Quick Breakdown
- Canary Capital’s XRP ETF could launch as early as Thursday, following a key SEC filing.
- The fund would be the first U.S. ETF to hold XRP, unlike earlier indirect products.
- Several other asset managers, including ProShares and Bitwise, also have XRP ETF filings in progress.
First-Ever U.S. spot XRP ETF nears launch
The United States may soon see its first exchange-traded fund (ETF) directly holding XRP, as crypto investment firm Canary Capital completes the final steps toward approval. According to Bloomberg’s senior ETF analyst Eric Balchunas, the firm filed a Form 8-A with the Securities and Exchange Commission (SEC) late Monday, signaling that the fund could launch as early as Thursday.
Canary filed 8A for XRP ETF last night, which points to launch tomorrow or Thursday (today is holiday). Thursday was the day we thought they’d be on track for but when they did the 8A for HBAR they launched the next day. Not done deal but all boxes being checked. Stay tuned.. pic.twitter.com/gVt9c3psmu
— Eric Balchunas (@EricBalchunas) November 11, 2025
Balchunas noted that the filing aligns with typical ETF launch timelines, saying,
“Not a done deal but all boxes being checked. Stay tuned…”
He referenced previous cases, such as the Hedera (HBAR) ETFs, which went live within a day of filing the same form.
XRP ETF clears its final hurdles
Crypto reporter Eleanor Trent confirmed that Canary’s filing represents
“This is the final step before it goes effective at 5:30 PM ET Wednesday once the Nasdaq certifies the listing.”
she said
“When that happens, the last hurdle is cleared, and the first XRP spot ETF will be set to launch Thursday at market open,”
she added.
Unlike previous XRP-related exchange-traded products in the U.S., Canary’s ETF was filed under the Securities Act of 1933, allowing it to hold XRP directly. Earlier funds have only invested indirectly through offshore entities holding the asset. Other asset managers, such as Franklin Templeton and Bitwise, have amended their filings to enable faster XRP ETF launches, with the first products possibly arriving by November 13.
More XRP ETFs waiting in line
Momentum around XRP ETFs has been building amid signs that the recent U.S. government shutdown is nearing an end, paving the way for new financial products to reach the market. The Depository Trust and Clearing Corporation (DTCC) has listed several pending spot XRP ETF applications from other asset managers, including 21Shares, ProShares, Bitwise, Volatility Shares, REX-Osprey, CoinShares, Amplify, and Franklin Templeton.
As excitement grows, XRP’s price has climbed 10% over the past week, now trading at around $2.40, according to CoinGecko data.
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