tl;dr
Canary’s XRP spot ETF aims for a November 13 launch via Nasdaq after submitting an amended S-1 filing to the SEC. The ETF leverages Section 8(a) of the 1933 Securities Act to bypass explicit SEC approval, following recent approvals of Solana, Litecoin, and Hedera ETFs. Analysts predict institutional...
**XRP Spot ETF by Canary Eyes November 13 Launch as SEC Process Accelerates**
The proposed XRP spot ETF from asset manager Canary is poised for a potential launch on Nasdaq as early as **November 13**, following the submission of an amended S-1 registration statement to the U.S. Securities and Exchange Commission (SEC). This development marks a significant milestone in the evolving landscape of cryptocurrency investment products, with analysts and investors closely watching for signs of institutional adoption.
The ETF’s eligibility to become “auto-effective” under **Section 8(a) of the 1933 Securities Act** removes the need for explicit SEC approval, streamlining the process. Journalist Eleanor Terrett of *FOX Business* highlighted that the removal of a “delaying amendment” from Canary’s S-1 filing clears the way for a November 13 launch, pending Nasdaq’s final approval of the 8-A filing. “This sets Canary’s $XRP ETF up for a launch date of November 13, assuming the Nasdaq greenlights the 8-A filing,” Terrett noted on X.
This follows the recent approvals of Solana (SOL), Litecoin (LTC), and Hedera (HBAR) ETFs under the same auto-effective registration process, signaling growing regulatory acceptance of crypto-based investment vehicles. The SEC’s streamlined approach, which allows filings to take effect without further review if no comments are received during the 20-day window, has accelerated the timeline for several digital asset products.
However, potential delays could arise from the U.S. government’s ongoing shutdown, which may impact the SEC’s staffing and review capacity. Terrett emphasized that while a prompt SEC approval could enable an earlier launch, additional staff review might push back the schedule. Despite this, SEC Chair Paul Atkins has shown support for auto-effective filings, referencing companies like MapLight that utilized the 20-day statutory waiting period for public offerings.
**Institutional Demand and XRP Price Projections**
If approved, the XRP ETF could catalyze significant institutional interest in the cryptocurrency. Analysts speculate that massive inflows into the ETF could drive XRP’s price to record highs. Canary Capital CEO Steven McClurg has expressed optimism, revising his inflow forecasts upward. “If we saw that kind of inflow, I think it would definitely be in the top 20 ETFs of all time, if not in the top 10,” he stated, acknowledging the potential for $5 billion or more in assets under management.
The ETF’s structure is designed to offer investors direct exposure to XRP without fees or liabilities, with the underlying assets held in custody by Gemini Trust Company and BitGo Trust Company. It will track the **CoinDesk XRP CCIXber Reference Rate**, which aggregates XRP trading volume across platforms.
**Broader Crypto ETF Momentum**
The XRP ETF’s progress aligns with a wave of crypto-related filings. **T. Rowe Price** has submitted an ETF for Bitcoin and Ethereum, while **ProShares** filed for an index ETF covering 5–15 leading cryptocurrencies. These moves reflect rising public demand for digital asset investment products, as seen in the recent approvals of SOL, HBAR, and LTC ETFs.
As the November 13 deadline approaches, market participants await Nasdaq’s confirmation and the SEC’s final stance. With the regulatory landscape shifting rapidly, the XRP ETF could herald a new era of institutional involvement in cryptocurrency, reshaping the market dynamics for XRP and beyond.
For now, traders remain cautious, eager to gauge market reaction once the ETF officially begins trading. The outcome could set a precedent for future crypto ETFs, further bridging the gap between traditional finance and the digital asset ecosystem.