Canary Capital has filed Form 8-A with the SEC for its spot XRP ETF, paving the way for a potential Nasdaq listing and trading start as early as November 13, 2025. This move offers investors regulated access to XRP’s price performance through direct token holdings.
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Canary Capital files Form 8-A with SEC for spot XRP ETF, enabling Nasdaq listing under ticker XRPC.
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The ETF holds actual XRP tokens in a grantor trust, mirroring XRP’s market value minus fees.
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Launch anticipated by November 13, 2025, pending final Nasdaq clearance and no market holidays.
Discover how Canary’s spot XRP ETF filing advances crypto investments. Gain direct XRP exposure on Nasdaq soon—stay informed on this pivotal regulatory step for institutional access.
What is the Canary spot XRP ETF?
The Canary spot XRP ETF is a grantor trust designed to provide investors with direct exposure to XRP’s price movements by holding actual XRP tokens. Structured to track the cryptocurrency’s market value, minus operational expenses, it aims to offer a regulated investment vehicle on the Nasdaq Stock Market under the ticker XRPC. This filing represents a significant milestone in bringing spot XRP products to U.S. markets, following approvals for Bitcoin and Ethereum ETFs.
Canary Capital Group LLC serves as the sponsor, with U.S. Bank acting as the cash custodian and administrator. Digital asset custody is handled by trusted firms like Gemini Trust and BitGo Trust, ensuring secure storage of the underlying XRP holdings. The fund’s net asset value will be calculated based on the CoinDesk XRP CCIX New York Rate, a reliable index that aggregates prices from major exchanges. Shares are issued and redeemed in large baskets of 10,000, allowing authorized participants to exchange XRP or cash directly with the trust, maintaining liquidity and alignment with spot prices.
This structure differentiates it from futures-based products, providing purer exposure to XRP’s real-time performance. As institutional interest in Ripple’s token grows, driven by its utility in cross-border payments, the ETF could democratize access for retail and institutional investors alike, potentially boosting XRP’s adoption in traditional finance.
How does the spot XRP ETF filing impact the crypto market?
The Form 8-A registration filed by Canary Capital with the U.S. Securities and Exchange Commission marks the final regulatory step before the spot XRP ETF can list on Nasdaq. According to Bloomberg ETF analyst Eric Balchunas, this filing “checks the last box” for launch, with trading possibly starting as soon as Thursday, November 13, 2025, assuming no delays from market holidays or additional reviews. Balchunas noted that similar to Canary’s previous HBAR ETF rollout, operations could commence the day after clearance, highlighting the efficiency of the process.
Former Fox Business journalist Eleanor Terret echoed this, stating that the filing is the “final step before it goes effective at 5:30 PM ET on Wednesday, once Nasdaq certifies the listing.” This certification would clear the last hurdle, setting the stage for the first spot XRP ETF to open for trading on Thursday. Such developments underscore the maturing regulatory landscape for cryptocurrencies, where spot ETFs are transitioning from niche to mainstream investment options.
Supporting data from recent trends shows a surge in crypto ETF filings: over a dozen applications for XRP products have been submitted by firms including Grayscale, WisdomTree, Bitwise, and 21Shares since early 2025. This wave follows the successful launches of spot Bitcoin and Ethereum ETFs, which collectively amassed billions in assets under management within months. For XRP specifically, institutional demand is fueled by its role in Ripple’s payment network, with transaction volumes exceeding $2 billion daily on the XRP Ledger as of late 2025, per blockchain analytics from sources like Messari.
Expert insights further emphasize the significance. Crypto researcher James Seyffart from Bloomberg has observed that “XRP’s ETF prospects hinge on ongoing SEC clarity around Ripple’s legal status,” but with no major impediments post the 2023 court ruling favoring Ripple, momentum is building. The ETF’s structure, emphasizing on-chain holdings, addresses key concerns about custody and transparency, aligning with SEC guidelines established in prior approvals.
In broader market terms, this filing could enhance XRP’s liquidity and price stability. Historical precedents, such as the Bitcoin ETF debut in January 2024, led to a 20% price surge in the following weeks, according to CoinMetrics data. For XRP, trading around $0.55 as of November 2025, a spot ETF might attract conservative capital inflows, estimated at $500 million to $1 billion in the first year by analysts at JPMorgan, bolstering its position against competitors like Solana and Cardano.
Frequently Asked Questions
Is the Canary spot XRP ETF the first of its kind in the U.S.?
