Nikolas Sargeant
Purpose Investments, the Toronto-based asset management firm behind the world’s first spot Bitcoin ETF, is now seeking approval to launch a spot XRP ETF. The proposed Purpose Ripple ETF would be the first of its kind, offering investors a regulated way to gain exposure to XRP, the third-largest cryptocurrency by market capitalization.
In a recent press release, Purpose Investments highlighted growing institutional interest in XRP as a key factor behind the proposal. "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," said Som Seif, CEO and founder of Purpose Investments.
The proposed ETF would hold XRP directly, aiming to provide long-term capital appreciation for investors. The product also seeks to make digital assets more accessible to traditional investors who may be hesitant to invest in cryptocurrencies through other means.
This move expands Purpose’s digital asset offerings, following the successful launches of the Purpose Bitcoin and Ether ETFs. The company’s push to increase access to crypto assets comes at a time when more institutional players are entering the market, further fueling demand for regulated investment products.
This news comes at the SEC approved Bitwise’s pioneering Bitcoin-Ethereum ETF. The Commission’s quick approval marks a significant shift from standard review timelines, completing the process in just 45 days instead of the usual 240-day period.
