Canada has officially cemented its position as a global leader in cryptocurrency innovation with the simultaneous launch of two groundbreaking XRP exchange-traded funds on the Toronto Stock Exchange.
Both Purpose Investments and 3iQ Corp. debuted their respective XRP ETFs this week, marking a historic moment for institutional cryptocurrency adoption and providing Canadian investors with unprecedented access to the world’s fourth-largest digital asset by market capitalization.
The dual launch represents a significant milestone in the evolution of cryptocurrency investment products, as these ETFs offer direct exposure to XRP through regulated, institutional-grade vehicles.
Purpose Investments’ XRP ETF trades under the ticker XRPP, while 3iQ’s offering operates under XRPQ, both providing multiple currency options including CAD-hedged, CAD non-hedged, and US dollar denominations to accommodate diverse investor preferences.
Purpose Investments, managing over $24 billion in assets, secured final approval from the Ontario Securities Commission on Monday after submitting their initial filing in January. The fund features institutional-grade custody through partnerships with Gemini and Coinbase, allowing investors to hold positions within registered accounts such as TFSAs and RRSPs.
Competitive XRP Positioning
3iQ’s XRP ETF launches with a particularly aggressive market positioning strategy, offering a zero percent management fee for the first six months, making it among the most competitively priced digital asset ETFs available.
The fund has attracted notable backing from Ripple itself, which serves as an early investor, adding credibility and strategic support to the launch. 3iQ’s approach focuses exclusively on long-term XRP positions acquired from reputable exchanges and over-the-counter platforms, with all holdings maintained in cold storage for maximum security.
This increased network utilization reflects growing adoption by major stablecoin projects, including Circle’s USD Coin integration, and suggests strengthening fundamental demand for XRP’s utility in cross-border payments and decentralized finance applications.
Both asset managers bring substantial credibility to the XRP investment space. 3iQ previously established itself as a pioneer in North American cryptocurrency funds, being the first to launch Bitcoin and Ether products in Canada, while their Solana Staking ETF has grown to become the largest Solana ETF with over $120 million in assets under management.
Global Implications
These Canadian launches occur against a backdrop of increasing global institutional interest in XRP investment products. The United States Securities and Exchange Commission has opened public comment periods for proposed XRP ETFs from Franklin Templeton, while multiple other firms including Grayscale, Bitwise, Canary, 21Shares, and WisdomTree have filed similar applications pending regulatory approval.
The Canadian market’s early embrace of XRP ETFs positions these products as potential benchmarks for global regulatory frameworks and institutional investment standards. With XRP trading around $2.15 and maintaining its position as the fourth-largest cryptocurrency with a $125 billion market capitalization, these ETFs provide institutional investors with regulated exposure to an asset increasingly recognized for its utility in global payments infrastructure and cross-border transaction facilitation.
