 
 
Canary Capital could become the first asset manager to list a pure spot XRP exchange-traded fund (ETF) in the United States, following the firm’s submission of a key regulatory filing that could allow the fund to go live on the Nasdaq.
Canary XRP ETF To Start Trading Thursday
Bloomberg’s senior ETF analyst Eric Balchunas revealed on Tuesday that Canary had filed a Form 8A with the Securities and Exchange Commission (SEC) on Monday.
Balchunas said the filing suggests “launch tomorrow or Thursday” as Form 8A filings for Canary’s Hedera (HBAR) ETF saw the product make its Wall Street debut the next day.
“Not [a] done deal, but all boxes being checked. Stay tuned,” Balchunas added.
The Canary XRP ETF would track the spot price of the market’s fourth-biggest cryptocurrency by market value. A successful ETF launch could boost the liquidity base of the Ripple-affiliated token and possibly spark inflows from registered investment advisers who previously stayed on the sidelines.
 
Once the Nasdaq permits the listing — expected by 5:30 p.m. ET on Wednesday — the ETF will become effective, clearing the last regulatory barrier for a market trading on Thursday. The investment product will fall under the Securities Act of 1933, giving investors direct exposure to XRP rather than to futures or hybrid structures.
Unlike REX-Osprey’s recently launched $XRPR ETF, which operates under the Investment Company Act of 1940 and offers only partial XRP exposure via a mixed-asset structure, Canary’s ETF offers full spot XRP backing secured in custody with a regulated trust.
The potential launch would mark a landmark milestone for Ripple’s ecosystem and the wider cryptosphere, coming almost two years after spot Bitcoin ETFs launched in January 2024.
As ZyCrypto reported recently, the Depository Trust and Clearing Corporation also recently listed five spot XRP ETFs — from Bitwise, Franklin Templeton, 21Shares, Canary, and CoinShares — in its pre-launch category, triggering speculation of their looming launch.
XRP’s price was hovering around $2.35 per coin after a 3.3% decline over the last 24 hours, according to data from CoinGecko. The coin is now nearly 36% below its July all-time high of $3.65.