The cryptocurrency market is on the verge of a significant evolution with the impending introduction of the inaugural spot XRP exchange-traded fund (ETF), orchestrated by Canary Capital.
On Wednesday, Nasdaq officially verified its acceptance of the Form 8-A filing for the Canary XRP ETF, designated under the ticker symbol XRPC. This development indicates a formal readiness to list the asset on the exchange.
While this announcement has ignited enthusiasm among ETF analysts and investors alike, it is imperative to note that the fund still awaits final authorization from the U.S. Securities and Exchange Commission (SEC) before it can commence trading operations. Consequently, its launch remains in a state of uncertainty, despite anticipations of a potential debut as early as Thursday.
The impending launch of Canary’s ETF marks a noteworthy milestone, positioning it as the sixth single-asset cryptocurrency fund to achieve this level of regulatory approval, following prior endorsements for Bitcoin, Ether, Solana, Litecoin, and Hedera.
This progression underscores a more intricate regulatory landscape, significantly influenced by recent modifications in SEC operational protocols amidst a historically prolonged U.S. government shutdown.
Certification Secures Nasdaq Listing; Trading Still Awaits Regulatory Approval
Nasdaq has formally communicated to the SEC regarding its receipt and filing of Form 8-A for Canary’s XRP ETF. Industry analyst Eric Balchunas from Bloomberg disseminated this update via social media platform X, asserting that “The official listing notice for XRPC has arrived from Nasdaq.”
Nevertheless, despite this advancement, it is critical to understand that the ETF has yet to receive permission to initiate trading activities. The correspondence issued by Nasdaq confirms acceptance of the listing; however, it does not equate to SEC endorsement for trading.
Market observers have elucidated that this letter represents a procedural milestone and is part of the broader process required for the registrant’s request for the fund’s operational effectiveness.
Some members of the cryptocurrency community have emphasized this distinction, noting that while Nasdaq’s letter acknowledges the certification of listing, it does not declare the fund effective. The absence of an effectiveness order from the SEC implies that trading cannot commence until this critical step is completed.
Canary’s XRP Fund Integrates into Expanding Crypto ETF Landscape
In conjunction with Nasdaq’s filing, Canary Capital has launched its official website dedicated to the ETF. Nate Geraci, president of NovaDius Wealth Management, remarked on social media that Canary is likely poised to become the first entity to market with an XRP-backed ETF.
If granted approval by regulators, the XRPC ETF will join an expanding list of single-asset cryptocurrency ETFs currently accessible to investors. This growing roster includes prominent assets such as Bitcoin, Ether, Solana, Litecoin, and Hedera.
Eleanor Terrett from Crypto America further indicated on X that Nasdaq had cleared XRPC for market launch considerations, amplifying expectations for an imminent debut. Nevertheless, it is critical to underscore that trading cannot proceed without definitive confirmation from the SEC.
Timing of ETF Launch Reflects Procedural Adjustments Amidst Government Shutdown
The timeline for Canary’s ETF launch coincides with the recent conclusion of an unprecedented U.S. government shutdown—the longest in national history. On Wednesday, President Donald Trump enacted legislation facilitating the resumption of governmental operations.
Throughout this shutdown period, ETFs associated with Solana, Litecoin, and Hedera commenced trading under automatic effectiveness provisions. Such mechanisms permitted trading initiation despite delays in active SEC approval during periods characterized by regulatory inertia.
This procedural approach diverged significantly from earlier launches involving Bitcoin and Ether ETFs, which both adhered strictly to formal regulatory authorization prior to initiating trading activities.
The precise mechanism under which the XRPC fund will operate remains ambiguous. Absent a current effectiveness order from the SEC may subject Canary’s ETF to further delays unless it qualifies under similar automatic provisions utilized during the government shutdown period.
Narrowing Launch Window: Market Awaits SEC Decision
Although Nasdaq has secured certification for the listing and Canary’s operational infrastructure appears adequately prepared, the eventuality of launching the XRPC ETF fundamentally hinges upon SEC approval.
The unveiling of Canary’s website alongside burgeoning market interest signifies rising anticipation; however, trading operations cannot commence until regulatory bodies grant their final endorsement.
Despite initial expectations for immediate trading activity post-October 28—an anticipated date—No trading activity has materialized due to an absence of final effectiveness orders from the SEC. Consequently, until this pivotal regulatory step is fulfilled, XRPC remains ensconced in a state of uncertainty as market participants eagerly await confirmation from authorities responsible for oversight.
