Canary Funds’ XRP Trust could become the first clean venue exchange-traded fund (ETF) for listing in the United States, following the firm’s Form 8-A filing with the Securities and Exchange Commission on Tuesday.
The filing, according to Bloomberg ETF analyst Eric Balchunas, signals the fund’s readiness to trade and represents the final procedural step before activation. A successful ETF launch could expand XRP’s liquidity base and potentially trigger approaches from registered investment advisors who have previously avoided direct crypto exposure.
When Nasdaq certifies the listing – expected at 5:30 PM ET Wednesday – the ETF will go into effect, clearing the final regulatory hurdle to an open Thursday market. The product will fall under the Securities Act of 1933, allowing direct exposure to XRP rather than futures or hybrid structures.
The approval would mark a milestone for Ripple’s ecosystem and the broader crypto market, arriving nearly two years after spot bitcoin ETFs debuted in January 2024.
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Canary’s ETF provides full, one-to-one spot XRP backing held in custody with a regulated trust, unlike REX-Osprey’s recently debuted $XRPR ETF, which operates under the Investment Company Act of 1940 and offers only partial XRP exposure through a mixed asset structure.
The partial exposure results in higher tracking costs and less favorable tax treatment.
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CoinDesk analysis suggests Canary’s debut could facilitate cleaner price discovery and serve as a test case for whether institutional capital will shift to altcoin-based products beyond Bitcoin and Ether.
XRP was trading near $2.48 in Asian morning hours on Wednesday, down 5% in 24 hours alongside a broader market slide.
With spot ether ETFs now live and solana applications still pending, the XRP approval could cement a new phase of asset diversification in the US crypto ETF landscape – one that extends beyond the two major networks – Bitcoin and Ethereum – into networks with defined payment and settlement applications.
