Canada Launches First Spot XRP ETFs as 3iQ and Purpose Investments Debut Products on Toronto Stock Exchange
Canada has taken a leading role in the cryptocurrency market by launching its first spot XRP exchange-traded funds (ETFs) on the Toronto Stock Exchange (TSX). Two major asset managers, 3iQ and Purpose Investments, have introduced their respective products: the 3iQ XRP ETF (XRPQ) and the Purpose Investments XRP ETF (XRPP). Notably, Ripple, the company behind XRP, is an early investor in 3iQ’s XRPQ. The fund offers a 0% management fee for the first six months and allocates exclusively to long-term XRP holdings acquired from established exchanges and OTC platforms, storing assets in cold storage for enhanced security. Both ETFs aim to provide institutional and retail investors in Canada and qualifying international markets with regulated, transparent, and tax-efficient access to XRP, reflecting increased institutional interest in compliant crypto financial products. This development comes as interest grows in offering regulated crypto ETFs beyond Bitcoin and Ether, and parallels efforts in the US where asset managers like Franklin Templeton are seeking SEC approval for similar spot XRP and Solana ETFs. The launch is expected to boost XRP’s visibility and liquidity, potentially accelerating adoption outside of the US.
Bullish
The launch of spot XRP ETFs in Canada by 3iQ and Purpose Investments marks a significant step forward for XRP’s institutional adoption and mainstream accessibility. The involvement of Ripple as an investor, the waived management fee for the initial period, and assets held in cold storage provide additional appeal to institutional and retail investors. This move enhances transparency and regulatory clarity around XRP, likely attracting new capital inflows and increasing market liquidity. It positions Canada ahead of the US in approving such products, signaling to the wider market a growing acceptance of diverse crypto ETFs. Historically, the introduction of regulated ETFs for major cryptocurrencies has led to positive price action due to increased demand and investor confidence. Consequently, the impact on XRP in both the short and medium term is expected to be bullish, driven by higher visibility, greater legitimacy, and the potential for wider adoption.