Evolve Funds Group Inc., a Canadian firm managing $7 billion in assets, announced on June 16 that it has filed a final prospectus to launch the Evolve XRP ETF on the Toronto Stock Exchange (TSX). This XRP exchange-traded fund (ETF) is expected to begin trading on June 18 under the ticker symbols XRP (CAD Unhedged) and XRP.U (USD), pending final TSX approval.

Referring to the fund with the ticker symbol XRP, which shares its name with the cryptocurrency it tracks, the asset management firm explained:

XRP’s investment objective is to hold substantially all of its assets in physical XRP in order to provide a secure and convenient way for investors to hold the cryptocurrency in a brokerage account.

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 net asset value will be based on the CME CF XRP-Dollar Reference Rate, published daily. The fund will not use derivatives, pay regular distributions, or hedge foreign currency risk. In Canada, the filing of a final prospectus allows ETFs like this XRP fund to be listed and traded publicly. This contrasts with the United States, where the U.S. Securities and Exchange Commission (SEC) has delayed or denied similar applications for crypto ETFs. The Canadian framework offers a more accessible regulatory path, giving investors a secure, brokerage-based channel for gaining exposure to digital assets such as XRP.

The Evolve XRP ETF will passively hold cryptocurrency XRP purchased through Coinbase and other credible platforms. Evolve noted:

To achieve its investment objectives, the Evolve Fund will invest in long-term holdings of XRP, purchased through Coinbase and/or other reputable XRP trading platforms and OTC counterparties, in order to provide investors with a convenient, secure alternative to a direct investment in XRP.

On the same day, Purpose Investments Inc. announced it had received a final prospectus receipt for the Purpose XRP ETF, enabling its forthcoming launch on the Toronto Stock Exchange under the ticker XRPP on June 18, 2025. The ETF will be available in CAD-hedged, CAD non-hedged, and USD units.

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