In a latest update, Purpose Investments Inc., known for launching the world’s first Bitcoin and Ether ETFs, has filed a preliminary prospectus with Canadian securities regulators for the proposed launch of Purpose Ripple ETF.
Purpose Investments To Launch First XRP ETF
The fund manager with more than $23 billion in assets under management, is preparing to launch the first XRP ETF globally. Notably, the Purpose Ripple ETF plans to invest substantially all of its assets in long-term holdings of Ripple (XRP) and aims to offer ETF holders the opportunity for long-term capital growth.
Som Seif, founder and CEO of Purpose Investments, stated that the company is dedicated to innovating and connecting traditional finance with decentralized finance. He believes that as XRP gains more adoption and institutional interest, an ETF would provide investors with a clear and regulated way to invest in it.
Vlad Tasevski, Chief Innovation Officer, emphasized that the launch of the Purpose Ripple ETF is a significant milestone in their mission to be the top trusted partner for investors seeking to benefit from crypto and digital assets. “We remain committed to providing exposure to transformative digital assets and blockchain technologies through regulated investment vehicles,” he added.
Multiple Firms File for ETFs
Several asset management firms have filed with the U.S. SEC to launch spot XRP ETFs, awaiting regulatory approval. Grayscale has applied to convert its XRP Trust into a spot XRP ETF, while Bitwise, Canary Capital, WisdomTree, and 21Shares have also submitted proposals. Besides, several other applications for Solana and Litecoin ETFs have also been filed in the U.S.
While U.S. funds were the first to file for crypto ETFs, but Canada typically approves them faster. Purpose’s efforts have benefited from this. With the new pro-crypto Trump administration and likely crypto-friendly SEC Chair Paul Atkins, the U.S. approval process for crypto ETFs may speed up.
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