The first US-based exchange-traded fund (ETF) to directly hold XRP could hit the market as soon as Thursday, after crypto investment firm Canary Capital filed key documents for its fund.
Bloomberg senior ETF analyst Eric Balchunas said on Tuesday that Canary had filed a Form 8A with the Securities and Exchange Commission on Monday night, which must be lodged before securities are offered on an exchange.
Balchunas said the filing “points to launch tomorrow or Thursday” as Form 8A filings for Hedera (HBAR) ETFs saw those funds launch the next day.
“Not [a] done deal but all boxes being checked,” Balchunas added. “Stay tuned.”
Crypto reporter Eleanor Trent said Canary’s filing was “the final step before it goes effective at 5:30 PM ET Wednesday once the Nasdaq certifies the listing.”
“When that happens, the last hurdle is cleared and the first XRP spot ETF will be set to launch Thursday at market open,” she said.
Other XRP (XRP) exchange-traded products have launched in the US, but Canary’s ETF was filed under the Securities Act of 1933, which allows it to directly hold XRP compared to others that invest in an offshore company that holds the crypto.
Not the only XRP ETF in the works
Anticipation has been building in the XRP community over the past few days as the government shutdown started to wind down, with the first spot XRP ETF set to be a major milestone.
Related: XRP lawyer runs again for US Senate seat in 2026
With the government close to getting back up and running again, it clears the way for a host of ETFs to potentially hit the market.
Alongside Canary, the Depository Trust and Clearing Corporation (DTCC) shows several other spot XRP ETFs waiting in the wings.
The list of firms includes: 21Shares, ProShares, Bitwise, Volatility Shares, REX-Osprey, CoinShares, Amplify and Franklin Templeton.
The price of XRP has spiked 10% over the past seven days to sit at $2.40 at the time of writing, as per CoinGecko data.
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