The first-ever spot XRP exchange-traded fund (ETF) in the United States could debut as early as Thursday, marking a major step in expanding institutional access to the Ripple-linked token.
Canary Funds’ XRP Trust filed Form 8-A with the U.S. Securities and Exchange Commission (SEC) on Tuesday, signaling that the product has completed the final procedural step before going live. The move positions Canary to become the first issuer of a spot XRP ETF in the country.
According to Bloomberg ETF analyst Eric Balchunas, the filing confirms the fund’s readiness to trade, with Nasdaq expected to certify the listing by 5:30 p.m. ET on Wednesday. Once effective, trading could begin Thursday under the Securities Act of 1933, giving investors direct exposure to XRP rather than through futures or hybrid vehicles.
A successful launch would expand XRP’s liquidity pool and potentially attract inflows from registered investment advisers (RIAs) who have been cautious about direct crypto holdings beyond Bitcoin.
The development comes nearly two years after the launch of spot Bitcoin ETFs in January 2024, signaling another step in the institutionalization of digital assets.
Unlike REX-Osprey’s recently launched $XRPR ETF, which operates under the Investment Company Act of 1940 and provides only partial XRP exposure via a mixed-asset structure, Canary’s fund offers full one-to-one XRP backing held in custody with a regulated trust. This design is expected to reduce tracking error and improve tax efficiency.
Analysts suggest that the XRP Trust could lead to cleaner price discovery and test whether institutional capital is ready to expand into altcoin-based ETFs beyond Bitcoin and Ether.
As of Wednesday morning in Asia, XRP traded near $2.48, down roughly 5% over the past 24 hours amid a broad market downturn.
With spot Ether ETFs already live and Solana ETF filings still awaiting approval, the potential listing of the Canary XRP Trust could usher in a new wave of diversification in the U.S. digital asset ETF landscape—broadening investor exposure beyond Bitcoin and Ethereum to networks focused on real-world payments and settlement utility.
About The Author
More Stories
According to Galaxy Digital’s research chief, Bitcoin faces a highly unpredictable 2026.
According to Fidelity’s Jurrien Timmer, 2026 could be underwhelming while Bitcoin’s four-year cycle remains intact.
BlackRock’s Bitcoin ETF attracts $25 billion over the year, defying the recent Bitcoin downturn.