First US-Based XRP ETF Could Launch as Early as Thursday

The first-ever ETF directly holding XRP may debut as soon as Thursday, following key filings by crypto investment firm Canary Capital. The fund would give investors a regulated and straightforward way to gain exposure to the leading cryptocurrency without needing to hold the asset directly.

Bloomberg’s senior ETF analyst Eric Balchunas revealed on Tuesday that Canary Capital submitted a Form 8A with the Securities and Exchange Commission (SEC) late Monday night. This form is a necessary step before securities can be listed and traded on an exchange. Balchunas noted that such filings usually result in a launch within a day or two, citing Hedera ETFs as a recent example.

“Not a done deal but all boxes being checked,” Balchunas wrote, hinting that the ETF could officially launch Wednesday or Thursday.

Crypto journalist Eleanor Trent added that Canary’s filing represents “the final step before it goes effective at 5:30 PM ET Wednesday once Nasdaq certifies the listing.” Once this certification is complete, the ETF could begin trading when markets open on Thursday morning.

A New Era for XRP Investment

While other XRP-related exchange-traded products exist in the U.S., Canary Capital’s ETF is unique. It was filed under the Securities Act of 1933, allowing it to directly hold XRP. This contrasts with previous funds that invested indirectly through offshore entities holding the cryptocurrency.

If approved, the ETF would become the first of its kind in the United States, potentially paving the way for wider acceptance of XRP in mainstream financial markets. The development comes at a time when interest in cryptocurrency ETFs is rapidly growing, following recent successes of spot Bitcoin and Ethereum ETFs.

More ETFs on the Horizon

Canary Capital isn’t the only firm aiming to bring an XRP ETF to the U.S. market. According to data from the Depository Trust and Clearing Corporation (DTCC), several other asset managers are preparing similar filings. These include 21Shares, ProShares, Bitwise, Volatility Shares, REX-Osprey, CoinShares, Amplify, and Franklin Templeton.

The timing could prove ideal, as the resolution of the recent government shutdown has cleared a backlog of financial approvals, enabling the SEC to process multiple ETF applications.

In anticipation of these developments, XRP’s price has risen sharply, up 10% over the past week to around $2.40. Should Canary’s ETF launch as expected, it could further boost both investor confidence and the token’s market momentum in the days ahead.