Canary Funds’ XRP Trust could become the first pure spot The exchange-traded fund (ETF) will be listed in the United States, following the company’s filing of Form 8-A with the Securities and Exchange Commission on Tuesday.
The filing, according to Bloomberg ETF analyst Eric Balchunas, indicates the fund’s readiness to trade and represents the last procedural step before activation. A successful ETF launch could expand XRP’s liquidity base and potentially trigger inflows from registered investment advisors who previously avoided direct exposure to cryptocurrencies.
Once the Nasdaq certifies the listing – expected at 5:30 p.m. ET on Wednesday – the ETF will go into effect, clearing the final regulatory hurdle for the market opening on Thursday. The product will be governed by the Securities Act of 1933, allowing direct exposure to XRP rather than futures or hybrid structures.
The approval would mark a milestone for the Ripple ecosystem and the broader crypto market, and would come almost two years after spot bitcoin ETFs debuted in January 2024.
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The Canary ETF provides full, individualized backing of spot XRP held in custody with a regulated trust, unlike the recently launched REX-Osprey $XRPR ETF, which operates under the Investment Company Act of 1940 and offers only partial exposure to XRP through a mixed asset structure.
Partial exposure results in higher monitoring costs and less favorable tax treatment.
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CoinDesk’s analysis suggests that Canary’s debut may facilitate cleaner price discovery and serve as a test case to determine whether institutional capital will move into altcoin-based products beyond Bitcoin and Ether.
XRP traded near $2.48 in Asian morning hours on Wednesday, a 5% decline in 24 hours alongside a broader market decline.
With spot ether ETFs now live and Solana applications still pending, the approval of
