Livepeer (lpt) 
Purpose Investments Seeks Regulatory Approval for Spot XRP ETF
Purpose Investments, an asset management firm with over $23 billion in assets under management, has filed a preliminary prospectus to launch a spot XRP exchange-traded fund (ETF). The proposed Purpose Ripple ETF aims to provide investors with long-term exposure to XRP and an opportunity to benefit from the asset’s capital appreciation.
Increasing Demand for XRP Investment Products
According to Som Seif, chief executive officer of Purpose Investments, XRP’s continued adoption could drive demand for a spot investment product. He noted, “As 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.”
XRP ETF Applications on the Rise
Several asset managers, including Grayscale, CoinShares, and Bitwise, have filed for approval to launch XRP exchange-traded funds in the United States. Other top cryptocurrencies attracting spot ETF applications include Solana, Litecoin, and Dogecoin.
These developments have accelerated following leadership changes at the United States Securities and Exchange Commission (SEC), particularly the departure of former SEC chair Gary Gensler.
Key Benefits of a Spot XRP ETF
A spot XRP ETF offers investors several benefits, including:
- Long-term exposure to XRP
- Opportunity to benefit from XRP’s capital appreciation
- Transparent and familiar way to access XRP within a regulated framework
Purpose Investments’ Experience in Launching ETFs
Purpose Investments launched the world’s first Bitcoin ETF after securing approval from the Ontario Securities in February 2021. United States-based asset managers had to wait until January 2024 for approval from the SEC. Since then, spot Bitcoin exchange-traded funds in the United States have attracted more than $121 billion in assets.
Stay up-to-date with the latest cryptocurrency news and trends on Global Crypto News.
