Vivian Nguyen, Author at TSX Stocks

Author: Vivian Nguyen

Canada’s first XRP spot ETF goes live on Toronto Stock Exchange

Written by Vivian Nguyen on June 18, 2025. Posted in Canada. Leave a Comment

Canada’s first XRP spot ETF goes live on Toronto Stock Exchange

Home » Markets » Canada’s first XRP spot ETF goes live on Toronto Stock Exchange

On Monday, the Ontario Securities Commission granted Purpose Investments a final prospectus receipt for the ETF, paving the way for today’s official launch.

Key Takeaways

Purpose Investments has debuted Canada’s first XRP spot ETF on the Toronto Stock Exchange.
The ETF trades under the ticker XRPP and provides direct exposure to XRP with multiple currency options.

Purpose Investments, Canada’s leading crypto ETF provider, has officially launched the Purpose XRP ETF on the Toronto Stock Exchange. The fund is the country’s first investment product that offers direct exposure to XRP, the fourth-largest crypto asset by market cap.

The launch follows Monday’s confirmation that Purpose Investments secured final OSC approval and was set to go live on Wednesday. The asset manager submitted a filing for its proposed ETF in January.

The Purpose XRP ETF, trading under the ticker XRPP, is available in CAD-hedged, CAD non-hedged (XRPP.B), and US dollar (XRPP.U) units.

Commenting on the launch, Vlad Tasevski, Chief Innovation Officer at Purpose Investments, said in a Wednesday statement that there is strong investor demand in Canada for accessible digital asset products, and “XRP ETF has been one of the most requested digital assets” in their product lineup due to its design for fast, low-cost global payments.

“With this launch, we’re not just adding another ETF,” said Tasevski. “We’re expanding a platform built to reshape how Canadians access the future of finance. Our track record in digital assets reflects a deep belief in blockchain’s real-world potential, and we remain focused on trust, access, and education to help investors and advisors navigate this evolving space with clarity and confidence.”

The ETF features institutional-grade custody through Gemini and Coinbase, allowing investors to hold it in registered accounts, such as TFSAs and RRSPs. It joins Purpose’s existing digital asset ETF lineup, which includes products offering exposure to Bitcoin, Ether, and Solana.

“The Purpose XRP ETF is a streamlined, advisor-ready solution that transforms XRP’s real-world utility into a secure, investable format,” said Paul Pincente, VP of Digital Assets at Purpose Investments.

Purpose Investments manages over $24 billion in assets and operates as a division of Purpose Unlimited, led by entrepreneur Som Seif.

XRP is trading at around $2.1 at press time, down 3.5% in the last 24 hours, per CoinMarketCap data. The digital asset surged around 8% on Monday on news of the Purpose XRP ETF launch.

Galaxy Digital shares jump 15% on Nasdaq debut

Written by Vivian Nguyen on May 16, 2025. Posted in Canada. Leave a Comment

Galaxy Digital shares jump 15% on Nasdaq debut

Home » Business » Galaxy Digital shares jump 15% on Nasdaq debut

After four years, Galaxy leapt from Canadian listings to Nasdaq for greater US market exposure and growth.

Key Takeaways

Galaxy Digital’s direct Nasdaq listing followed a lengthy 1,320-day regulatory process.
Galaxy Digital operates primarily in crypto and AI, aiming at institutional adoption.

Galaxy Digital, a prominent financial services and investment management firm led by billionaire Mike Novogratz, started trading on Nasdaq Friday under the ticker GLXY.

The company’s stock opened at $23.50 and surpassed $25 at press time, according to CNBC data. Shares rose about 15% from the previous trading session.

Galaxy completed its long-anticipated move from the Toronto Stock Exchange to the Nasdaq via a direct listing. The entrance into the US public market followed an extensive regulatory process with the SEC, which took 1,320 days and cost the company over $25 million, according to CEO Mike Novogratz.

“This is more than just a corporate milestone,” said Novogratz in a Friday statement. “It’s the fulfillment of a deeply personal bet I made over a decade ago that the financial system was overdue for transformation.”

Galaxy reported a net loss of $295 million in Q1 during a downturn in the crypto market. Despite the loss, the company’s gross revenue rose to $12.9 billion, marking a 38% increase from the previous quarter.

Speaking on CNBC’s Squawk Box on Friday, Galaxy Digital CEO Mike Novogratz emphasized the strategic importance of US market access, stating that the firm’s visibility in Canada was just “one-thirtieth” of what it could achieve in the United States.

Novogratz also underscored Galaxy’s dual focus on crypto and artificial intelligence, calling them “the two most exciting growth areas in markets.”

In a separate interview with Bloomberg, Novogratz revealed that Galaxy is discussing plans with the SEC to tokenize its own stock and potentially other equities. The company has engaged with the SEC’s crypto task force to explore how its shares could eventually be registered and traded on a blockchain.

The long-term vision, he said, is to enable Galaxy shares, and eventually ETFs, bonds, and traditional stocks, to be used in decentralized finance (DeFi) applications such as lending and trading.

Galaxy’s Nasdaq listing follows the successful debut of crypto platform eToro, with its shares ending the first day up 30%.

Other major players like Kraken, Circle, and Gemini are also preparing to go public in a US regulatory environment that has grown more favorable to digital assets.