The first U.S.-based exchange-traded fund (ETF) designed to directly hold XRP could debut as early as Thursday, following a key filing by crypto investment firm Canary Capital.
Bloomberg senior ETF analyst Eric Balchunas reported Tuesday that Canary submitted a Form 8-A with the Securities and Exchange Commission on Monday night—a mandatory step before any securities can be offered on an exchange.
According to Balchunas, the filing “points to a launch tomorrow or Thursday,” noting that previous Form 8-A submissions for Hedera ETFs resulted in next-day launches.
“Not a done deal, but all the boxes are being checked,” he added. “Stay tuned.”
Crypto reporter Eleanor Trent noted that Canary’s filing represents “the final step before it goes effective at 5:30 PM ET Wednesday, once Nasdaq certifies the listing.”
She added, “Once that happens, the last hurdle is cleared, and the first XRP spot ETF will be ready to launch at market open on Thursday.”
Other XRP exchange-traded products (ETPs) have launched in the U.S., but Canary’s ETF is unique. Filed under the Securities Act of 1933, it can directly hold XRP, unlike other products that invest through offshore companies holding the crypto.
The first spot XRP ETF has generated significant excitement in the XRP community, especially as the recent government shutdown comes to an end. With federal operations returning to normal, the path is clear for a wave of ETFs to potentially hit the market.
According to the Depository Trust and Clearing Corporation (DTCC), several other spot XRP ETFs are also awaiting approval. Firms on the list include 21Shares, ProShares, Bitwise, Volatility Shares, REX-Osprey, CoinShares, Amplify, and Franklin Templeton.
XRP’s price has surged roughly 10% over the past week, reaching $2.40 at the time of writing, according to CoinGecko data.
