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.