3iQ Launches One of North America’s First XRP ETFs on Toronto Stock Exchange

3iQ, a Canadian digital asset manager, on Wednesday launched one of North America’s first XRP exchange-traded funds (ETFs) on the Toronto Stock Exchange.

XRP, the native token of digital payment network Ripple, is currently trading at $2.17, up 1% on the day.

The new ETF, listed under ticker symbols XRPQ and XRPQ.U, will track long-term holdings of XRP, according to a press release viewed by The Defiant.

For the first six months, XRPQ will charge no management fees, with all assets held in cold storage, as noted in the release. The ETF is now available to Canadian investors and to qualified global participants. Ripple is listed as an early investor in the fund.

The launch comes as institutional interest in crypto ETFs continues to grow, with investors demanding regulated and transparent platforms to gain access to digital assets like XRP. The first-ever spot Bitcoin (BTC) ETF launched in Canada in 2021. Since then, most major Bitcoin (BTC) and Ethereum (ETH) ETF launches have occurred in the United States.

“The launch of XRPQ marks another milestone in our mission to provide investors with convenient, cost-effective access to digital assets within a regulated framework,” said Pascal St-Jean, President and CEO of 3iQ, in a statement.

St-Jean explained that XRP has shown massive 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.”

Earlier this week, Canadian asset manager Evolve Funds Group, which manages $7 billion, also filed a final prospectus to launch an XRP ETF on the Toronto Stock Exchange. The Evolve XRP ETF is now trading under the tickers XRP and XRP.U.

3iQ previously launched the Solana Staking ETF (SOLQ) in early 2025 – it has since surpassed $120 million in assets under management (AUM).

The launch of the XRP ETFs also follows Ripple’s recent launch of its stablecoin, RLUSD, which was approved by the New York Department of Financial Services in December 2024. To date, RLUSD has a market capitalization of $415 million, making it the 18th largest stablecoin by market capitalization.

XRP ETFs Await U.S. Approval

The prospect of a U.S.-based XRP ETF remains on hold as the Securities and Exchange Commission (SEC) continues to review applications. This comes as Ripple remains locked in a legal battle with the SEC, which sued the company for allegedly failing to register XRP as a security. According to the latest filing, both parties asked the court to keep the appeal on hold, with the SEC expected to file a status update by August 15, 2025.

Currently, there are pending XRP ETF applications from several companies, including Bitwise, Canary Capital, 21Shares, and CoinShares.