The first United States-based exchange-traded fund (ETF) specifically designed to directly hold XRP could begin trading as early as Thursday. This development follows a crucial filing by the crypto investment firm Canary Capital.
Eric Balchunas, a senior ETF analyst at Bloomberg, announced on Tuesday that Canary Capital submitted a Form 8A to the Securities and Exchange Commission (SEC) on Monday night. This filing is a necessary precursor to offering securities on an exchange.
Balchunas indicated that the filing suggests a launch could occur on Wednesday or Thursday, citing a precedent where similar Form 8A filings for Hedera (HBAR) ETFs led to their launch the following day. He cautioned that while "all boxes being checked," it is "not a done deal" and advised to "stay tuned."
Crypto reporter Eleanor Trent clarified that Canary's filing represents the "final step before it goes effective at 5:30 PM ET Wednesday once the Nasdaq certifies the listing." She added that once this occurs, "the last hurdle is cleared and the first XRP spot ETF will be set to launch Thursday at market open."
While other XRP (XRP) exchange-traded products have been introduced in the US, Canary's ETF is notable because it was filed under the Securities Act of 1933. This distinction allows the fund to directly hold XRP, unlike other products that invest in offshore entities holding the cryptocurrency.
Other XRP ETFs Under Development
Anticipation has been growing within the XRP community in recent days, coinciding with the winding down of a government shutdown. The impending launch of the first spot XRP ETF is viewed as a significant milestone.
With the government nearing a return to full operation, the path is being cleared for a variety of ETFs to potentially enter the market. Beyond Canary Capital, data from the Depository Trust and Clearing Corporation (DTCC) indicates that several other spot XRP ETFs are also in the pipeline.
The firms identified as having XRP ETFs waiting include 21Shares, ProShares, Bitwise, Volatility Shares, REX-Osprey, CoinShares, Amplify, and Franklin Templeton.
The price of XRP has seen a notable increase, rising 10% over the past seven days. At the time of this report, XRP was trading at $2.40, according to CoinGecko data.