Purpose Investments received regulatory approval to launch the Purpose XRP ETF

Canadian asset manager Purpose Investments has received final regulatory approval to launch the Purpose XRP ETF. The fund will begin trading on the Toronto Stock Exchange on June 18 under tickers XRPP (CAD-hedged), XRPP.B (CAD), and XRPP.U (USD).

The firm said the ETF offers direct exposure to spot XRP and will be eligible for registered accounts such as TFSAs and RRSPs. Purpose said it hopes the approval will help the company continue to broaden access to digital assets through regulated and transparent investment vehicles.

Purpose XRP ETF launches on the Toronto Stock Exchange

🚨 JUST IN: Purpose Investments may have received its final prospectus receipt, potentially clearing the way to launch its $XRP ETF. pic.twitter.com/P3uZx81w7V

— John Squire (@TheCryptoSquire) June 16, 2025

Purpose Investments has advanced its digital asset investing in Canada after it received approval for the Purpose XRP ETF. According to the asset management company, the ETF will offer investors direct exposure to spot XRP, the native token of the XRP Ledger – a decentralized, open blockchain that facilitates fast and cost-effective cross-border payments.

CEO of Purpose Investments, Som Seif, said in January that he believes the ETF can offer investors a transparent and familiar way to access it within a regulated framework. He also revealed that the XRP ETF will hold long-term Ripple assets and give investors an easy, regulated way to profit from the digital asset’s growth.

“The OSC’s granting of a receipt for the Purpose XRP ETF prospectus reinforces Canada’s global leadership in building a regulated digital asset ecosystem. 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.”

–Vlad Tasevski, Chief Innovation Officer at Purpose Investments.

Regarding ETF filings, XRP has surpassed many altcoins, including Solana, Dogecoin, and Litecoin. According to research by Kaiko, the digital asset has more ETF filings than any other altcoin, showcasing a surge in interest. According to data from Polymarket, the odds for a spot XRP ETF approval surged to 98% in early June and have slightly dipped to 88% this week. 

Canada leads the U.S. with approval of XRP ETF

In the U.S., Grayscale Investments applied on January 30 to convert its existing XRP trust into an ETF. On May 20, the U.S. Securities and Exchange Commission delayed deciding on the ETF while it sought public comments and began proceedings to allow for additional analysis of the proposals to ensure they meet regulatory standards.

Bloomberg ETF analyst James Seyffart argued that the delay was expected because the regulator takes a lot of time to respond to a 19b-4 filing. He also noted that all other XRP ETF filings have final due dates in October and believes an early decision would be “out of the norm.”

Franklin Templeton also filed for a spot XRP ETF on March 11, aiming to track the spot price of XRP, with assets held by Coinbase Custody. The SEC is set to review the application on June 17.

European digital asset manager CoinShares also filed for an XRP ETF in early January 2025. The firm has not yet revealed where the fund would be listed or how much XRP they plan to manage. 

Bitwise also submitted its own XRP ETF application around the same time as CoinShares. The firm is awaiting approval of the fund by the SEC in June. ProShares also filed for its funds and requested a final decision by June 25. If approved, the regulator won’t be able to delay ProShares’ ETF beyond that date.

The increased XRP ETF filings stem from the resignation of former SEC Chair Gary Gensler, Trump’s crypto-friendly stance as he returned to the Oval Office, and also Ripple’s legal victory against the SEC.

Although Ripple and the SEC agreed on a $50 million settlement in March, the agreement faced a temporary hurdle in May when Judge Analisa Torres rejected a joint motion to amend the final judgment. Ripple and the SEC also filed a second joint motion on June 12, asking Judge Torres to lift the XRP sales ban to institutions and reduce the $125M fine. The regulator must submit a procedural status report to the U.S. Court of Appeals by June 16.

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