The cryptocurrency market is bracing for a milestone moment as Canary Capital nears the launch of the first U.S. spot XRP exchange-traded fund (ETF). Regulatory filings show that Canary completed its Form 8‑A submission with the U.S. Securities and Exchange Commission (SEC) late Monday, the final procedural step before a security can be listed on an exchange.
According to Bloomberg senior ETF analyst Eric Balchunas, the filing “points to launch tomorrow or Thursday.” In a Tuesday post, he explained that “not a done deal, but all boxes being checked. Stay tuned.” The analyst noted that similar 8‑A filings for Hedera (HBAR) ETFs led to fund launches the following day.
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
Crypto journalist Eleanor Terrett reinforced that momentum, writing on X that Canary’s filing was “the final step before it goes effective at 5:30 PM ET Wednesday once the Nasdaq certifies the listing.” She added, “When that happens, the last hurdle is cleared and the first XRP spot ETF will be set to launch Thursday at market open.”
What the Form 8‑A means for the XRP ETF
The Form 8‑A filing registers Canary’s forthcoming ETF shares under the Securities Exchange Act of 1934, allowing them to trade on a national exchange. Canary’s product, expected to trade under the ticker XRPC, will directly hold XRP, distinguishing it from other funds structured around offshore subsidiaries.
Canary’s filing marks a pivotal stage for XRP and for broader crypto accessibility in the U.S. It follows last year’s introduction of spot Bitcoin and Ethereum ETFs, which now manage roughly $139 billion and $21 billion, respectively. Market observers believe a similar structure for XRP could draw major institutional inflows given the token’s $140‑plus billion market capitalization.
“While Solana is arguably more popular than XRP, Bitwise's Solana ETF managed to become a $500 million fund in two weeks, which suggests that there is demand for funds that provide exposure to crypto assets beyond Bitcoin and Ethereum,” said Sumit Roy, senior analyst at etf.com.
He added that inflows exceeding $100 million in the short term were possible if the fund launches successfully.
Growing list of XRP ETF hopefuls
The Depository Trust and Clearing Corporation (DTCC) has also listed several other pending spot XRP ETFs, indicating that Canary’s debut could be the first in a wave of similar products. Firms including 21Shares, ProShares, Bitwise, Volatility Shares, REX‑Osprey, CoinShares, Amplify, and Franklin Templeton all have filings in progress.
Canary’s product carries a 0.50% management fee and will employ established digital asset custodians Gemini Trust Company and BitGo Trust Company for secure asset handling. U.S. Bank serves as the cash custodian, with administration provided by U.S. Bancorp Fund Services.
Canary CEO Steven McClurg said earlier this year that he expects XRP ETFs to attract $5 billion in investor inflows within their first month of trading. McClurg previously noted the strong appetite for XRP exposure, citing its robust trading volume and community interest.
XRP price steadies ahead of landmark debut
Momentum surrounding the ETF filing has already reflected in prices. As of Tuesday, XRP traded near $2.40, up about 10% over the past week according to CoinGecko data. The asset remains roughly 30% below its all‑time high of $3.65 reached in July. Market participants on Polymarket currently assign a 62% probability that XRP will reach $2.60 before December.
The upcoming launch also coincides with the U.S. government reopening after a prolonged shutdown, clearing regulatory bottlenecks that had delayed fund approvals. Analysts expect renewed ETF filings across the crypto sector now that the SEC and other agencies have resumed operations.
Nate Geraci, president of The ETF Store, commented earlier that “government shutdown ending [equals] spot crypto ETF floodgates opening.”
A new chapter for XRP and U.S. crypto markets
The dawn of the first U.S. spot XRP ETF could mark a turning point in the digital asset investment landscape. Beyond offering a new regulated vehicle for exposure, it signals increasing regulatory comfort with diversified crypto products and expands mainstream investor access to the asset class.
If successfully launched, Canary’s ETF would join the ranks of pioneering crypto funds that helped bridge traditional finance and blockchain markets, potentially catalyzing further XRP adoption and pushing the asset closer to reclaiming its historical highs.
Jordan V.
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