XRP ETF: $23 Billion Canada's Asset Manager Joins Race
Purpose Investments, a veteran Canadian asset management firm with $23 billion in assets under management (AUM) becomes the latest participant in the XRP ETF race. By sending its preliminary filing to the local securities watchdog, the team demonstrates its ambitions to issue world's pioneering exchange-traded fund on spot XRP.
XRP ETF preliminary approval requests sent by Purpose Investments
Purpose Investments, a Canada-based asset management firm, has filed a preliminary prospectus, with Canadian securities regulators targeting the launch of Purpose Ripple ETF, the world's first exchange-traded product on spot XRP value.
The Purpose Ripple ETF seeks to invest substantially all of its assets in long-term holdings of XRP, a Ripple-linked cryptocurrency, and to provide holders of ETF Units with the opportunity for long-term capital appreciation with no need to hold XRP physically.
Som Seif, founder and CEO of Purpose Investments, highlights the potential impact of the XRP ETF launch in Canada for the status of global crypto adoption by wealth management institutions:
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.
According to the official website of Purpose Investments, it is offering exchange-traded products on Bitcoin (BTC) and Ethereum (ETH) as well as unique "yield-focused" crypto ETFs with up to 13.3% in APY.
In the segment of TradFi ETFs, the firm offers products based on the top tech shares, credit opportunities, cash equivalents, private equity and so on.
More altcoin ETFs expected by industry in 2025
Vlad Tasevski, Chief Innovation Officer, stresses that Purpose Investments bets big on crypto-centric products as a part of its offerings suite:
We remain committed to providing exposure to transformative digital assets and blockchain technologies through regulated investment vehicles.
As covered by U.Today previously, ETFs on spot XRP might be approved as soon as this year. Top analyst Nate Geraci believes XRP will be the third crypto to have its own ETFs greenlit.
Alex DovbnyaBesides XRP's ETF launch, community anticipates exchange-traded products on Solana (SOL), Litecoin (LTC) and Cardano (ADA). However, given the fact that Ripple almost won its legal battle with the SEC, XRP cryptocurrency looks like the strongest contender.
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