- Canary’s fund would become the sixth single-crypto ETF if it launches
- The fund’s official website went live ahead of the anticipated debut
- Prior ETFs launched during the government shutdown used an automatic effectiveness provision
The cryptocurrency market may see a new entrant soon: Canary Capital has moved forward with plans to launch the first spot XRP exchange-traded fund (ETF) it is proposing.
On Wednesday, Nasdaq confirmed it had accepted the filing of Form 8‑A for the Canary XRP ETF under the ticker XRPC, indicating the fund is formally cleared for listing on the exchange.
Although that announcement stirred interest across the ETF community, the fund still lacks the final approval from the U.S. Securities and Exchange Commission (SEC) required to commence trading.
That means the launch remains pending, even though many industry observers expect the ETF could begin trading as soon as Thursday.
If approved, Canary’s ETF would join the growing roster of single-asset crypto ETFs, making it the sixth such product following previous approvals for Bitcoin, Ether, Solana, Litecoin and Hedera.
However, this development highlights the more complex regulatory environment that has emerged recently, influenced by changes to SEC procedures during the recent U.S. government shutdown.
Nasdaq clears listing but trading remains subject to SEC approval
Nasdaq formally notified the SEC that it has filed Form 8‑A for Canary’s XRP ETF.
Bloomberg ETF analyst Eric Balchunas noted that an official listing notice for XRPC arrived from Nasdaq, signaling that the exchange has cleared the way for the fund to be listed.
Despite that progress, the ETF has not yet been authorized to trade. Nasdaq’s letter confirms the listing clearance but does not equal SEC authorization.
Observers emphasize the distinction: the Nasdaq filing is a routine procedural step acknowledging the registrant’s request to list, not a declaration that the fund is effective.
The SEC has not issued an order making the fund effective, which means trading cannot begin until that final administrative step is completed.
Canary’s XRP fund joins the list of single-asset crypto ETFs
Alongside the Nasdaq filing, Canary Capital launched an official webpage for the proposed ETF, providing details about the fund’s structure and ticker.
Industry figures, including Nate Geraci of NovadiUS Wealth Management, signaled that Canary appears poised to be the first to market with a spot XRP-backed ETF if the SEC grants final approval.
Should XRPC secure authorization, it will expand the selection of single-asset crypto ETFs available to investors, complementing existing offerings for Bitcoin, Ether, Solana, Litecoin and Hedera.
Journalists and market watchers also noted Nasdaq cleared XRPC for listing, which raised expectations for a near-term debut — yet reiterating that trading cannot commence without the SEC’s confirmation.
Timing reflects regulatory shifts tied to the government shutdown
The Canary ETF filing comes shortly after the end of the U.S. government’s extended shutdown, which prompted temporary changes to regulatory procedures.
During the shutdown, ETFs for Solana, Litecoin and Hedera began trading under an automatic effectiveness provision. That mechanism allowed funds to start trading without a separate SEC order when delays in regulatory processing occurred.
By contrast, earlier Bitcoin and Ether spot ETFs launched only after receiving explicit SEC authorization.
It remains unclear whether XRPC will follow the automatic effectiveness route used during the shutdown or await a formal SEC effectiveness order.
If no effectiveness order is currently issued, Canary’s ETF could face additional delays unless it qualifies for the same automatic provision employed previously.
Launch window tightens as market awaits SEC decision
Even with Nasdaq’s listing acceptance and Canary’s infrastructure in place, the ultimate fate of the XRPC ETF depends on the SEC’s next steps.
The fund’s website launch and the market interest underline growing expectations, but trading will only begin once the regulatory agency grants final approval.
Despite Nasdaq’s clearance and Canary Capital’s public materials, the ETF did not start trading immediately after the initially anticipated date. Without a final effectiveness order from the SEC, XRPC remains in a pending state.
Until the regulatory process concludes and the SEC issues an order making the registration effective, the ETF cannot commence trading and market participants must continue to wait for confirmation.