In a major step toward bringing another digital asset ETF to U.S. markets, Canary Capital has filed an updated S-1 registration statement for its XRP spot exchange-traded fund (ETF), removing the “delaying amendment” that previously required direct SEC approval for launch timing.
The removal of this clause means the registration will become automatically effective after a 20-day period, potentially clearing the way for a November 13 launch date, pending Nasdaq’s approval of the related Form 8-A filing that would enable the ETF to begin trading.
XRP Spot ETF Nears the Finish Line
The updated filing marks a decisive regulatory milestone, signaling that Canary Capital, also known as Canary Funds, is positioning to be among the first to bring XRP exposure to U.S. investors through a spot ETF structure. The fund would directly hold XRP, tracking its real-time market price, similar to how Bitcoin and Ethereum spot ETFs operate.
Nasdaq’s pending 8-A filing approval will determine the final timeline for listing and trading. If cleared, the XRP ETF could debut just days after the 20-day auto-effectiveness window closes, aligning with mid-November projections.
Regulatory Streamlining Accelerates ETF Approvals
Canary’s decision to use the auto-effective mechanism builds on a strategy that gained traction during a recent U.S. government shutdown, when ETF issuers leveraged this path to move forward without direct SEC sign-off. SEC Chair Paul Atkins has reportedly expressed support for this procedural approach, seeing it as a way to streamline ETF registrations under existing securities laws.
This shift toward efficiency has already benefited other altcoin ETF launches, with several products successfully going live earlier this year under similar structures.
Proven Track Record in Altcoin ETFs
Canary Capital is no newcomer to the digital asset ETF space. The firm previously launched spot Litecoin (LTC) and Hedera (HBAR) ETFs, both of which went live smoothly under comparable frameworks. Their operational experience with crypto-based exchange-traded products gives them a distinct edge as the XRP ETF nears approval.
Meanwhile, competition is intensifying. Bitwise and other asset managers have also submitted filings for XRP-based products, underscoring growing institutional interest in expanding ETF offerings beyond Bitcoin and Ethereum.
What Comes Next
If all regulatory processes proceed as expected, Canary Capital’s XRP Spot ETF could list on Nasdaq by mid-November, representing a pivotal moment for both XRP and the broader altcoin ETF market.
With XRP’s institutional adoption expanding and regulatory clarity improving, this move may signal the beginning of a new phase, where diversified crypto ETFs become a fixture in traditional investment portfolios.