A long-anticipated milestone in digital asset investing is about to unfold as Nasdaq prepares to list the first pure-play spot XRP exchange-traded fund (ETF) — the Canary XRP ETF (ticker: XRPC) — on Nov. 13. The launch, years in the making, positions XRP alongside bitcoin, ethereum, and solana as part of the expanding class of spot-based digital asset funds in the United States.
Nasdaq Confirms XRPC Listing Date
“The official listing notice for $XRPC has arrived from Nasdaq. Looks like tomorrow is ON for the launch,” Bloomberg ETF analyst Eric Balchunas stated on social media platform X on Nov. 12. The filing of Form 8-A with the U.S. Securities and Exchange Commission (SEC) on Nov. 10 marked the final regulatory step before trading can begin. The fund's valuation will track the Coindesk XRP CCIXber 60m New York Rate, a benchmark aggregating transactions from major XRP platforms.
Pure-Play Structure vs. Earlier Products
Industry commentators have highlighted the distinction between the Canary XRP ETF and the earlier Rex Osprey XRP ETF. Eleanor Terrett of Crypto in America clarified that Canary's product is “the first pure-play 33 Act XRP ETF with 100% XRP, nothing else,” while the Rex Osprey fund “came first under the Investment Company (‘40) Act with partial spot XRP exposure and less efficient tax treatment.” The pure-play structure offers investors direct ownership of the underlying asset with no derivatives, leverage, or futures exposure, ensuring transparent pricing and straightforward tax treatment.
Custody and Compliance
XRP holdings for the ETF will be custodied by Gemini Trust Company and Bitgo Trust Company, both regulated digital asset custodians. Administration and compliance duties are handled by U.S. Bancorp Fund Services and Paralel Distributors LLC. This robust custody framework meets institutional risk-management standards and sets a precedent for future digital asset ETFs.
Market Impact and Outlook
Analysts expect the XRPC debut to boost liquidity, enhance institutional access, and accelerate the integration of digital assets into regulated U.S. markets. With the SEC showing increasing openness toward crypto ETFs, more XRP-based investment products are anticipated in the coming months. The listing marks a critical advancement for XRP's institutional adoption, deepening its presence in mainstream financial infrastructure.