Crypto news

This Canadian XRP ETF Is So Chilly, Even Your Crypto Is in a Parka

BBG News

If you’ve ever looked at a cryptocurrency called XRP and thought, “If only this were easier to lose money on, in a way endorsed by Canada,” then buckle up—your prayers have been answered. 3iQ, a Canadian asset manager whose name already sounds like it comes with a free set of steak knives, has just launched an ETF devoted to XRP. It’s trading on the Toronto Stock Exchange, where all the best things come from, like mining stocks, maple syrup, and a vague sense of remorse.

Ripple, which is either a blockchain company or an AI-generated perfume for accountants, is an early investor in the fund. To celebrate, the 3iQ team will ring the closing bell at TSX this afternoon—a ceremony best described as “Wall Street cosplay, but colder.”

The ETF’s big selling point? For the first six months, there’s a 0% management fee. Canadians and “qualified” international investors—people with a passport, Wi-Fi connection, and a deep sense of existential risk—can get direct exposure to XRP without accidentally opening the dark web. All holdings are tucked away in “cold storage,” which is less about the tech and more about the general climate.

Pascal St-Jean, 3iQ’s president and CEO, called this “another milestone” in their mission to help investors sleepwalk into digital assets “within a regulated framework.” Honestly, it’s reassuring. Sometimes, after a heavy brunch or late-night existential crisis, I find myself yearning for regulatory frameworks too.

New XRP ETF available to global investors

You don’t even have to be Canadian! If you’re international and “qualified” (do you know how a wallet works? You’re qualified), this ETF is available. St-Jean says XRPQ is a “transparent, low-cost and tax-efficient way” to bet your retirement on things your parents don’t understand but will still blame you for at Thanksgiving. 🥧

Institutional interest in crypto keeps growing, supposedly because these institutions have already tried all the other ways of setting money on fire. 3iQ previously triumphed with the Solana Staking ETF, which now has $120 million under management, and was also the first to launch Bitcoin and Ether funds in Canada—which answers the question, “What is my nephew actually doing at work?”

More XRP funds hit markets

Not to be outdone, Purpose Investments has also dropped its own XRP ETF, as if Canada is in the middle of a polite, low-voiced cryptocurrency arms race. Meanwhile, in the U.S., the SEC has opened the floor for comments about new XRP and Solana ETFs. (The SEC’s comment sections usually devolve into someone asking, “Wen moon?” and then a small cyberriot.) 🪐

Bitcoin and Ether ETFs have already been authorized, but the real action now is figuring out who can slap together the first spot ETFs for everything else: XRP, Solana, possibly limited-edition beanie babies if things keep trending in this direction.

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2025-06-18 16:13

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