Key Highlights
- Canary files Form 8-A with the SEC for its spot XRP ETF, signaling trading could begin within days.
- The XRP ETF will hold real XRP tokens in trust and list on Nasdaq under ticker “XRPC.”
- Launch expected as early as November 13, pending final exchange clearance.
Canary Capital has filed a Form 8-A registration with the U.S. Securities and Exchange Commission (SEC), setting the stage for its spot XRP exchange-traded fund (ETF) to debut as early as next week.
The filing enables the ETF’s shares to be listed on the Nasdaq Stock Market, potentially making it one of the earliest U.S. ETFs to provide regulated access to XRP’s market performance.
A new entry in the XRP ETF race
The Canary XRP ETF is structured as a grantor trust designed to hold actual XRP tokens rather than derivatives or futures. Its goal is to mirror XRP’s market value, minus operational fees, providing investors with direct exposure to the cryptocurrency’s price.
U.S. Bank will serve as the ETF’s cash custodian and administrator, while Gemini Trust and BitGo Trust will safeguard the digital assets. The fund’s net asset value will track the CoinDesk XRP CCIX New York Rate, a time-weighted index reflecting major exchange prices.
Canary Capital Group LLC acts as sponsor, with CSC Delaware Trust Company as trustee. Shares will be issued and redeemed in 10,000-share “Baskets,” allowing authorized participants to exchange XRP or cash directly with the trust.
The first-ever XRP spot ETF
According to Bloomberg’s Eric Balchunas, the filing “checks the last box” before launch, suggesting trading could begin by Thursday, November 13, depending on the market holiday schedule. If timing follows Canary’s earlier HBAR ETF rollout, trading could start the day after clearance.
Former Fox Business journalist Eleanor Terret also confirmed the filing: “This is the final step before it goes effective at 5:30 PM ET Wednesday once the Nasdaq certifies the listing”.
XRP’s growing institutional foothold
If approved for trading, Canary’s product would join the XRPR fund, launched in September by REX Shares and Osprey Funds, as one of the few U.S. ETFs tied to XRP. Unlike XRPR, however, Canary’s fund offers pure spot exposure, making it potentially the first of its kind to track XRP’s price directly through on-chain holdings.
The expected debut comes amid accelerating demand for crypto investment products. In recent months, firms like Grayscale, WisdomTree, Bitwise, and 21Shares have filed or updated XRP ETF applications as part of a broader wave of digital asset funds targeting major tokens such as Bitcoin, Ethereum, and Solana.
What’s next
With its Form 8-A filing, Canary has cleared the final regulatory formality for listing. Nasdaq must now activate trading eligibility, after which the ETF, expected to trade under the ticker XRPC, could go live within days.
While the SEC retains authority to intervene, the move signals growing institutional confidence that spot crypto ETFs are entering mainstream U.S. markets, extending investor access beyond Bitcoin and Ethereum.
Also read: XRP ETF Launch Nears After DTCC Lists Five Issuer Filings
