The first U.S.-based exchange-traded fund to directly hold XRP could launch on Thursday after Canary Capital filed key documents with securities regulators.
Bloomberg senior ETF analyst Eric Balchunas said Tuesday that Canary filed a Form 8-A with the Securities and Exchange Commission on Monday night. This filing must be lodged before securities are offered on exchanges, and typically precedes product launches by one to two days.
Balchunas said the filing points to a launch on Wednesday or Thursday, noting that recent Hedera ETFs launched the next day after Form 8-A submissions. All regulatory boxes are being checked, though the launch is not yet a done deal, pending final certification from Nasdaq.
Crypto reporter Eleanor Trent said the Form 8-A represents the final step before the fund goes effective at 10:30 p.m. UTC Wednesday, once Nasdaq certifies the listing. When that clearance occurs, the last hurdle is removed and the first XRP spot ETF will be set to launch Thursday at market open.
Fund Structure and Regulatory Milestones
Canary's ETF was filed under the Securities Act of 1933, allowing it to hold XRP tokens directly. Other XRP exchange-traded products have launched in the U.S., but those invest in offshore companies that hold the crypto rather than maintaining direct token custody.
Anticipation has been building in the XRP community over recent days as the government shutdown started winding down. The first spot XRP ETF represents a major milestone for the digital asset, which has faced regulatory scrutiny for years before gaining clarity on its securities status.
Market Reaction and Future Outlook
XRP price has spiked 10% over the past seven days to sit at $2.40. The rally reflects investor optimism about increased accessibility through regulated ETF products and growing institutional adoption following the resolution of long-standing legal uncertainties.
Several other spot XRP ETFs are waiting to launch, according to the Depository Trust and Clearing Corporation registry. The list of firms includes 21Shares, ProShares, Bitwise, Volatility Shares, REX-Osprey, CoinShares, Amplify and Franklin Templeton, indicating strong institutional interest in the asset.