The Canary XRP ETF Approaches Its Nasdaq Launch

The U.S. exchange‑traded fund (ETF) landscape is on the brink of a historic moment with the impending listing of the first pure‑spot XRP fund. Canary Capital, an established crypto asset manager, has completed the final regulatory steps and received Nasdaq’s certification, signaling that the ETF will be available for trading as early as the coming Thursday.

Regulatory Milestones

  • Nasdaq Certification (2025‑11‑12) – A formal certification letter dated 12 November confirmed that the Canary XRP ETF satisfies all listing requirements. This approval removes the last procedural barrier, leaving the fund ready to debut on the market.
  • Final Filing (2025‑11‑12) – Canary Capital filed the requisite Form 8‑A and other documents with the Securities and Exchange Commission. This filing marks the culmination of the application process and is a prerequisite for the ETF’s launch.

The ETF’s structure is a pure‑spot vehicle, meaning it will hold XRP directly rather than using derivatives. This approach aligns with the SEC’s evolving crypto‑ETP playbook, which seeks to provide transparent exposure to underlying assets.

Market Context and Speculation

The news has spurred significant speculation about the ETF’s potential impact on XRP’s liquidity and valuation. Comparisons to Solana’s recent capital inflows after its ETF launch suggest that a similar surge could occur for XRP. Analysts predict that the ETF could double the market reaction witnessed with Solana, given XRP’s established use case and the demand for regulated exposure.

External Influences

While the ETF’s progress is clear, broader political developments have introduced an element of uncertainty. The United States Senate recently voted 60‑40 to advance a bill that would reopen the federal government, potentially ending the longest shutdown in American history. This legislative action could indirectly influence the SEC’s review timeline and the ETF’s launch schedule, although no direct linkage has been confirmed.

Fundamental Snapshot

  • Asset Type: Crypto‑currency
  • Currency: USD
  • Close Price (2025‑11‑10): 8.8 × 10⁻¹³ USD
  • 52‑Week High (2024‑12‑01): 2.985 × 10⁻¹¹ USD
  • 52‑Week Low (2024‑12‑13): 2 × 10⁻¹³ USD

These figures underscore the volatility inherent in the XRP market, highlighting the importance of regulated, transparent investment vehicles for institutional participants.

Outlook

With Nasdaq’s approval and Canary’s final filing complete, the next logical step is the ETF’s official listing. If the fund begins trading this Thursday, it would not only provide a new avenue for exposure to XRP but also serve as a litmus test for the SEC’s crypto‑ETP regulatory framework. Market participants should monitor trading volumes and price action closely, as the initial weeks will set the precedent for future crypto‑based ETFs in the U.S. market.