Author: Collins J. Okoth

Canada’s and the world’s first spot XRP ETF was launched by 3iQ and is live on the Toronto Stock Exchange (TSX) under tickers TSX: XRPQ and XRPQ.U, offering regulated XRP access to investors. Pascal St-Jean, President and CEO of 3iQ, said the launch of XRPQ marked another milestone in his company’s mission to provide investors with convenient, cost-effective access to digital assets within a regulated framework.  

According to 3iQ’s press statement, XRPQ debuted with a 0% management fee for the first six months, and it will invest only in long-term holdings of XRP purchased from reputable digital asset trading platforms and over-the-counter (OTC) counterparties. XRPQ is available for investment through registered accounts in Canada. Its TSX listing will enable global investors access, subject to local regulations. The XRP will be stashed in a fully secured, standalone cold storage.

St-Jean says XRPQ offers low-cost and tax efficiency to the world

3iQ’s St-Jean said XRP had demonstrated significant growth potential over the past decade, and the 3iQ spot XRP ETF offered Canadian and qualified global investors a transparent, low-cost, and tax-efficient way to access that opportunity. He added that Ripple Labs’ investment support reflected the company’s shared drive to advance the crypto space.

According to the 3iQ team, the XRPL consistently settles transactions in three to five seconds, with fees often less than a fraction of a cent. Ongoing regulatory clarity and growing institutional interest also positioned the XRPL to solve real-world use cases like global remittances, liquidity management, and blockchain applications.

3iQ launched the 3iQ Solana Staking ETF (TSX: SOLQ) earlier this year, and it invests in long-term Solana (SOL) holdings while delivering staking rewards. SOLQ became the largest Solana ETF following its launch, and as of June 12, 2025, it had over $120 million in assets under management (AUM). 

Purpose XRP ETF receives OSC receipt

Purpose Investments Inc. announced receipt of the final prospectus for the Purpose XRP ETF. The ETF is expected to begin trading on the Toronto Stock Exchange under the ticker XRPP on Wednesday, June 18.

Vlad Tasevski, the Chief Innovation Officer at Purpose Investments, said the OSC’s granting of a receipt for the Purpose XRP ETF prospectus reinforced Canada’s global leadership in championing crypto regulation. Purpose Investments launched the world’s first spot Bitcoin ETF in Canada in 2021, years before they were approved in the U.S.

The ETF will be available in CAD-hedged (ticker XRPP), CAD non-hedged (ticker XRPP.B), and US dollar (ticker XRPP.U) units and will be eligible for holding in registered accounts such as TFSAs and RRSPs. Purpose Investments filed to launch the first spot XRP ETF in Canada in January this year.

Som Seif, founder and CEO of Purpose Investments, pointed to growing institutional interest in XRP as a rationale for the ETF. He claimed that as XRP continued to see increasing adoption and institutional interest, an ETF could offer investors a transparent and familiar way to access XRP within a regulated framework. 

“This launch represents another important step in our efforts to be the leading and most trusted partner for investors in harnessing the benefits of crypto and digital assets by enabling them to understand, access, and confidently invest in these assets.” 

–Vlad Tasevski, Chief Innovation Officer

Tasevski also said XRP’s real-world utility and global relevance continued to drive interest, and Purpose wanted to make it easier for Canadian investors to access XRP via an ETF.

He added that by fully waiving the management fee until early 2026, the company was reinforcing its commitment to simple and effective access to crypto solutions that helped investors cut through red tape. All units of the ETF – CAD-hedged (TSX: XRPP), CAD non-hedged (TSX: XRPP.B), and USD (TSX: XRPP.U) were included in the fee waiver.

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Canadian asset manager Purpose Investments has received final regulatory approval to launch the Purpose XRP ETF. The fund will begin trading on the Toronto Stock Exchange on June 18 under tickers XRPP (CAD-hedged), XRPP.B (CAD), and XRPP.U (USD).

The firm said the ETF offers direct exposure to spot XRP and will be eligible for registered accounts such as TFSAs and RRSPs. Purpose said it hopes the approval will help the company continue to broaden access to digital assets through regulated and transparent investment vehicles.

Purpose XRP ETF launches on the Toronto Stock Exchange

🚨 JUST IN: Purpose Investments may have received its final prospectus receipt, potentially clearing the way to launch its $XRP ETF. pic.twitter.com/P3uZx81w7V

— John Squire (@TheCryptoSquire) June 16, 2025

Purpose Investments has advanced its digital asset investing in Canada after it received approval for the Purpose XRP ETF. According to the asset management company, the ETF will offer investors direct exposure to spot XRP, the native token of the XRP Ledger – a decentralized, open blockchain that facilitates fast and cost-effective cross-border payments.

CEO of Purpose Investments, Som Seif, said in January that he believes the ETF can offer investors a transparent and familiar way to access it within a regulated framework. He also revealed that the XRP ETF will hold long-term Ripple assets and give investors an easy, regulated way to profit from the digital asset’s growth.

“The OSC’s granting of a receipt for the Purpose XRP ETF prospectus reinforces Canada’s global leadership in building a regulated digital asset ecosystem. We’re proud to continue pushing the boundaries of what’s possible in the space by offering investors simple, secure access to the infrastructure powering real-world blockchain adoption.”

–Vlad Tasevski, Chief Innovation Officer at Purpose Investments.

Regarding ETF filings, XRP has surpassed many altcoins, including Solana, Dogecoin, and Litecoin. According to research by Kaiko, the digital asset has more ETF filings than any other altcoin, showcasing a surge in interest. According to data from Polymarket, the odds for a spot XRP ETF approval surged to 98% in early June and have slightly dipped to 88% this week. 

Canada leads the U.S. with approval of XRP ETF

In the U.S., Grayscale Investments applied on January 30 to convert its existing XRP trust into an ETF. On May 20, the U.S. Securities and Exchange Commission delayed deciding on the ETF while it sought public comments and began proceedings to allow for additional analysis of the proposals to ensure they meet regulatory standards.

Bloomberg ETF analyst James Seyffart argued that the delay was expected because the regulator takes a lot of time to respond to a 19b-4 filing. He also noted that all other XRP ETF filings have final due dates in October and believes an early decision would be “out of the norm.”

Franklin Templeton also filed for a spot XRP ETF on March 11, aiming to track the spot price of XRP, with assets held by Coinbase Custody. The SEC is set to review the application on June 17.

European digital asset manager CoinShares also filed for an XRP ETF in early January 2025. The firm has not yet revealed where the fund would be listed or how much XRP they plan to manage. 

Bitwise also submitted its own XRP ETF application around the same time as CoinShares. The firm is awaiting approval of the fund by the SEC in June. ProShares also filed for its funds and requested a final decision by June 25. If approved, the regulator won’t be able to delay ProShares’ ETF beyond that date.

The increased XRP ETF filings stem from the resignation of former SEC Chair Gary Gensler, Trump’s crypto-friendly stance as he returned to the Oval Office, and also Ripple’s legal victory against the SEC.

Although Ripple and the SEC agreed on a $50 million settlement in March, the agreement faced a temporary hurdle in May when Judge Analisa Torres rejected a joint motion to amend the final judgment. Ripple and the SEC also filed a second joint motion on June 12, asking Judge Torres to lift the XRP sales ban to institutions and reduce the $125M fine. The regulator must submit a procedural status report to the U.S. Court of Appeals by June 16.

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