Asset management firm Canary Capital is preparing to unveil its XRP ETF following the completion of the final stage in its application process. This news arrives even amidst the ongoing U.S. government shutdown, which has previously stalled other XRP ETF approvals.
Canary XRP ETF Gears Up For Launch With Form 8-A Filing
The launch of the Canary XRP ETF is on the horizon after the asset manager submitted its Form 8-A filing to the SEC. This filing indicates that the company has received approval from Nasdaq to list shares of its fund on the exchange. This follows Canary’s amendments to its S-1, which lifted the delay amendment, facilitating the launch of its XRP ETF pending Nasdaq’s approval, now received.
According to journalist Eleanor Terrett, the Canary XRP ETF is expected to go live tomorrow. The fund will become operational today once Nasdaq certifies its listing. This milestone means Canary’s XRP fund will be the first ‘33 Act XRP ETF to launch, offering 10% spot exposure to XRP.
It’s noteworthy that the U.S. government shutdown has delayed the launch of Canary’s XRP ETF as well as other crypto ETFs awaiting approval, which could have potentially received SEC clearance last month. However, as the SEC has been unable to process their registration statements effectively, these fund issuers opted to remove the delay amendment to secure auto-effective approval.
Bitwise and Grayscale have also updated their S-1 applications and may soon follow with their launches after Canary’s fund goes live. Furthermore, the U.S. government shutdown is anticipated to conclude this week, which could allow the SEC to greenlight the pending fund applications as early as next week.
Significant Advancements in the Industry
Market expert Nate Geraci pointed out the notable progress the crypto industry has made with the upcoming launch of the Canary XRP ETF. He remarked that just over a year ago, the SEC was appealing a court ruling stating that the altcoin did not qualify as a security. Now, the first ‘33 Act spot XRP ETF is preparing to launch with the approval of the commission.
In this context, Geraci described the regulatory shift in the crypto space over the past year as truly transformative. The funds are expected to attract significant interest upon their launch. Geraci has previously alluded to the strong demand for CME XRP futures and futures XRP ETFs as indicators that these spot funds will experience robust inflows. Canary Capital CEO Steven McClurg has projected that the funds could see inflows of up to $10 billion in their inaugural month.
At the time of this writing, the XRP price is hovering around $2.39, reflecting a drop of over 4% in the last 24 hours, based on data from CoinMarketCap.
