The long-anticipated debut of a U.S. spot XRP exchange-traded fund (ETF) could arrive as soon as Thursday, marking a breakthrough for Ripple’s ecosystem and a new milestone in digital asset adoption.
Canary Funds filed Form 8-A with the U.S. Securities and Exchange Commission (SEC) on Tuesday, the final procedural step before the fund’s activation. According to Bloomberg ETF analyst Eric Balchunas, the filing indicates that the Canary XRP Trust is ready for trading once Nasdaq certifies the listing—expected by 5:30 p.m. ET on Wednesday.
Once effective, the ETF will trade under the Securities Act of 1933, providing investors direct exposure to XRP—unlike futures-based or hybrid crypto products. The move could draw inflows from registered investment advisers (RIAs) who have so far limited exposure to Bitcoin and Ethereum.
If approved, Canary’s product would be the first pure spot XRP ETF in the U.S., nearly two years after spot Bitcoin ETFs began trading in January 2024. The fund will be fully backed one-to-one by XRP, held in custody with a regulated trust.
By contrast, REX-Osprey’s $XRPR ETF, launched earlier this year under the Investment Company Act of 1940, provides partial XRP exposure through a mixed-asset model that carries higher tracking error and less favorable tax treatment.
Market analysts say Canary’s ETF could help improve price discovery and test the appetite for altcoin-based investment vehicles beyond the leading Bitcoin and Ether products.
As of Wednesday morning in Asia, XRP traded near $2.48, down 5% in the past 24 hours amid a broader market selloff.
With spot Ether ETFs already trading and Solana ETF applications awaiting approval, the potential launch of the Canary XRP Trust could signal the next phase of diversification in the crypto ETF market—broadening institutional access to tokens with real-world utility in payments and settlement.
