The U.S. crypto investment landscape is set for another major breakthrough this week, with the first pure spot XRP exchange-traded fund (ETF) potentially going live as early as Thursday. Canary Funds, the issuer behind this highly anticipated product, has completed a key regulatory requirement that puts the ETF on the doorstep of approval—and possibly marks a new era for institutional exposure to XRP.
Canary Funds Sends Form 8-A, Which Means They Are Ready to Trade
Canary Funds sent Form 8-A to the U.S. Securities and Exchange Commission (SEC). This filing indicates that the ETF has completed its registration and is now awaiting final clearance to begin trading.
Bloomberg ETF analyst Eric Balchunas said the Form 8-A submission is typically the final procedural step before an ETF becomes active. Historically, such filings often lead to trading within 24 hours, making Thursday a likely launch date—pending exchange approval.
The ETF will officially go live once Nasdaq certifies the listing, a decision expected by 5:30 p.m. ET on Wednesday.
A Major Milestone for Ripple and the Broader Crypto ETF Market
If approved, Canary’s product would become the first pure spot XRP ETF in the United States, giving investors direct XRP exposure under the Securities Act of 1933. This ETF is different from futures-based or mixed-asset structures because it is backed by full, one-to-one XRP that is owned by a regulated trust.
This would be the next step in U.S. financial history; it would happen almost two years after spot Bitcoin ETFs were first introduced in January 2024 and soon after spot Ether ETFs were approved.. crypto ETF diversification.
Analysts say this is a big step forward not only for Ripple but also for other altcoins that may soon join Bitcoin and Ethereum as controlled investments.
As advisers embrace regulated crypto access, institutional inflows are expected.
The format of the ETF could bring in a lot of money from registered investment advisers (RIAs) who have avoided direct crypto holdings in the past because:
Risks of custody
Uncertainties about rules
Limits on compliance
These worries can be put to rest with a spot ETF, which provides a safe and standard investing vehicle. People who follow the market think this could make XRP more open and help prices be found more easily.
There is less mess with Canary's XRP Trust compared to REX-Osprey XRPR ETF.
The new REX-Osprey XRPR ETF, on the other hand, is very different from Canary’s product. It is regulated by the Investment Company Act of 1940 and has a mixed-asset plan that only gives some exposure to XRP.
XRPR has to deal with
More tracking error
Tax approach that is less effective
Not very appealing to institutions
The Canary XRP Trust, on the other hand, is made for pure exposure and has a clear, fully backed structure that is more in line with what investors expect from spot crypto ETFs.
How the XRP market is reacting now
Early Wednesday morning in Asian trading hours, XRP was selling close to $2.48, showing a 5% drop in price as the crypto market as a whole fell. Analysts think that confirming Thursday’s start could give the market and interest in XRP a boost.
A Possible Tipping Point for Altcoin ETFs
You can already buy Spot Ether ETFs, and apps for Solana ETFs are being looked at. People in charge are becoming more open to different blockchain networks, particularly ones that have already been used for payment and settlement. This is shown by the fact that the XRP ETF may be launched.
Canary’s ETF could be a model for other crypto-backed financial items in the future if it goes live as planned. This would encourage institutions to invest in more than just the top two assets.
All Eyes on Nasdaq’s Final Confirmation
Market participants are now watching closely for Nasdaq’s certification, the final administrative step before trading begins. Previous Canary products, such as the recent HBAR ETF, became effective the day after filing Form 8-A—a pattern that adds weight to expectations for a Thursday debut.
For now, the crypto industry awaits what could be a defining moment:
The launch of the first U.S. spot XRP ETF, which gives buyers new options and changes the way altcoin ETFs work.