Canary XRP ETF Launches on Nasdaq Thursday Amid Firms’ Push During Shutdown
Nasdaq is set to launch the Canary Capital Group’s exchange-traded fund (ETF) that tracks the price of XRP. This initiative follows the approval from the exchange to list the ETF under the ticker symbol XRPC. The listing is scheduled for Thursday, and it marks a significant development in the crypto market.
Canary XRP ETF Approval
The U.S. Securities and Exchange Commission (SEC) has approved procedures enabling firms to list ETFs even amidst governmental shutdowns. This includes allowing companies to file an S-1 registration statement without a delaying amendment. Generally, a delaying amendment would postpone the effectiveness of the ETF for an additional 20 days, providing the SEC more time to review comments and concerns.
Filing and Committee Procedures
- Canary filed the necessary Form 8-A for its XRP ETF on Tuesday.
- The SEC approved specific listing standards for ETFs back in September.
- Other notable firms such as Bitwise, 21 Shares, WisdomTree, ProShares, and Grayscale have also proposed XRP ETFs.
Previous XRP ETF Launches
In September, REX Shares debuted an ETF tracking XRP. However, its legal structure differed from other XRP ETFs. This fund was registered under the Investment Company Act of 1940, which regulates investment funds to protect investors from conflicts of interest and fraud. Notably, it primarily holds XRP directly and allocates at least 40% of its assets to other XRP-related ETFs.
Future Developments in Crypto ETFs
Looking ahead, additional crypto ETFs focusing on Dogecoin are in the pipeline. REX Shares and Osprey Funds launched their Dogecoin ETF, DOJE, in September, employing a different legal route compared to the XRP ETF. Proposals for a Dogecoin ETF and an XRP ETF by Grayscale could be effective by November 23.
21Shares has indicated plans to launch its XRP ETF once the government reopens, according to insiders.
This new wave of cryptocurrency ETFs illustrates the growing acceptance of digital assets in traditional finance. Nasdaq’s move to list the Canary XRP ETF reflects the evolving landscape and the increasing interest from investors in crypto-based investment options.
