Purpose Investments Files for XRP ETF in Canada

January 31, 2025

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Purpose Investments Files for XRP ETF in Canada

Goal Investments, the corporate behind the world’s first Bitcoin and Ether ETFs, is making ready to launch a brand new exchange-traded fund (ETF) targeted on Ripple (XRP).

As per the announcement, the corporate has filed an preliminary software with Canadian regulators for Ripple ETF, which can make investments primarily in XRP.

It goals to present traders long-term publicity to XRP and profit from its potential worth progress. This submitting comes shortly after Goal additionally utilized for a spot Solana ETF.

Som Seif, chief government officer of Goal Investments, mentioned that as XRP turns into extra well-liked and positive aspects curiosity from establishments, there could possibly be extra demand for an funding product like an ETF. He added, “We consider an ETF can provide traders a clear and acquainted option to entry it inside a regulated framework.”

A number of corporations have additionally utilized for the launch of XRP ETFs within the U.S., with current adjustments in regulation making it simpler for them to maneuver ahead.

Vlad Tasevski, Chief Innovation Officer, mentioned this launch is one other step towards making Goal Investments a trusted chief in crypto and digital asset investments. He added that the corporate is dedicated to serving to traders perceive, entry, and put money into crypto safely by means of regulated funding choices.

Grayscale, CoinShares, and Bitwise are among the many corporations seeking approval for XRP ETFs. Different cryptos like Solana, Litecoin, and Dogecoin have additionally attracted ETF purposes. These filings have elevated following adjustments in management on the U.S. SEC, particularly after former SEC chair Gary Gensler stepped down.

In February 2021, Goal Investments launched its first Bitcoin ETF after getting approval from Ontario Securities.

In the meantime, U.S. corporations needed to wait till January 2024 for related approval. Since then, spot Bitcoin ETFs within the U.S. have grown quickly, managing over $121 billion in belongings.