Canary Capital's Filing Signals Imminent Launch of Spot XRP ETF

In a significant development, the first exchange-traded fund (ETF) in the United States designed to directly hold XRP may debut as early as this Thursday. This follows the recent filing of essential documents by crypto investment firm Canary Capital.

Key Takeaways

Canary Capital has filed a Form 8A with the SEC, a necessary step for launching an ETF.
The proposed XRP spot ETF could be launched as soon as Thursday after Nasdaq's certification.
Anticipation grows as other firms prepare to introduce similar XRP ETFs.
XRP's price has seen a notable increase of 10% over the past week, now valued at $2.40.

Canary Capital filing signals spot XRP ETF set for launch this week

Latest Developments in the XRP ETF Space

Bloomberg’s senior ETF analyst, Eric Balchunas, reported on Tuesday that Canary Capital submitted the Form 8A to the Securities and Exchange Commission (SEC) on Monday night. This form is required before any securities can be traded on an exchange.

Balchunas indicated that this filing suggests a launch "tomorrow or Thursday"—similar to previous filings for other funds. Crypto reporter Eleanor Trent elaborated that Canary’s filing represents “the final step” before becoming effective at 5:30 PM ET on Wednesday, contingent upon Nasdaq's confirmation of the listing.

"When that happens, the path is cleared for the first XRP spot ETF to launch at market open on Thursday," Trent stated.

Source: Eric Balchunas

Additional XRP ETFs on the Horizon

As excitement builds within the XRP community, the impending ETF launch marks a significant milestone, especially as the government shutdown eases, paving the way for numerous ETFs to potentially enter the market.

In addition to Canary's efforts, the Depository Trust and Clearing Corporation (DTCC) lists several other XRP spot ETFs awaiting approval. Among these firms are 21Shares, ProShares, Bitwise, Volatility Shares, REX-Osprey, CoinShares, Amplify, and Franklin Templeton.

At the time of writing, the price of XRP has surged by 10% over the past week, currently standing at $2.40, according to data from CoinGecko.

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