Purpose Investment's spot XRP ETF set to begin trading in Canada as race for altcoin ETFs heats up

Asset manager Purpose Investments received approval to list its spot XRP exchange-traded fund (ETF) in Canada this month. Purpose was granted a "final prospectus receipt," the last necessary step before a fund can begin trading, according to an announcement on Monday. 

The fund, which will trade under the ticker XRPP, is expected to go live on June 18 on the Toronto Stock Exchange, marking what appears to be the first spot XRP fund approved in North America, according to a Monday press release. 

Purpose Investments initially filed its preliminary prospectus for its spot XRP fund in Canada on Jan. 31, The Block previously reported. 

The Purpose XRP ETF gives investors direct exposure to XRP without them needing to hold the asset itself. XRP is the native asset of XRP Ledger , a Layer 1 network associated with the crypto payments firm Ripple.

Similar spot- and futures-based products have already started trading in different regions, such as the Hashdex-managed XRPH11 fund, a spot XRP fund that went live in Brazil in April, and the Swiss-based 21Shares XRP ETP. Several U.S.-based firms, including Bitwise, CoinShares, and Grayscale, have all filed for spot XRP fund approval with the Securities and Exchange Commission, which recently approved three XRP futures exchange-traded products. 

XRP is fourth largest cryptocurrency with a market capitalization of $136.5 billion. The price of XRP jumped 6.5% to trade at $2.32 following reports of Purpose Investments's spot XRP fund set to start trading on June 18, The Block's XRP Price Page shows. 

The Block reached out to TMX Group, parent firm of the Toronto Stock Exchange, and Purpose Investments for confirmation and additional comment.