3iQ Digital Asset Management has announced that its spot XRP-based ETF has surpassed $50 million in assets under management, which marks a significant milestone for the fledgling product that debuted last month.
It has become the largest North American spot ETF focused on the Ripple-linked token.
According to CEO and President Pascal St-Jean, both retail and institutional investors are responsible for the product’s early success.
As reported by U.Today, 3iQ was among the first issuers to launch a spot ETF in Canada. Purpose Investments and Evolve Funds Group also debuted competing products tied to the popular altcoin on the same day.
What about US ETFs?
Canada’s ETF market is relatively small compared to that of the US ($432 billion and $10 trillion worth of assets under management, respectively).
Several issuers, such as Franklin Templeton, Bitwise, and 21Shares, are also vying to launch a spot XRP ETF in the US. However, such a product is yet to be approved by the SEC.
More than a dozen filings remain under review, and their approval is not expected to take place until the fourth quarter of 2025.
As reported by U.Today, an XRP ETF might end up being stuck in a regulatory limbo as the SEC continues to work on streamlining the process of crypto ETF approval.
Yet, Polymarket bettors remain bullish on XRP ETF approval odds in 2025. Such a product has an 84% chance of being greenlit this year, down from 98% in early June.