Canary Funds’ XRP Trust Set to Launch as First U.S. Spot XRP ETF
- Canary Funds filed Form 8-A with the SEC, indicating readiness for trading of its ETF.
- The ETF aims to provide full, one-to-one spot XRP backing, differing from REX-Osprey’s mixed-asset structure.
- XRP was trading at approximately $2.48, down by 5% in the last day amid a broader market decline.
- Approval is anticipated after Nasdaq certification expected by Wednesday at 5:30 p.m. ET.
- This approval would mark a significant milestone for Ripple and the crypto market nearly two years post-spot Bitcoin ETFs debut.
The launch of this ETF could enhance XRP’s liquidity and attract institutional investment previously hesitant about direct crypto exposure.
With the ETF expected to clear regulatory hurdles soon, it represents a pivotal moment for altcoin diversification in the U.S. market, following the recent trend of spot ether ETFs now live.
