{"id":823747,"date":"2025-02-02T07:13:10","date_gmt":"2025-02-02T13:13:10","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/02\/purpose-investments-seeks-approval-to-launch-worlds-first-spot-xrp-etf\/"},"modified":"2025-02-02T07:13:10","modified_gmt":"2025-02-02T13:13:10","slug":"purpose-investments-seeks-approval-to-launch-worlds-first-spot-xrp-etf","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/02\/purpose-investments-seeks-approval-to-launch-worlds-first-spot-xrp-etf\/","title":{"rendered":"Purpose Investments seeks approval to launch world\u2019s first spot XRP ETF"},"content":{"rendered":"<div data-id=\"162051\" data-url=\"https:\/\/cryptobriefing.com\/purpose-world-first-spot-xrp-etf\/\">\n<section>\n<div>\n<p><a href=\"https:\/\/cryptobriefing.com\/regulation\/\" rel=\"tag\"><br \/>\n                    Regulation                <\/a>\n                    <\/p>\n<\/div>\n<p><span><span><a href=\"https:\/\/cryptobriefing.com\/\">Home<\/a><\/span> \u00bb <span><a href=\"https:\/\/cryptobriefing.com\/regulation\/\">Regulation<\/a><\/span> \u00bb <span aria-current=\"page\">Purpose Investments seeks approval to launch world\u2019s first spot XRP ETF<\/span><\/span>        <\/p>\n<div>\n<div>\n<p><span>by<\/span><\/p>\n<div>\n<p><a data-author_id=\"29816\" href=\"https:\/\/cryptobriefing.com\/team\/vivian-nguyen\/\" rel=\"author\">Vivian Nguyen<\/a><\/p>\n<\/div><\/div>\n<p><time datetime=\"2025-01-31T13:13:16+00:00\"><br \/>\n                        Jan. 31, 2025                    <\/time>\n                            <\/p>\n<\/p><\/div>\n<\/section>\n<section>\n<h2>The company aims to bridge traditional and decentralized finance with innovative crypto investment strategies.<\/h2>\n<\/section>\n<section>\n            <picture><source media=\"(min-width: 850px)\" ><img decoding=\"async\" fetchpriority=\"high\" src=\"http:\/\/cryptobriefing.com\/270bbe53-16db-4740-9668-6c6966ff69cf.jpg\" alt=\"Purpose Investments seeks approval to launch world's first spot XRP ETF\" title=\"http:\/\/cryptobriefing.com\/270bbe53-16db-4740-9668-6c6966ff69cf.jpg\">\n            <\/picture>\n        <\/section>\n<p>Photo: Joelle Wall<\/p>\n<section>\n<section>\n<h3>Key Takeaways<\/h3>\n<ul>\n<li>Purpose Investments filed a prospectus to launch the world&#8217;s first spot XRP ETF.<\/li>\n<li>The ETF aims to provide long-term capital appreciation through direct holdings of XRP.<\/li>\n<\/ul>\n<\/section>\n<section>\n<p>Share this article<\/p>\n<\/section>\n<p>        <?xml encoding=\"UTF-8\"><\/p>\n<p>Purpose Investments, the firm behind the world\u2019s first spot Bitcoin ETF, is looking to expand its digital asset offerings with a proposed spot XRP ETF, the first of its kind, pending regulatory approval.<\/p>\n<p>According to a new <a href=\"https:\/\/www.purposeinvest.com\/thoughtful\/purpose-investments-files-preliminary-prospectus-for-the-worlds-first-ripple-xrp-etf\" target=\"_blank\" rel=\"noopener nofollow noreferrer\">press release<\/a>, the Toronto-based fund manager, which oversees over $23 billion in assets, recently filed with Canada\u2019s securities regulator to launch the Purpose Ripple ETF.<\/p>\n<p>Som Seif, founder and CEO of Purpose Investments, pointed to growing institutional interest in XRP as a rationale for the ETF. \u201cAs 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,\u201d Seif said.<\/p>\n<p>The fund aims to provide long-term capital appreciation through direct holdings of XRP, currently the third-largest crypto asset by market cap according to CoinMarketCap. Through familiar investment vehicles like ETFs, the company wants to make digital assets more accessible and understandable for traditional investors.<\/p>\n<p>The ETF, if approved, will expand Purpose\u2019s digital asset product lineup following its previous launches of spot Bitcoin and Ether ETFs.