XRP surges into the spotlight as Canada’s stock exchange TSX welcomes three groundbreaking ETFs in one day, unleashing massive institutional demand and reshaping the regulated digital asset investment landscape.
Canada Lights up TSX With 3 XRP ETFs in One Day—Wall Street Left Frozen
More companies are increasingly launching XRP exchange-traded funds (ETFs), reflecting surging institutional demand for regulated access to the cryptocurrency market. On June 18, Canada saw a notable expansion in XRP ETF offerings with three separate launches on the Toronto Stock Exchange (TSX). Evolve Funds Group Inc., Purpose Investments Inc., and 3IQ Corp. each introduced their own XRP products, aimed at providing secure, transparent exposure to XRP.
Coinbase Chief Legal Officer Paul Grewal emphasized the significance of these developments on social media platform X, stating: “A reminder as Canadians begin trading the 3IQ XRP ETF today: regulatory clarity drives innovation.” He stressed:
Canada had the world’s first bitcoin ETF in 2021. Now it beat the U.S. with an XRP ETF. It’s way past time for the U.S. to catch up and get crypto market structure legislation done.
3 XRP ETFs launched on the TSX on June 18. Source: TSX
Evolve Funds Group Inc.’s Evolve XRP ETF began trading on June 18 under the tickers XRP (CAD Unhedged) and XRP.U (USD). Elliot Johnson, Chief Investment Officer and Chief Operating Officer at Evolve, stated: “ XRP is built for real-world utility, enabling fast, low-cost cross-border payments and decentralized exchange functionality.” The Evolve Fund will invest in long-term holdings of XRP, acquired through Coinbase and other vetted platforms, with its net asset value calculated using the CME CF XRP-Dollar Reference Rate. Evolve emphasized that the fund will not use derivatives, nor will it actively trade XRP, instead adjusting holdings in response to subscriptions and redemptions.
Purpose Investments Inc. also launched its Purpose XRP ETF (TSX: XRPP) on June 18 after receiving a final prospectus receipt from Canadian regulators. Vlad Tasevski, Chief Innovation Officer at Purpose, remarked: “The OSC’s granting of a receipt for the Purpose XRP ETF prospectus reinforces Canada’s global leadership in building a regulated digital asset ecosystem.” The Purpose ETF offers CAD-hedged, CAD non-hedged, and USD units, and is eligible for tax-advantaged accounts.
3IQ Corp. marked its own significant entry with the 3IQ XRP ETF (TSX: XRPQ, XRPQ.U), celebrating the launch by ringing the closing bell on the TSX. Pascal St-Jean, President and CEO of 3IQ, stated: “ XRP has demonstrated significant growth potential over the past decade, and this groundbreaking strategy offers Canadian and qualified global investors a transparent, low-cost and tax-efficient way to securely access that opportunity.” Ripple Labs is an early investor in the fund, which debuts with a 0% management fee for the first six months.
The surge in XRP ETF offerings in Canada has invigorated market optimism for potential approval in the United States. Many observers see this as a sign of shifting regulatory dynamics at the U.S. Securities and Exchange Commission (SEC), which has faced growing pressure to embrace more pro-crypto policies. Industry advocates argue that recent developments demonstrate increasing regulatory clarity, setting the stage for broader institutional adoption of crypto assets and establishing a stronger foundation for future financial innovation.
