- Canary’s fund would be the sixth single-crypto ETF once launched.
- The fund’s official website went live ahead of its expected debut.
- Previous ETFs launched during the government shutdown relied on automatic effectiveness rules.
The cryptocurrency market may soon welcome a new entrant as Canary Capital prepares what is likely to be the first spot XRP exchange-traded fund.
On Wednesday, Nasdaq confirmed it had accepted the filing of Form 8-A for the Canary XRP ETF under the ticker XRPC, signaling formal readiness to list the product.
Although the announcement created excitement among ETF watchers, the fund still lacks final approval from the U.S. securities regulator to begin trading.
That leaves the launch in limbo, even as industry observers expect a possible debut as early as Thursday.
Canary’s ETF would be the sixth single-asset crypto fund to reach this stage, following approved ETFs for Bitcoin, Ether, Solana, Litecoin, and Hedera.
However, the development also highlights a more complex regulatory backdrop shaped by recent changes to SEC processes during the U.S. government shutdown.
Certification approves listing on Nasdaq, but trading still awaits
Nasdaq officially notified the SEC that it had received and filed the Form 8-A for Canary’s XRP ETF.
Bloomberg ETF analyst Eric Balchunas shared the update on X, noting that “the official listing notice for XRPC from Nasdaq has arrived.”
Despite the step forward, the ETF has not yet received the green light to start trading. The Nasdaq letter confirmed listing approval but is not equivalent to SEC authorization.
Observers have clarified that the letter constitutes a procedural step and part of the process to join the registrant’s filing so the fund can become effective.
Some members of the crypto community emphasized the distinction, noting the Nasdaq notification recognizes listing certification but does not declare the fund effective.
The SEC has not issued an effectiveness order, meaning trading can only commence after that step is complete.
Canary’s XRP fund would join the roster of crypto ETFs
Following the Nasdaq filing, Canary Capital launched the ETF’s official website.
Nate Geraci, president of NovaDius Wealth Management, posted that Canary is likely to be the first to bring an XRP-backed ETF to market.
If approved, the XRPC ETF will join the growing list of single-asset crypto ETFs available to investors, including Bitcoin, Ether, Solana, Litecoin, and Hedera.
Reporter Eleanor Terrett also suggested on X that Nasdaq had cleared XRPC for a market-open listing, raising expectations of an imminent debut. Yet without SEC confirmation, the fund cannot begin trading.
Timing reflects shifts tied to shutdown-era procedures
The Canary ETF’s rollout coincides with the recent end of the longest U.S. government shutdown in history.
On Wednesday, President Donald Trump signed legislation that officially resumed government operations.
During the shutdown, ETFs for Solana, Litecoin, and Hedera began trading under automatic effectiveness provisions.
Those mechanisms allowed trading to start without active SEC approval when regulatory processes were delayed.
Bitcoin and Ether ETFs did not use that approach; both began trading only after formal regulator approval.
Which path XRPC will follow remains unclear.
Without a current effectiveness order, Canary’s ETF could face additional delays unless it qualifies for the same automatic provisions used during the shutdown.
Launch window tightens as market awaits SEC decision
Although Nasdaq has certified the listing and Canary’s infrastructure appears ready, XRPC’s fate ultimately depends on the SEC.
Canary’s website launch and increasing market interest reflect growing expectations, but trading cannot commence until regulators issue final approval.
Despite Nasdaq’s listing certification and Canary Capital’s site going live, the fund did not begin trading immediately after the originally anticipated date of October 28.
Absent a final effectiveness order from the SEC, the ETF remains in limbo. Until that regulatory step is completed, XRPC cannot trade, and the market continues to await confirmation.