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The U.S. to Launch Its First Spot XRP ETF
Canary Funds has filed Form 8-A with the SEC to launch the XRP Trust Fund, which could become the first spot XRP ETF in the United States. The fund is fully backed by real XRP tokens and is preparing for listing on Nasdaq on November 13. The XRP Trust from Canary Funds may become the first U.S. exchange-traded fund (ETF) backed by the actual value of XRP — $2.5105 per unit. The company filed Form 8-A with the Securities and Exchange Commission (SEC) on Tuesday, marking a key step toward the start of trading.
According to Bloomberg ETF analyst Eric Balchunas, the filing indicates that the fund is ready to go public. This is the final procedural step before trading begins. A successful launch could boost XRP liquidity and attract investors, including registered financial advisors who previously avoided cryptocurrencies.
Once the Nasdaq listing is approved, the fund will officially go live. This will be the final step before trading opens on November 13. The ETF will be regulated under the Securities Act of 1933, allowing direct transactions with XRP rather than through futures or hybrid products.
Approval of this fund would mark a major milestone for the Ripple ecosystem and the broader crypto market. It comes nearly two years after the launch of the first spot Bitcoin ETFs in January 2024.
The Canary ETF is fully backed by real XRP tokens at a 1:1 ratio, held in a regulated trust. This differentiates it from the recently launched XRPR-ETF REX-Osprey, which operates under the Investment Company Act of 1940. The latter uses a mixed asset structure and provides only partial exposure to XRP, resulting in higher costs and less favorable taxation.
See also: "10x Research Analysts Warn of Bear Market Signs for BTC"
