$XRP While Grayscale’s application to the SEC to convert its XRP Trust into a spot XRP ETF has excited XRP investors, Purpose Investments, which manages $23 billion in assets, has also taken a new step.

As such, Canadian asset manager Purpose Investments is preparing to launch the world’s first Ripple (XRP) spot ETF.

Currently, the company reports that it has filed a preliminary prospectus for its XRP ETF with Canadian securities regulators.

The company said that the Ripple ETF aims to invest a significant portion of its assets in long-term XRP holdings and provide ETF unit holders with long-term capital growth opportunities.

Som Seif, founder and CEO of Purpose Investments, said the following about the application:

At Purpose, we are deeply committed to innovation and bridging the gap between traditional and decentralized finance.

As XRP adoption and institutional interest grow, we believe an ETF can provide investors with a transparent and familiar way to access it within a regulated framework.

This launch represents another important step in our efforts to become the leading and most trusted partner for investors, enabling them to reap the benefits of cryptocurrencies and digital assets by confidently understanding, accessing and investing in these assets.

Purpose Investments previously launched the world’s first Bitcoin and Ethereum ETFs