Yes, the Canary spot XRP ETF is poised to be the first U.S.-listed fund offering direct exposure to XRP through spot holdings. Unlike earlier products like the XRPR fund from REX Shares and Osprey Funds, which launched in September 2025 and uses a different structure, Canary’s ETF tracks XRP prices via actual tokens, providing investors with a straightforward, regulated entry point without derivatives.
When will the spot XRP ETF start trading on Nasdaq?
The spot XRP ETF from Canary Capital could begin trading as early as November 13, 2025, following Nasdaq’s certification of the listing after the Form 8-A filing. This timeline accounts for the standard effective date and any holiday adjustments, with the ETF operating under the ticker XRPC to mirror XRP’s daily performance seamlessly for investors.
Key Takeaways
- Regulatory Milestone Achieved: The Form 8-A filing completes the key SEC requirements, signaling imminent launch for the spot XRP ETF on Nasdaq.
- Secure and Transparent Structure: Backed by custodians like Gemini and BitGo, the ETF holds real XRP tokens, ensuring direct price tracking via the CoinDesk index.
- Institutional Momentum: This development joins a rising tide of XRP ETF applications, potentially unlocking billions in new investments and enhancing XRP’s market stability.
Conclusion
Canary Capital’s spot XRP ETF filing with the SEC represents a landmark advancement in cryptocurrency investment products, offering regulated access to XRP’s dynamic market through Nasdaq listing under XRPC. As institutional adoption accelerates—evidenced by multiple filings from major players and XRP’s robust ledger activity—this ETF could bridge traditional finance and blockchain innovation. Investors should monitor upcoming clearances closely, as this launch may herald expanded opportunities in the evolving digital asset landscape, encouraging broader participation in XRP’s ecosystem.
The filing marks the final step before Nasdaq listing amid a growing wave of crypto ETFs.
Key Highlights
- Canary files Form 8-A with the SEC for its spot XRP ETF, signaling trading could begin within days.
- The XRP ETF will hold real XRP tokens in trust and list on Nasdaq under ticker “XRPC.”
- Launch expected as early as November 13, pending final exchange clearance.
Canary Capital has filed a Form 8-A registration with the U.S. Securities and Exchange Commission (SEC), setting the stage for its spot XRP exchange-traded fund (ETF) to debut as early as next week.
The filing enables the ETF’s shares to be listed on the Nasdaq Stock Market, potentially making it one of the earliest U.S. ETFs to provide regulated access to XRP’s market performance.
A new entry in the XRP ETF race
The Canary XRP ETF is structured as a grantor trust designed to hold actual XRP tokens rather than derivatives or futures. Its goal is to mirror XRP’s market value, minus operational fees, providing investors with direct exposure to the cryptocurrency’s price.
U.S. Bank will serve as the ETF’s cash custodian and administrator, while Gemini Trust and BitGo Trust will safeguard the digital assets. The fund’s net asset value will track the CoinDesk XRP CCIX New York Rate, a time-weighted index reflecting major exchange prices.
Canary Capital Group LLC acts as sponsor, with CSC Delaware Trust Company as trustee. Shares will be issued and redeemed in 10,000-share “Baskets,” allowing authorized participants to exchange XRP or cash directly with the trust.
The first-ever XRP spot ETF
According to Bloomberg’s Eric Balchunas, the filing “checks the last box” before launch, suggesting trading could begin by Thursday, November 13, depending on the market holiday schedule. If timing follows Canary’s earlier HBAR ETF rollout, trading could start the day after clearance.
Former Fox Business journalist Eleanor Terret also confirmed the filing: “This is the final step before it goes effective at 5:30 PM ET Wednesday once the Nasdaq certifies the listing”.
XRP’s growing institutional foothold
If approved for trading, Canary’s product would join the XRPR fund, launched in September by REX Shares and Osprey Funds, as one of the few U.S. ETFs tied to XRP. Unlike XRPR, however, Canary’s fund offers pure spot exposure, making it potentially the first of its kind to track XRP’s price directly through on-chain holdings.
The expected debut comes amid accelerating demand for crypto investment products. In recent months, firms like Grayscale, WisdomTree, Bitwise, and 21Shares have filed or updated XRP ETF applications as part of a broader wave of digital asset funds targeting major tokens such as Bitcoin, Ethereum, and Solana.
What’s next
With its Form 8-A filing, Canary has cleared the final regulatory formality for listing. Nasdaq must now activate trading eligibility, after which the ETF, expected to trade under the ticker XRPC, could go live within days.
While the SEC retains authority to intervene, the move signals growing institutional confidence that spot crypto ETFs are entering mainstream U.S. markets, extending investor access beyond Bitcoin and Ethereum.
Also read: XRP ETF Launch Nears After DTCC Lists Five Issuer Filings
