$XRP $BTC

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, launching 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 up its Bitcoin and Ethereum accolades by offering the world’s first spot XRP ETF, according to a statement Thursday.

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

“At Purpose, we remain steadfast in our commitment to innovation and bridging the gap between traditional and decentralized finance,” said Som Seif, founder and CEO of Purpose Investments. “As XRP sees growing adoption and institutional interest, we believe an ETF can offer investors a transparent and familiar way to access it within a regulatory framework.”