Canary XRP ETF will likely begin trading this week after SEC filing

Investors will likely have a second option to buy shares in an XRP-focused exchange-traded fund this week, after Canary Capital filed a regulatory filing that could see the fund list on the Nasdaq stock exchange.

Nashville, Tennessee-based Canary on Monday filed Form 8-A, a U.S. Securities and Exchange requirement for companies registering securities. The Canary XRP ETF would track the spot price of the fourth largest digital asset by market capitalization.

“Canary filed 8A for XRP ETF last night, indicating launch tomorrow or Thursday (today is holiday)” wrote Bloomberg Senior ETF Analyst Eric Balchunas added in an X-post on Tuesday: “No deal yet, but all boxes are being checked. Stay tuned.”

The fund would be the second to give US investors exposure to an XRP-tracking ETF, following the debut of the Rex-Osprey XRP ETF (XRPR) in September. That fund generated $38 million on its first day, exceeding expectations, and now manages more than $138 million in assets.

told etf.com Senior Analyst Sumit Roy Declutter the Canary products also have the potential to attract significant inflows due to strong investor interest in XRP and other altcoin-focused ETFs, including the successful launch of Bitwise’s Solana fund two weeks ago.

“While Solana is arguably more popular than

Rex-Osprey’s XRPR offers investors exposure to the altcoin through a subsidiary registered in the Cayman Islands that is fully owned and controlled by the fund.

Canary Capital’s application follows the success of Bitcoin And Ethereum ETFs, which debuted last year and now manage about $139 billion and nearly $21 billion in assets, respectively. These ETFs and a friendlier US environment boosted demand for other crypto-focused funds. The SEC currently weighs more than 90 funds based on individual cryptocurrencies, combinations of tokens and different strategies.

According to data provider CoinGecko, the price of XRP recently stood at $2.40 per coin, after dropping 6.0% over 24 hours. The coin is now more than 30% below its all-time high of $3.65 in July.