Purpose Investments Launches Canada's First Spot XRP ETF on TSX
Purpose Investments secures OSC approval for Canada's first spot XRP ETF, launching on TSX, offering investors direct XRP exposure.
Purpose Investments Inc. has achieved a significant milestone by obtaining final regulatory approval from the Ontario Securities Commission (OSC) to launch the Purpose XRP ETF. Set to begin trading on the Toronto Stock Exchange (TSX) on Wednesday, June 18, under the ticker XRPP, this ETF marks Canada's first spot XRP exchange-traded fund, providing investors with direct exposure to XRP, the native token of Ripple. Ripple is a blockchain platform renowned for facilitating fast and cost-effective cross-border payments.
The introduction of the Purpose XRP ETF is a noteworthy addition to Purpose's suite of digital asset offerings, following its successful launch of spot Bitcoin and Solana ETFs. Vlad Tasevski, the chief innovation officer at Purpose, emphasized the significance of this development, stating that the OSC's approval underscores Canada's global leadership in creating a regulated digital asset ecosystem.
The Purpose XRP ETF will be available in three formats: CAD-hedged (XRPP), CAD non-hedged (XRPP.B), and US dollar (XRPP.U) units. Investors have the flexibility to hold the ETF in registered accounts such as Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs), offering tax advantages and simplifying access to XRP without the complexities of managing private wallets. The ETF’s structure is designed to track XRP's price movements while accounting for management fees, presenting a straightforward investment opportunity for both retail and institutional investors.
Canada's proactive stance on crypto ETFs stands in contrast to slower regulatory developments in other regions, notably the United States, where applications for XRP ETFs are still under review. Several firms, including CoinShares, Bitwise, and ProShares, have filed for XRP ETFs in the U.S., with decisions anticipated in 2025. The regulatory climate in the U.S. has become more favorable under President Donald Trump’s administration, leading to new filings, including a combined Bitcoin-Ether ETF.
Ripple's recent legal victory against the U.S. Securities and Exchange Commission (SEC), culminating in a $50 million settlement, has further fueled optimism for U.S.-based XRP ETFs. Research by Kaiko highlights that XRP has attracted more ETF filings than other altcoins, indicating strong market interest. Additionally, Grayscale’s XRP Trust offers indirect exposure to XRP in the U.S., with speculation about potential conversion to an ETF if regulatory conditions improve.
The launch of the Purpose XRP ETF on the TSX not only reinforces Canada’s leadership in the digital asset space but also provides investors with a regulated avenue to tap into the growing demand for cryptocurrency exposure.