<\/p>\n<blockquote>\n<p>\u201cThis 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,\u201d said Vlad Tasevski, Chief Innovation Officer.<\/p>\n<\/blockquote>\n<p>The announcement came shortly after NYSE Arca submitted a 19b-4 filing to <a href=\"https:\/\/cryptobriefing.com\/grayscale-xrp-etf-application\/\" target=\"_blank\" rel=\"\">convert Grayscale\u2019s XRP Trust<\/a> into a spot crypto ETF, with Coinbase Custody as the custodian and BNY Mellon Asset Servicing expected as the transfer agency.<\/p>\n<p>NYSE\u2019s filing, part of a process to propose a spot ETF to the SEC, marks a significant step for crypto ETFs amidst expectations of a more favorable US SEC approach under the new administration. The push includes various firms competing to secure approval for different crypto ETFs, including those tied to Dogecoin, Trump\u2019s memecoin, Litecoin, and Solana.<\/p>\n<p><html><body><\/p>\n<div class=\"ad-banner mrec-in-article\"><\/div>\n<p><\/body><\/html><\/p>\n<h2>World\u2019s first spot Bitcoin ETF debuted in Canada<\/h2>\n<p class=\"pb-2 min-w-[1px]\" data-wt-guid=\"5276412b-3378-4ffe-a422-ea237f4c2a17\" data-pm-slice=\"1 1 []\">In February 2021, the Ontario Securities Commission greenlit the Purpose Bitcoin <span class=\"issue-underline underline decoration-2 underline-offset-4 transition decoration-border-brand-default hover:bg-bg-brand-light-default\" data-issueid=\"32e937e3-04cc-4db9-8154-cbfaaf1e59bc\" aria-label=\"open issue for the following text ETF,\" data-testid=\"issue-underline:undefined\">ETF,<\/span> the world\u2019s first ETF that directly holds Bitcoin rather than relying on derivatives.<\/p>\n<p class=\"pb-2 min-w-[1px]\" data-wt-guid=\"6254bd6e-84a5-4d25-a8c3-a002637d4368\">The ETF, trading on the Toronto Stock Exchange under the BTCC ticker, launched with the goal of increasing accessibility for retail investors, offering a convenient and regulated way to participate in the burgeoning crypto market and potentially paving the way for similar products in other jurisdictions.<\/p>\n<p class=\"pb-2 min-w-[1px]\" data-wt-guid=\"6f70f0ea-75ea-4427-839e-010d4c9ae98c\">At the same time, US firms were facing challenges launching a Bitcoin ETF, with none <span class=\"issue-underline underline decoration-2 underline-offset-4 transition decoration-border-brand-default hover:bg-bg-brand-light-default\" data-issueid=\"9681f143-8443-4371-99fd-bebbad9d3c89\" aria-label=\"open issue for the following text achieving success.\" data-testid=\"issue-underline:undefined\">achieving success.<\/span> Gary Gensler was appointed SEC Chair by former President Joe Biden around this <span class=\"issue-underline underline decoration-2 underline-offset-4 transition decoration-border-brand-default hover:bg-bg-brand-light-default\" data-issueid=\"9eaf8cf1-29bf-4437-ba2e-7f5d1ec174fa\" aria-label=\"open issue for the following text period.\" data-testid=\"issue-underline:undefined\">period.<\/span> The SEC did not approve its first spot Bitcoin ETFs until January 2024, during Gensler\u2019s tenure.<\/p>\n<section class=\"article-share\">\n<p>Share this article<\/p>\n<div class=\"social-icons\">\n          <button class=\"social-icon share\" data-href=\"https:\/\/x.com\/intent\/tweet?text=Purpose+Investments+seeks+approval+to+launch+world%E2%80%99s+first+spot+XRP+ETF&#038;url=https%3A%2F%2Fcryptobriefing.com%2Fpurpose-world-first-spot-xrp-etf%2F&#038;via=crypto_briefing\" aria-label=\"Share on x\"><br \/>\n        <?xml version=\"1.0\" encoding=\"UTF-8\"?><br \/>\n                <svg width=\"40px\" height=\"40px\" viewBox=\"0 0 40 40\" version=\"1.1\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\">\n      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Photo: Joelle Wall Key Takeaways Purpose Investments filed a prospectus to launch the world&#8217;s first spot XRP ETF. 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