Canary Funds is preparing to launch the first spot XRP (XRP-USD) exchange-traded fund in the U.S., a move that could open a new chapter for Ripple and the market it helped inspire.
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The firm filed its Form 8-A with the U.S. Securities and Exchange Commission on Tuesday, a key procedural step that signals the product’s readiness for trading. Bloomberg ETF analyst Eric Balchunas said the filing “points to a launch tomorrow or Thursday,” pending Nasdaq certification. If the exchange clears it by Wednesday evening, trading could begin as soon as Thursday morning.
XRP ETF Launch Expands Crypto Market Reach
Canary’s fund, named the XRP Trust, would offer direct one-to-one backing with XRP held in a regulated custody trust. That structure sets it apart from REX-Osprey’s XRPR ETF (XRPR), which only provides partial XRP exposure through a mixed-asset design. Canary’s version promises cleaner price tracking and more favorable tax treatment, potentially drawing stronger institutional interest.
“A successful launch could expand XRP’s liquidity base and trigger inflows from registered investment advisers who have avoided direct crypto exposure,” analysts said. For many traditional investors, the product represents their first opportunity to gain XRP exposure through a regulated, exchange-traded vehicle rather than through crypto exchanges.
XRP’s Milestone Moment Arrives
If approved, Canary’s fund would become the first pure spot XRP ETF to trade in the U.S., nearly two years after spot bitcoin ETFs opened the door for regulated digital asset exposure in January 2024. It shows that investors are starting to look past Bitcoin and Ethereum, as XRP’s use in international payments makes it stand out.
An XRP ETF could also improve price discovery and serve as a test of how institutional capital moves into altcoins once regulatory barriers begin to ease.
Market Awaits the Next Batch of Crypto ETFs
XRP traded around $2.42 in Wednesday’s early trading session. Traders and analysts say sentiment remains strong ahead of Thursday’s potential debut.
As ether ETFs trade and solana funds wait in line, XRP’s launch could show how far crypto ETFs have come in the U.S. For the first time, mainstream investors may have a regulated pathway to assets that serve practical financial infrastructure roles rather than just speculative demand.
The next 24 hours will determine whether XRP joins Bitcoin and Ethereum in America’s expanding ETF lineup or if investors will have to wait a little longer for the next step in crypto’s integration with traditional finance.
