Canary Capital Gets SEC Approval for First XRP ETF Listing on Nasdaq
- Canary Capital’s first XRP ETF has received SEC approval and is preparing for a Nasdaq listing.
- 21Shares, Bitwise, and Franklin Templeton amended their S-1 filings for faster ETF listing.
- Analysts predict XRP price may surge ahead of the ETF launch, signalling strong market momentum.
Canary Capital Group has moved closer to launching the first U.S.‑listed exchange‑traded fund (ETF) that holds XRP directly. The company removed a delaying amendment from its registration statement under the Securities Act of 1933. That change allowed the filing to become effective automatically after a 20‑day waiting period, provided the Securities and Exchange Commission (SEC) does not intervene.
The firm also submitted a Form 8‑A, which registers a class of securities under the Securities Exchange Act of 1934 and permits the fund’s shares to be listed on a national exchange. Nasdaq approved the listing application, so trading could begin as soon as the waiting period expires, potentially making Canary’s offering the first U.S. spot XRP ETF.
By following this statutory route, Canary has bypassed the SEC’s discretionary timing authority. The approach mirrors procedures used earlier in the year to launch funds tied to Solana, Hedera, and Litecoin during a government shutdown.
Analysts note that the final hurdle is Nasdaq’s approval and the absence of SEC objections before the 20‑day period ends. If regulators allow the clock to run, the fund will automatically become effective and list on Nasdaq under the ticker symbol XRPC, opening access for a broader pool of investors.
Key Details of the Canary XRP ETF Launch
The Canary XRP ETF is structured as a trust that issues shares of beneficial interest. It holds XRP and values its assets using the CoinDesk XRP CCIX 60‑minute New York rate, a pricing benchmark derived from trading activity across several exchanges. The trust aims to track the spot price of XRP while deducting expenses and liabilities.
Gemini Trust Company and BitGo Trust Company will provide custody, keeping the XRP in secure accounts for the trust. U.S. Bancorp Fund Services serves as the transfer agent and administrator, while U.S. Bank, N.A., acts as the cash custodian.
Paralel Distributors LLC will oversee marketing activities. As the trust’s marketing agent, Paralel will review and approve promotional materials and help develop the marketing plan in line with SEC and FINRA rules. The fee structure is straightforward: the trust pays an annual sponsor fee equal to 0.50% of its XRP holdings.
That unified fee covers payments to service providers such as the marketing agent, administrator, custodians, and transfer agent. The sponsor may waive part of the fee, but it is under no obligation to do so.
Related: Stablecoins Rise While XRP’s Developer Base Weakens
XRP Price Surge Ahead of ETF Launch
The spot XRP fund will charge investors a 0.50% management fee and track a recognized index that reflects XRP’s spot market value across several trading platforms. Market observers compare the launch with earlier Bitcoin and Ether ETFs, noting that early inflows may be moderate.
Steven McClurg, the CEO of Canary Capital, has expressed strong confidence in the ETF’s potential impact. He’s even drawn parallels to the early days of other transformative cryptocurrencies like Solana, suggesting that XRP could be poised for a similar breakout.
XRP currently trades near $2.45, reflecting stability after recent gains. If the ETF begins trading as expected, analysts believe it could enhance liquidity for XRP by attracting new investors who prefer regulated investment vehicles.
The listing also comes as other asset managers, including Bitwise, Franklin Templeton, and 21Shares, file similar S‑1 registrations, which may accelerate regulatory review for additional products.
Canary’s use of the 1933 Act pathway and Form 8‑A filing showcases how issuers can leverage existing statutory mechanisms to bring crypto products to market. The fund’s imminent debut highlights growing institutional interest in XRP and underscores the ongoing evolution of the U.S. crypto ETF landscape.
