Purpose Investments to launch XRP spot ETF on June 18

Key Takeaways

Purpose Investments will launch the Purpose XRP ETF on the Toronto Stock Exchange on June 18, providing spot XRP exposure.
The ETF, trading under ticker XRPP, will offer CAD-hedged, CAD non-hedged, and US dollar units for investors.

Purpose Investments, the firm behind the world’s first spot Bitcoin ETF, is launching the Purpose XRP ETF on the Toronto Stock Exchange on Wednesday, June 18, offering investors direct exposure to spot XRP, the native token of the XRP Ledger, according to a June 16 press release.

The fund will trade under the ticker XRPP and will be available in three versions: CAD-hedged (XRPP), CAD non-hedged (XRPP.B), and US dollar (XRPP.U) units. Investors are eligible to hold the ETF in registered accounts such as TFSAs and RRSPs.

Commenting on the upcoming launch, Vlad Tasevski, Chief Innovation Officer at Purpose Investments, said the approval shows Canada is ahead of many other countries in offering investors safe, compliant access to digital 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.

Purpose Investments filed to launch the first spot XRP ETF in Canada in January this year.

The Purpose XRP ETF, introduced amidst growing institutional interest in XRP, aims for capital appreciation through direct holdings of crypto.

The move follows previous launches of Bitcoin and Ether ETFs by Purpose Investments, as part of their efforts to make crypto assets more accessible to traditional investors through regulated, familiar investment vehicles.