final decision by June 25. If approved, the regulator won’t be able to delay ProShares’ ETF beyond that date.

This ETF by Purpose provides direct exposure to spot XRP. It means investors can hold the real asset of the XRP ledger, not just the futures or other kind. The approval of the Purpose XRP ETF is a significant development that underscores the growing acceptance of digital assets in the financial markets. It provides investors with a regulated and transparent way to access XRP, aligning with the company's goal of broadening access to digital assets. The increased interest in XRP ETF filings is driven by several factors, including the resignation of former SEC Chair Gary Gensler, the crypto-friendly stance of the Trump administration, and Ripple's legal victory against the SEC. The approval of the Purpose XRP ETF in Canada is a significant development that underscores the growing acceptance of digital assets in the financial markets. It provides investors with a regulated and transparent way to access XRP, aligning with the company's goal of broadening access to digital assets.