The first US-based exchange-traded fund (ETF) to directly hold XRP could hit the market as soon as Thursday, following a key filing by crypto investment firm Canary Capital.
Bloomberg senior ETF analyst Eric Balchunas reported on Tuesday that Canary had submitted a Form 8-A with the Securities and Exchange Commission (SEC) on Monday night. This filing is a prerequisite before securities can be offered on an exchange. According to Balchunas, the filing “points to launch tomorrow or Thursday,” referencing similar Form 8-A filings for Hedera (HBAR) ETFs that launched the day after submission.
He added, “Not [a] done deal but all boxes being checked. Stay tuned.”
Crypto reporter Eleanor Trent noted that Canary’s filing represents “the final step before it goes effective at 5:30 PM ET Wednesday once the Nasdaq certifies the listing.” She explained, “When that happens, the last hurdle is cleared and the first XRP spot ETF will be set to launch Thursday at market open.”
Unlike other XRP exchange-traded products that have launched in the US, Canary’s ETF is filed under the Securities Act of 1933. This allows it to directly hold XRP, whereas other products invest in offshore companies that hold the crypto asset.
### Not the Only XRP ETF in the Works
Excitement has been building within the XRP community over the past few days, especially as the government shutdown began to wind down. The launch of the first spot XRP ETF is seen as a significant milestone for the cryptocurrency and its investors.
With the government close to resuming normal operations, the path is clear for several ETFs to potentially enter the market. Alongside Canary, the Depository Trust and Clearing Corporation (DTCC) lists several other spot XRP ETFs in development. These include firms such as 21-Osprey, CoinShares, Amplify, and Franklin Templeton.
Meanwhile, the price of XRP has surged by 10% over the past seven days, currently sitting at approximately $2.40 at the time of writing, according to CoinGecko data.
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Stay tuned for further updates as the launch of the first US-based XRP spot ETF approaches.
https://cointelegraph.com/news/canary-capital-spot-xrp-etf-set-for-launch-this-week