Canary Funds Advances XRP ETF Filing, Targets November Launch
- Canary Funds has submitted an updated S-1 registration for its $XRP spot ETF, removing the delayed amendment.
- The filing allows the ETF to become automatically effective under Section 8(a) of the Securities Act of 1933.
- A potential launch date is set for November 13, pending Nasdaq’s listing approval.
- The ETF will provide exposure to XRP held by the trust and will trade on Nasdaq, tracking the CoinDesk XRP CCIXber Reference Rate.
- Gemini Trust Company and BitGo Trust Company will serve as custodians for the underlying XRP assets.
The removal of the delay clause signals readiness to proceed without waiting for explicit SEC clearance, which could expedite regulatory processing amid a government shutdown. Analysts view this move as a bold strategy that may enhance institutional accessibility to XRP.
If launched on schedule, this ETF would represent a significant development in expanding institutional offerings related to $XRP. The fund aims to track an aggregate rate based on major platform trading activity.(Source)
