The first U.S. spot XRP exchange-traded fund (ETF) is on the verge of launch, as Canary Capital Group LLC filed a Form 8-A with the Securities and Exchange Commission on Nov. 10, registering shares for listing on the Nasdaq Stock Market. This document represents the final regulatory hurdle before trading can commence. Market expectations point to a Wednesday or Thursday debut, built on the precedent set by Canary’s recently launched HBAR and LTC ETFs.
Analysts Confirm Final Step Completed
Bloomberg senior ETF analyst Eric Balchunas took to social platform X to announce: “Canary filed 8A for XRP ETF last night, which points to launch tomorrow or Thursday (today is holiday). Thursday was the day we thought they’d be on track for but when they did the 8A for HBAR they launched the next day. Not done deal but all boxes being checked. Stay tuned.” His comment reflects the industry’s growing confidence that the XRP ETF will follow the same accelerated path as the HBAR product.
Eleanor Terrett of Crypto in America provided additional clarity: “Canary Funds has filed its Form 8-A. This is the final step before it goes effective at 5:30 PM ET Wednesday once the Nasdaq certifies the listing. When that happens, the last hurdle is cleared and the first XRP spot ETF will be set to launch Thursday at market open.” She emphasized that Canary’s product will be “the first pure-play 33 Act XRP ETF with 100% XRP, nothing else,” contrasting it with the REX-Osprey XRP ETF (XRPR) which operates under the Investment Company (’40) Act with partial spot XRP exposure and less efficient tax treatment.
Aggressive Expansion into Digital Assets
Canary Capital CEO Steven McClurg stated last week: “We just launched our first two ETFs last week and hoping to launch an XRP ETF next week.” The firm’s rapid rollout of cryptocurrency-based products—including the successful launches of LTC and HBAR ETFs—signals a strategic push to capture institutional demand for digital asset exposure in a regulated wrapper. The XRP ETF is expected to attract significant institutional inflows, enhance market liquidity, and further integrate cryptocurrencies into the formal financial system.
Market Implications
Industry observers believe that a pure-play XRP ETF could open the door for more conservative investors who have previously hesitated to enter the crypto space through unregulated platforms. By offering direct exposure to XRP price movements without the complexities of self-custody or futures-based products, the ETF aligns with the growing trend of crypto commoditization. Following the precedent of the HBAR ETF, which launched within 24 hours of its Form 8-A filing, the XRP ETF could begin trading as early as Wednesday evening if Nasdaq issues certification sooner than expected.
FAQ
- When will the first pure-play U.S. XRP ETF begin trading? Expected Wednesday or Thursday, pending Nasdaq certification after the SEC filing.
- Who is behind the XRP ETF launch? Canary Capital Group LLC, following its successful launches of LTC and HBAR ETFs.
- What does the Form 8-A filing represent? It registers the ETF’s shares for Nasdaq listing, marking the final regulatory step before trading.
- How could the XRP ETF impact the market? It could attract institutional investors, enhance XRP liquidity, and strengthen crypto’s role in traditional finance.