#XRPETFIncoming?

Asset manager Purpose Investments has filed a preliminary prospectus with Canadian securities regulators for the proposed launch of the Purpose Ripple (XRP) exchange-traded fund.

Purpose was the first to issue spot Bitcoin and Ethereum ETFs, which launched on the Toronto Stock Exchange in February and April 2021, respectively. While XRP exchange-traded products (ETPs) are already available globally, the firm hopes to follow its Bitcoin and Ethereum accolades by offering the world’s first spot XRP ETF, according to a statement on Thursday. 

The ETF seeks to invest substantially all of its assets in long-term holdings of XRP and to provide holders of the ETF units with the opportunity for long-term capital appreciation, Purpose stated.

"At Purpose, we remain steadfast in our commitment to innovation and to bridging the gap between traditional and decentralized finance," Purpose Investments founder and CEO Som Seif said. "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."