Purpose Investments seeks approval to launch world’s first spot XRP ETF
The post Purpose Investments seeks approval to launch world’s first spot XRP ETF appeared on BitcoinEthereumNews.com.
Key Takeaways Purpose Investments filed a prospectus to launch the world’s first spot XRP ETF. The ETF aims to provide long-term capital appreciation through direct holdings of XRP. Purpose Investments, the firm behind the world’s first spot Bitcoin ETF, is looking to expand its digital asset offerings with a proposed spot XRP ETF, the first of its kind, pending regulatory approval. According to a new press release, the Toronto-based fund manager, which oversees over $23 billion in assets, recently filed with Canada’s securities regulator to launch the Purpose Ripple ETF. Som Seif, founder and CEO of Purpose Investments, pointed to growing institutional interest in XRP as a rationale for the ETF. “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,” Seif said. The fund aims to provide long-term capital appreciation through direct holdings of XRP, currently the third-largest crypto asset by market cap according to CoinMarketCap. Through familiar investment vehicles like ETFs, the company wants to make digital assets more accessible and understandable for traditional investors. The ETF, if approved, will expand Purpose’s digital asset product lineup following its previous launches of Bitcoin and Ether ETFs. “This launch represents another important step in our efforts to be the leading and most trusted partner for investors in harnessing the benefits of crypto and digital assets by enabling them to understand, access, and confidently invest in these assets,” said Vlad Tasevski, Chief Innovation Officer. The announcement came shortly after NYSE Arca submitted a 19b-4 filing to convert Grayscale’s XRP Trust into a spot crypto ETF, with Coinbase Custody as the custodian and BNY Mellon Asset Servicing expected as the transfer agency. The filing, part of a process to propose a spot ETF to the…
Filed under: News - @ January 31, 2025 1:25 pm