Home » Altcoins » Canadian Firm Seeks Approval for World’s First Spot XRP ETF

Canadian Firm Seeks Approval for World’s First Spot XRP ETF

31.01.2025 20:30 1 min. read Alexander Zdravkov
SHARE: SHARES
Canadian Firm Seeks Approval for World’s First Spot XRP ETF

A Canadian investment firm that made history with the first spot Bitcoin ETF is now setting its sights on XRP.

Purpose Investments has filed for approval to launch the world’s first spot XRP ETF, a move driven by rising institutional demand for the digital asset.

The Toronto-based firm, managing over $23 billion in assets, aims to give investors a regulated, transparent way to gain exposure to XRP. CEO Som Seif emphasized the growing adoption of XRP as a key factor behind the decision. If approved, the fund will hold XRP directly, providing a familiar investment structure for traditional market participants.

This would further expand Purpose’s footprint in the crypto ETF space, adding to its existing Bitcoin and Ether offerings. Chief Innovation Officer Vlad Tasevski described the initiative as a step toward making digital assets more accessible to investors.

Meanwhile, NYSE Arca is also making moves, seeking to convert Grayscale’s XRP Trust into a spot ETF, with Coinbase Custody and BNY Mellon expected to handle asset servicing. The filing is part of a broader wave of crypto ETF applications, with firms vying for approval on products tied to Dogecoin, Solana, Litecoin, and even a Trump-inspired memecoin.

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.

Telegram

SHARE: SHARES
More Altcoins News

New Meme Coin to Watch: TOKEN6900 Presale Tipped as Next SPX6900

The recent launch of the TOKEN6900 (T6900) meme coin presale is a refreshing sight in a market oversaturated with presales focused on providing utility. Token6900 returns to the roots of meme coins, offering no utility. This is precisely what makes it appealing to those seeking a high-risk, high-reward asset to stockpile. Marketed as the world’s […]

01.07.2025 20:59 4 min. read Nikolay Kolev

XRP Price Prediction: Price Compression and Higher ETF Approval Odds Could Propel XRP to $4

XRP trading volumes have doubled in the past 24 hours. Although the price action has not reacted as expected yet, something could be brewing as bulls could be accumulating tokens at these low prices in anticipation of the token’s next leg up. Yesterday, the market reacted quite positively to the approval of the first Solana […]

01.07.2025 20:03 3 min. read Alejandro Ar

Which Crypto ETFs Could Get SEC Approval in 2025? Here Are the Chances

With the U.S. Securities and Exchange Commission (SEC) already greenlighting spot Bitcoin and Ethereum ETFs, attention is now turning to the next wave of crypto-backed exchange-traded funds.

01.07.2025 18:00 3 min. read Kosta Gushterov

Top Trending Cryptocurrencies Today

As crypto markets navigate another week of volatility and shifting sentiment, traders are increasingly turning their attention to emerging altcoins and high-momentum tokens.

01.07.2025 15:17 3 min. read Kosta Gushterov
No Comments yet!

Your Email address will not be published.