Canary Capital's Spot XRP ETF Secures Nasdaq Listing Approval: Key Details

Canary Capital's Spot XRP ETF has achieved a significant milestone by obtaining automatic approval for its Nasdaq listing. This development follows the submission of a Form 8-A to the U.S. Securities and Exchange Commission (SEC) on November 10th. The ETF will be traded under the ticker symbol "XRPC" and is set to launch soon, following the final certification filing.

Key Takeaways

Canary's XRP ETF has a management fee of 0.50%, which is higher than Bitwise's 0.34%.
Key partners involved include U.S. Bancorp Fund Services (administrator), Paralel Distributors LLC (marketing), Gemini Trust and BitGo Trust (custodians), with U.S. Bank as the cash custodian.
The ETF's approval represents a significant achievement for the Ripple XRP community.

Canary XRP ETF Gets Approval

Approval of Canary's Spot XRP Exchange Traded Fund

Canary Capital's Spot XRP ETF has received approval from Nasdaq to be listed under the ticker symbol “XRPC.” This approval marks a crucial regulatory hurdle that has been cleared before the fund's official launch. Trading is expected to begin later this week, pending a final CERT filing that will confirm the exact debut date.

The ETF also includes a comprehensive description of its shares in the trust's Form S-1 registration statement, which was submitted to the SEC on October 24th. This development builds on Canary Capital's recent achievements with its Litecoin (LTC) and Hedera (HBAR) ETFs, which were also launched after securing automatic approvals through similar 8-A and CERT filings.

Structure of the XRP ETF

The newly introduced ETF by Canary will track the spot price of XRP by using the XRP-USD CCIXber Reference Rate Index. This structure provides investors with direct exposure to the performance of the cryptocurrency. The management fee of 0.50% is slightly higher than that of Bitwise’s XRP ETF, which recently announced a fee of 0.34%.

Supporting the ETF are several key partners: U.S. Bancorp Fund Services will serve as the transfer agent and administrator, while Paralel Distributors LLC will take charge of marketing. Additionally, U.S. Bank, affiliated with the transfer agent, will handle cash custody for the ETF.

XRP Market Activity and Outlook

The approval of the ETF has generated excitement within the XRP market, coinciding with an uptick in XRP's market activity. Over the past week, the token appreciated by 8.83%, although it experienced a slight downturn to $2.46, reflecting a 2.87% decrease over the last 24 hours, according to data from CoinMarketCap.

Beyond Canary Capital's fund, the overall XRP ETF landscape is gaining traction. Multiple XRP-linked funds, including the Teucrium 2x Long Daily XRP ETF, Volatility Shares XRP ETF, Rex-Osprey, ProShares Ultra XRP ETF, and Purpose, are experiencing steady inflow in investor interest.

The burgeoning interest in spot XRP ETFs marks a potential turning point for Ripple and the entire cryptocurrency sector. With nine listings registered on the DTCC and major issuers like Franklin Templeton, Bitwise, and Canary Capital in the forefront, further approvals are anticipated by November, potentially bringing XRP into the same arena as Solana (SOL), Litecoin, and Hedera in the ETF spotlight.