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Historic Filing Signals Approval
Canary Capital is edging closer to launching the first-ever spot XRP ETF in the United States, marking a potential breakthrough for crypto-based exchange-traded funds.
The firm’s latest SEC Form 8-A filing has fueled speculation that the fund could go live as early as Thursday, positioning Canary as the first company to offer an ETF directly holding XRP under the Securities Act of 1933.
The move represents a landmark step for the XRP community and the broader crypto market, which has long awaited approval for a spot ETF tied to the popular token. If confirmed, the fund would allow investors to gain regulated exposure to XRP without directly purchasing or storing the asset.
Analysts Expect Thursday Launch
Bloomberg senior ETF analyst Eric Balchunas highlighted the significance of Canary Capital’s filing, noting that similar submissions for Hedera (HBAR) ETFs were followed by launches the very next day.
“The filing points to launch tomorrow or Thursday,” Balchunas wrote, emphasizing that while it’s not a “done deal,” all regulatory steps appear to be in motion.
Balchunas’ observation aligns with the pattern seen in previous crypto ETF rollouts, where the Form 8-A—a key step required before a security trades on an exchange—was the final piece of the regulatory puzzle.
Meanwhile, crypto journalist Eleanor Trent confirmed that Canary’s filing is “the final step before it goes effective at 5:30 PM ET Wednesday once Nasdaq certifies the listing.” Once the exchange finalizes the certification, Canary Capital’s XRP ETF could officially begin trading when markets open Thursday morning.
“When that happens, the last hurdle is cleared and the first XRP spot ETF will be set to launch Thursday at market open,” Trent explained.
Direct XRP Exposure Approved
While several XRP-linked exchange-traded products have previously appeared in the U.S., none have been registered under the Securities Act of 1933—the standard framework that allows funds to directly hold the underlying asset.
Most earlier XRP products gained exposure indirectly, investing in offshore entities that held the cryptocurrency instead of physically owning it. Canary Capital’s approach sets it apart, giving investors direct exposure to XRP for the first time in a regulated U.S. ETF.
This structural difference could reshape institutional access to XRP, encouraging greater market participation from fund managers and compliance-focused investors who have until now avoided direct crypto exposure.
Growing XRP ETF Momentum
The timing of Canary’s filing couldn’t be more strategic. The recent resolution of the U.S. government shutdown has cleared a backlog of pending ETF approvals, with the SEC and Nasdaq resuming normal operations.
The Depository Trust and Clearing Corporation (DTCC), which handles securities settlements, currently lists multiple pending spot XRP ETFs from prominent firms such as 21Shares, ProShares, Bitwise, Volatility Shares, REX-Osprey, CoinShares, Amplify, and Franklin Templeton.
This suggests Canary Capital may be just the first of several XRP ETFs preparing for launch in the coming weeks. The flood of filings underscores the growing demand for crypto investment products that operate within U.S. regulatory boundaries, following the success of spot Bitcoin ETFs earlier this year.
XRP Price Reacts Positively
The XRP market has already started to respond to the ETF anticipation. According to CoinGecko data, XRP’s price has risen 10% over the past week, currently trading around $2.40.
Market watchers attribute the surge to renewed optimism surrounding institutional adoption and the potential for higher liquidity once the ETF begins trading.
Analysts believe that the launch of a U.S.-based XRP ETF could help stabilize price movements and attract a wave of new investors seeking exposure to digital assets through traditional brokerage accounts.
“This could be XRP’s biggest regulatory milestone since the Ripple court ruling,” said one market analyst, noting that ETF approval would legitimize XRP as an investable asset class alongside Bitcoin and Ethereum.
Broader Implications for Crypto ETFs
Canary Capital’s move signals a broader shift in U.S. regulatory acceptance of cryptocurrency ETFs. After years of cautious evaluation, the SEC appears more open to green-lighting funds that provide direct exposure to digital assets—especially as trading oversight and custody solutions have improved.
If Canary’s XRP ETF successfully launches this week, it could pave the way for a new wave of altcoin-based ETFs, potentially including tokens such as Solana (SOL), Cardano (ADA), and Avalanche (AVAX) in the near future.
Furthermore, XRP’s legal clarity following Ripple Labs’ partial victory against the SEC last year provides a solid regulatory foundation for investment firms like Canary Capital to move forward confidently.
Conclusion: XRP ETF Era Begins
The crypto world is watching closely as Canary Capital prepares to introduce the first U.S. spot XRP ETF, a move that could reshape both institutional access and retail participation in the XRP market.
If approved this week, it would mark a historic milestone—not only for XRP holders but for the broader evolution of crypto finance within U.S. markets. With key filings complete, regulatory checks in place, and the Nasdaq certification imminent, all signs point toward an official launch by Thursday morning.
As analysts and investors await the SEC’s green light, Canary Capital’s XRP ETF stands as a potential catalyst for the next chapter of crypto adoption—bridging the gap between traditional markets and blockchain assets.