Canary Funds’ XRP Trust could potentially become the first pure spot XRP exchange-traded fund (ETF) to list in the United States, following the firm’s filing of Form 8-A with the Securities and Exchange Commission on Tuesday.
The filing signals the fund’s readiness for trading and represents the final procedural step before activation. A successful ETF launch could expand XRP’s liquidity base and potentially attract investments from registered advisers who previously avoided direct crypto exposure.
Once the Nasdaq certifies the listing — expected by 5:30 p.m. ET on Wednesday — the ETF will become effective, clearing the last regulatory hurdle for a Thursday market open. The product will fall under the Securities Act of 1933, allowing for 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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Analysis suggests that Canary’s debut may facilitate cleaner price discovery and serve as a test case for whether institutional capital will shift into altcoin-based products beyond Bitcoin and Ether.
XRP traded 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 U.S. crypto ETF landscape — one that extends beyond Bitcoin and Ethereum into networks with defined payment and settlement use cases.
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