XRP Spot ETF Launch Ready: Canary Funds Clears Final SEC Hurdle

Canary Funds is on the brink of launching the first U.S. spot XRP ETF after filing its Form 8-A, marking the final regulatory step before trading begins.

The listing on the Nasdaq exchange is expected to become effective at 5:30 PM ET on Wednesday, with the ETF set to open for trading Thursday morning, pending Nasdaq’s certification.

The milestone filing was confirmed by Eleanor Terrett on X (formerly Twitter), who noted this crucial step clears the last regulatory hurdle for the first $XRP spot ETF to debut in the U.S. market.

This move signals a new chapter for XRP exposure in mainstream investment portfolios aimed at both retail and institutional investors.​

XRP ETF Market Debut Approaches

Canary Capital’s CEO Steven McClurg has expressed strong confidence in the ETF’s potential, forecasting it to outperform Solana's ETF by potentially doubling both its inflows and trading volume.

His outlook is based on XRP’s wider institutional interest and growing enterprise adoption, setting the stage for robust demand that could surpass other altcoin ETFs.

“Institutional investors are primed to back the XRP ETF aggressively,” McClurg asserted, highlighting XRP’s unique positioning in the market.

He indicates this ETF could herald a significant inflow of capital as regulatory clarity improves, offering investors a traditional avenue to gain direct XRP exposure without the complications of crypto custody.​

The ETF will trade under the ticker symbol XRPC and track the XRP-USD CCIXber Reference Rate Index.

The fund entails a 0.5% annual fee to cover management and operational expenses.

This fund is expected to attract both institutional and retail investors, expanding XRP’s liquidity and market depth.​

Regulatory Approval and Market Impact

The U.S. Securities and Exchange Commission's acceptance of the Form 8-A filing signifies regulatory progress in approving crypto spot ETFs.

Following this approval, the Nasdaq must certify the listing, which is scheduled for Wednesday evening.

Once certified, the Canary XRP ETF will commence trading at market open Thursday, becoming the first purely spot XRP ETF in the U.S..​

This launch could trigger substantial inflows, reportedly estimated around $5 billion, reshaping investment flows in the crypto and altcoin exchange-traded fund market.

By creating a bridge between traditional finance and digital assets, this ETF aims to legitimize XRP's role as a key altcoin with institutional backing.

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