Canary Capital Files for Spot XRP ETF with SEC
Canary Capital has filed Form 8-A with the US Securities and Exchange Commission (SEC). This move aims to launch the first spot XRP exchange-traded fund (ETF) in the US. The company previously launched spot ETFs for Hedera Hashgraph (HBAR) and Litecoin (LTC).
Spot XRP ETF Launch Expected Soon
According to Bloomberg ETF analyst Eric Balchunas, the XRP ETF could debut by Wednesday or Thursday. This depends on final approval from Nasdaq. Canary Capital filed the registration on Monday and chose a new route under Section 8(a) of the Securities Act. This allows the ETF to launch after a 20-day review if there are no objections from regulators.
Background on XRP ETFs in the US Market
- The Canary fund will give investors indirect exposure to XRP’s market price.
- REX-Osprey launched the first US-listed spot XRP product, the REX-Osprey XRP ETF (XRPR), in September 2023.
- REX-Osprey’s ETF is structured under the Investment Company Act of 1940 (the “40 Act”).
- This fund holds XRP and invests in related assets like cash, derivatives, and Treasuries.
- Canary Capital’s ETF is a pure spot product, unlike REX-Osprey’s hybrid fund.
- Several altcoin ETFs, including Solana and Hedera Hashgraph, also launched in October 2023.
On Wednesday, XRP traded at around $2.39. Its price dropped 6% in the last 24 hours during early Asian trading.
