Purpose Investments Files Preliminary Prospectus for Ripple XRP ETF
Purpose Investments has filed a preliminary prospectus to launch a Ripple (XRP) Exchange Traded Fund (ETF) in Canada, potentially the first globally if approved. This initiative aims to provide regulated, institutional-grade crypto exposure.
Key Details of Purpose Ripple XRP ETF
- The ETF will invest all assets in long-term holdings of XRP.
- It seeks to offer holders the opportunity for long-term capital appreciation.
- Purpose Investments aims to bridge Traditional Finance (TradFi) and Decentralized Finance (DeFi).
- Increased adoption and institutional interest in XRP follow recent legal progress with the SEC.
- The price of XRP rose by 3% in the last 24 hours, trading at $0.3104.
Other XRP ETF Applications
- US firms Bitwise, Canary Capital, Grayscale, and WisdomTree have also filed applications for XRP ETFs with the SEC.
- Grayscale intends to convert its Digital Large Cap Fund into an ETF, including XRP among other cryptocurrencies.
- The SEC has taken a regulatory enforcement approach under Gary Gensler, limiting crypto ETFs until recently.
- Changes in government leadership may affect future approvals for XRP ETFs.