Canary XRP ETF Likely to Start Trading This Week After SEC Filing

The fund could begin trading as early as Thursday.

3 min read

Nov 12, 2025

Investors will likely have a second option to purchase shares in an XRP-focused exchange-traded fund this week after Canary Capital submitted a regulatory filing that could allow its fund to list on the Nasdaq exchange.

Nashville, Tennessee-based Canary filed an 8-A form on Monday, 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, which points to launch tomorrow or Thursday (today is holiday)," wrote Bloomberg Senior ETF Analyst Eric Balchunas in an X post Tuesday, adding: "Not done deal but all boxes being checked. Stay tuned."

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

etf.com Senior Analyst Sumit Roy told Decrypt the Canary products also has the potential to attract significant inflows because of investors’ strong interest in XRP, and other altcoin-focused ETFs, including the successful introduction of Bitwise’s Solana fund two weeks ago.

"While Solana is arguably more popular than XRP, Bitwise's Solana ETF managed to become a $500 million fund in two weeks, which suggests that there is demand for funds that provide exposure to crypto assets beyond Bitcoin and Ethereum," he said, adding that over $100 million in inflows for the the short-term wasn't out of the question.

Rex-Osprey's XRPR offers investors exposure to the altcoin via a subsidiary registered in the Cayman Islands that is wholly 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. Those ETFs and a friendlier U.S. environment strengthened demand for other crypto-focused funds. The SEC is currently weighing more than 90 funds based on single cryptocurrencies, combinations of tokens and different strategies.

XRP's price recently stood at $2.40 per coin after dropping 6.`% over a 24-hour period, according to crypto markets data provider CoinGecko. The coin is now over 30% below its July all-time high of $3.65.

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