Purpose Investments, the company behind the world’s first Bitcoin and Ether ETFs, is preparing to launch a new exchange-traded fund (ETF) focused on Ripple (XRP).
As per the announcement, the company has filed an initial application with Canadian regulators for Ripple ETF, which will invest primarily in XRP.
It aims to give investors long-term exposure to XRP and benefit from its potential price growth. This filing comes shortly after Purpose also applied for a spot in Solana ETF.
Som Seif, chief executive officer of Purpose Investments, said that as XRP becomes more popular and gains interest from institutions, there could be more demand for an investment product like an ETF. He added, “We believe an ETF can offer investors a transparent and familiar way to access it within a regulated framework.”
Several companies have also applied for the launch of XRP ETFs in the U.S., with recent changes in regulation making it easier for them to move forward.
Vlad Tasevski, Chief Innovation Officer, said this launch is another step toward making Purpose Investments a trusted leader in crypto and digital asset investments. He added that the company is committed to helping investors understand, access, and invest in crypto safely through regulated investment options.
Grayscale, CoinShares, and Bitwise are among the firms seeking approval for XRP ETFs. Other cryptos like Solana, Litecoin, and Dogecoin have also attracted ETF applications. These filings have increased following changes in leadership at the U.S. SEC, especially after former SEC chair Gary Gensler stepped down.
In February 2021, Purpose Investments launched its first Bitcoin ETF after getting approval from Ontario Securities.
Meanwhile, U.S. firms had to wait until January 2024 for similar approval. Since then, spot Bitcoin ETFs in the U.S. have grown rapidly, managing over $121 billion in assets.
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