XRP ETFs Land on Toronto Stock Exchange
Two new exchange-traded funds (ETFs) tracking XRP are set to hit the Toronto Stock Exchange soon—and it might be a bigger deal than it sounds. Evolve Funds Group, which manages around $7 billion in assets, filed paperwork to launch its *Evolve XRP ETF*, expected to start trading on June 18. The fund will trade under the symbols *XRP* (CAD) and *XRP.U* (USD), assuming everything gets the green light.
What’s interesting here is how straightforward it is. Unlike some crypto products that rely on derivatives or complex structures, this ETF plans to hold actual XRP. That means investors get exposure to the cryptocurrency without having to deal with wallets or exchanges directly. Elliot Johnson from Evolve called XRP “built for real-world utility,” pointing to its use in cross-border payments.
How It Works—And Why Canada?
The fund’s value will be tied to the CME CF XRP-Dollar Reference Rate, a daily benchmark. No hedging, no derivatives—just XRP bought through platforms like Coinbase. It’s a passive setup, which keeps things simple.
Canada’s regulatory approach is part of the story. While U.S. regulators have dragged their feet on crypto ETFs, Canada has been more open. Filing a final prospectus here means the ETF can start trading almost immediately. That’s a stark contrast to the SEC’s hesitations south of the border.
Not the Only One
On the same day Evolve made its announcement, Purpose Investments said it had also gotten approval for its *Purpose XRP ETF*, set to launch under the ticker *XRPP* in 2025. It’ll offer CAD-hedged, CAD non-hedged, and USD options, giving investors a bit more flexibility.
The fact that two firms are jumping in at once suggests there’s real demand. Whether that’s from institutional players or retail investors isn’t entirely clear yet. But it’s hard to ignore the momentum—especially when U.S. investors still don’t have the same options.
What This Means for Crypto
This isn’t just about XRP. It’s another sign that crypto is creeping into traditional finance, at least in places where regulators aren’t standing in the way. ETFs like these make it easier for everyday investors to get involved without taking on the risks of holding crypto directly.
But it’s worth asking—will this actually drive more adoption, or is it mostly for traders? XRP’s utility in payments is one thing, but ETFs are still a bet on price movements. Either way, Canada’s move could put more pressure on other markets to follow suit. Or not. These things are hard to predict.
For now, though, it’s a step forward—even if it’s a small one.
