- Canada’s Purpose Investments will launch the world’s first spot XRP ETF on June 18, offering direct crypto exposure through traditional accounts like TFSAs and RRSPs.
- The move increases pressure on U.S. regulators, where similar ETF applications remain pending amid ongoing legal battles.
In a major milestone for crypto-backed investment products, Canadian asset manager Purpose Investments has received regulatory approval to launch the world’s first spot XRP exchange-traded fund (ETF), signaling increasing institutional appetite for Ripple’s native token and intensifying pressure on U.S. regulators to follow suit.
The Purpose XRP ETF is slated to begin trading on the Toronto Stock Exchange on Wednesday, June 18, under the ticker symbol XRPP. It will offer investors direct exposure to XRP, the fourth-largest cryptocurrency by market capitalization, through traditional investment accounts including Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs).
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The Ontario Securities Commission (OSC) granted final approval Monday, following Purpose’s initial filing of a preliminary prospectus in January. The fund will be available in three formats: CAD-hedged (XRPP), CAD unhedged (XRPP.B), and USD-denominated units (XRPP.U).
“This approval shows that Canada continues to lead globally in giving investors safe and regulated access to digital assets,” said Vlad Tasevski, Chief Innovation Officer at Purpose Investments. “We’re proud to push the boundaries of what’s possible in the space.”
This is not the firm’s first pioneering move in the crypto ETF arena. Purpose made headlines in 2021 when it launched the world’s first spot Bitcoin ETF, a product that only received U.S. approval years later. With the XRP ETF, the firm is once again ahead of American financial institutions, which are still awaiting green lights from U.S. regulators.
Ripple, the company behind XRP, has seen renewed investor interest amid legal developments in its ongoing battle with the U.S. Securities and Exchange Commission (SEC). While XRP is already accessible through futures products and international ETFs—like Hashdex’s spot XRP ETF on Brazil’s B3 exchange—no U.S. equivalent currently exists.
Several American firms, including Bitwise, Grayscale, WisdomTree, and Franklin Templeton, have filed for SEC approval of spot XRP funds, but none have advanced past the preliminary stages. The Canadian launch could act as a catalyst, increasing pressure on the SEC to accelerate its review process, especially given growing institutional demand and the precedent set by the approval of spot Bitcoin ETFs earlier this year.