The Canadian asset manager Purpose Investments has submitted a proposal to launch an XRP exchange-traded fund (ETF). The company filed a preliminary prospectus with the Canadian watchdog to introduce the proposed spot ETF.
Notably, Purpose Investments made history by being the first to introduce both Bitcoin and Ether ETFs. If approved, the platform will launch the world’s first XRP ETF.
Purpose Investments To Launch XRP ETF
In a recent press release, the Canadian–based investment firm submitted a preliminary prospectus to the securities regulators to launch Purpose Ripple ETF. The fund manager which reportedly overseas over $23 billion in assets is preparing to launch the first XRP ETF globally.
Significantly, Purpose Investments founder Som Seif uncovered the platform’s vision of offering an Ripple product. Seif stated,
At Purpose, we remain steadfast in our commitment to innovation and to bridging the gap between traditional and decentralized finance. As XRP sees increasing adoption and institutional interest, we believe an ETF can offer investors a transparent and familiar way to access it within a regulated framework.
Expanding Access to Digital Assets
It is important to note that Purpose Investments focuses on merging traditional finance with the evolving decentralized finance and blockchain technology. In addition, the platform intends to make crypto benefits accessible globally.
Vlad Tasevski, the Chief Innovation Officer at Purpose Investments, stated that the company aims to make the public familiar with crypto, making them understand, access, and invest in digital assets. Tasevski added, “We remain committed to providing exposure to transformative digital assets and blockchain technologies through regulated investment vehicles.”
In a recent development, Grayscale filed a 19b-4 form with the NYSE to transform its existing XRP Trust into a publicly traded ETF. BlackRock is also expected to enter the fray, with speculation mounting that the asset management giant will soon file its own an ETF application for XRP.
Will US Regulators Approve XRP ETF?
The possibility of an XRP ETF in the United States is a long-standing question, mainly due to the ongoing Ripple-SEC lawsuit. Though Judge Analisa Torress ruled in favor of Ripple twice, an ultimate resolution in the case is still pending. Purpose Investments’ recent move has further fueled speculations of a potential XRP ETF launch in the US.
However, as Ripple Labs President Monica Long previously stated, a spot ETF could “be a reality” under the Donald Trump administration. Trump’s crypto-focused policies and Gary Gensler’s resignation have sparked optimism about the Ripple lawsuit, potentially paving the way for an Ripple ETF approval.
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