Canary XRP ETF May Begin Trading This Week

Canary Capital’s proposed XRP exchange-traded fund (ETF) could begin trading this week following a regulatory filing. The Nashville-based firm submitted an 8-A form on Monday, a necessary step for registering securities with the U.S. Securities and Exchange Commission (SEC). The Canary XRP ETF will track the spot price of XRP, the fourth-largest cryptocurrency by market capitalization.

Bloomberg Senior ETF Analyst Eric Balchunas noted on X (formerly Twitter) that the filing suggests a potential launch on Wednesday or Thursday, though it isn’t guaranteed. The ETF would offer U.S. investors a second option for XRP exposure, following the September launch of the Rex-Osprey XRP ETF (XRPR).

Rex-Osprey’s XRPR fund generated $38 million in its first day of trading and now manages over $138 million in assets. Senior Analyst Sumit Roy of etf.com, told Decrypt that Canary’s fund has the potential for significant inflows given strong investor interest in XRP and other altcoin-focused ETFs.

The success of Bitwise’s Solana ETF, which quickly reached $500 million in assets, demonstrates the demand for crypto asset exposure beyond Bitcoin and Ethereum. XRPR provides exposure to XRP via a Cayman Islands subsidiary.

Canary Capital’s application follows the surge in popularity of Bitcoin and Ethereum ETFs, which manage approximately $139 billion and $21 billion respectively. These ETFs have fostered a more favorable environment for other crypto-focused funds, and the SEC is currently reviewing over 90 additional fund applications.

Currently, XRP is trading at $2.40, a 6% decrease over the last 24 hours, according to CoinGecko data. This price represents a more than 30% drop from its July high of $3.65.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.