The long-anticipated XRP spot ETF is nearing launch, as Canary Funds has removed the SEC’s “delaying amendment” clause from its S-1 registration filing — effectively setting the stage for the ETF to go live automatically on November 13, 2025. The move has reignited optimism across the XRP community, which has long awaited broader institutional and mainstream access to the token.
Canary Funds has taken a decisive step toward bringing an XRP spot ETF to market, removing the SEC’s “delaying amendment” from its S-1 filing — a move that invokes Section 8(a) of the Securities Act of 1933. This change allows the registration to automatically take effect after 20 days unless the U.S. Securities and Exchange Commission (SEC) intervenes, effectively removing the agency’s direct control over the ETF’s launch timeline.
If no objections or additional comments are issued, the ETF will become effective by mid-November. According to the filing, the Canary XRP ETF is set to list on Nasdaq, giving traditional investors a regulated vehicle to gain exposure to XRP’s price without directly holding the token.
Structure and Custody Details
The ETF is designed to track the value of XRP, adjusted for fees and operational costs, using the CoinDesk XRP CCIX New York Rate — a benchmark that aggregates pricing data across leading exchanges for accuracy. Canary Capital Group LLC will act as the sponsor, with CSC Delaware Trust Company serving as trustee and transfer agent.
U.S. Bank will manage fiat custody, while Gemini Trust Company and BitGo Trust Company will jointly oversee digital asset custody — a dual-custodian setup aimed at bolstering security and transparency. The structure closely resembles that of previously approved spot crypto ETFs, signaling Canary’s effort to meet institutional-grade standards.
Following the Playbook of Other Crypto ETFs
Canary’s approach echoes the successful filings of asset managers like Bitwise, which recently launched spot Solana, Litecoin, and Hedera ETFs using the same auto-effect mechanism. The method, reportedly supported by former SEC Commissioner Paul Atkins, provides a legal path for ETF registrations to proceed even if the Commission’s review process stalls — such as during a government shutdown.
By dropping the delay clause, Canary has effectively started the countdown clock, betting on a smooth 20-day path to effectiveness.
What Comes Next
While the move signals confidence, the XRP ETF’s debut isn’t guaranteed. The SEC still retains the authority to halt or comment on the filing before its effective date, and Nasdaq must approve the ETF’s Form 8-A application before trading can begin.
Still, the filing represents a major milestone for XRP’s institutional adoption. If approved, the Canary XRP ETF could open the door for mainstream investors and potentially usher in a new wave of momentum across the XRP ecosystem.
