A new milestone for digital assets is approaching as Canary Capital moves closer to launching the first US exchange-traded fund (ETF) that holds XRP directly. The firm filed its final regulatory form with the Securities and Exchange Commission (SEC) this week, signaling that trading could begin as soon as Thursday.
Bloomberg’s senior ETF analyst, Eric Balchunas, said Canary filed Form 8A late Monday, a document required before an ETF can list on an exchange. He noted that similar filings for other crypto funds, including Hedera, were followed by launches the next day. “Not a done deal but all boxes being checked,” he said, suggesting the process is nearing completion.
Crypto journalist Eleanor Trent added that the Nasdaq certification expected at 5:30 PM ET on Wednesday represents the final approval stage. Once confirmed, trading would begin when markets open Thursday. The fund will hold XRP directly and track its price through the XRP-USD CF Benchmarks Reference Rate Index. Investors will pay a 0.50% annual management fee, consistent with other recent crypto ETFs.
Canary’s move comes during a broader wave of institutional activity around crypto investment products. Recent listings of XRP-related instruments from Franklin Templeton, Bitwise, and CoinShares on the Depository Trust and Clearing Corporation (DTCC) have stirred market optimism. Each addition reflects rising demand for compliant, transparent exposure to digital assets.
Unlike previous XRP investment vehicles that relied on offshore structures, Canary’s ETF was registered under the Securities Act of 1933. This allows it to hold XRP directly rather than through a subsidiary company. That structure gives investors regulated access to XRP’s price performance without the need to manage the token themselves.
The fund’s updated S-1 filing and proposed listing on the Cboe BZX Exchange show that it has reached its final review phase. Analysts say this development adds legitimacy to XRP among institutional players such as asset managers, hedge funds, and banks exploring regulated crypto investment options.
Such development coincides with Ripple’s recent legal victory in its protracted legal battle with the SEC on whether or not it should treat XRP as a security. The XRP Ledger has enabled the company to increase the number of connections in its global payment network, making the token a key point of connection in cross-border payments.
Ripple also plans to fund five XRP-based ETFs, indicating a more comprehensive strategy to make XRP reach mainstream finance. According to market observers, an XRP spot ETF could follow a similar path as Bitcoin, opening billions of dollars of institutional funds as well as broadening general liquidity over the digital currency space.
The Canary XRP Trust may begin trading in a few weeks if the SEC approves it. It would become one of the increasing number of regulated crypto funds on the list of Bitcoin and Ethereum ETFs accessible to American investors.
Related: Bitwise CEO Predicts XRP ETF Will Attract Massive Global Demand
Canary Capital’s XRP spot ETF marks a critical step in crypto’s journey toward regulated investment access. With SEC approval imminent, the move could attract institutional capital, strengthen Ripple’s position, and pave the way for broader adoption of XRP in mainstream finance.