Canary Capital Files for Spot XRP ETF
Canary Capital has filed Form 8-A with the U.S. Securities and Exchange Commission (SEC) for its spot XRP exchange-traded fund (ETF). This filing allows shares to be listed on Nasdaq under the ticker “XRPC.” Trading could begin as early as November 13, pending final exchange approval.
Details of the XRP ETF Structure
The Canary XRP ETF will hold actual XRP tokens in trust, providing direct exposure to XRP’s price. It is structured as a grantor trust and not a futures-based product. U.S. Bank will act as cash custodian and administrator, while Gemini Trust and BitGo Trust will secure the digital assets.
- The fund’s net asset value will track the CoinDesk XRP CCIX New York Rate.
- Shares will be issued and redeemed in 10,000-share baskets.
- Canary Capital Group LLC is the sponsor, with CSC Delaware Trust Company as trustee.
Market Impact and Next Steps
This ETF would be one of the first U.S. spot ETFs to offer direct XRP exposure. It complements the XRPR fund launched in September by REX Shares and Osprey Funds, which also targets XRP but differs by its asset structure.
Industry analysts expect Nasdaq to certify the listing soon. If approved, trading could start by market open on November 13. The SEC maintains oversight, but this marks a significant step toward broader institutional adoption of crypto ETFs tied to tokens beyond Bitcoin and Ethereum.
