In a significant development for cryptocurrency investors, Nasdaq has announced plans to list an exchange-traded fund (ETF) from Canary Capital Group that will track the price of XRP, which ranks as the fourth-largest cryptocurrency by market capitalization. The exchange confirmed this certification in a filing submitted to the Securities and Exchange Commission (SEC) on Wednesday, revealing that it has received approval to list the ETF. The ETF is set to debut on the market on Thursday, trading under the ticker symbol XRPC.
The approval for this crypto ETF comes amidst ongoing governmental disruptions, as the SEC had previously clarified the filing process for firms wishing to go public. This guidance enabled firms to file an S-1 registration statement without a delaying amendment, a stipulation that could otherwise extend the review period. Essentially, this process allows the ETF to go effective without the typical 20-day waiting period, thus facilitating a faster introduction to the market.
In addition to meeting SEC-specific listing standards that were established in September, the ETF process for canary involved filing a Form 8-A on Tuesday. The move places Canary among several firms—such as Bitwise, 21Shares, WisdomTree, ProShares, and Grayscale—who have also expressed interest in launching similar XRP ETFs.
Notably, REX Shares had previously launched an XRP ETF in September, distinguishing itself by utilizing a different legal structure and being registered under the Investment Company Act of 1940, legislation designed to protect investors by regulating investment funds. This particular ETF is primarily composed of XRP, with at least 40% of its assets allocated to shares of other XRP-related ETFs, as detailed in its prospectus.
Looking ahead, other crypto-focused ETFs are also on the horizon, including proposals for Dogecoin. REX Shares and Osprey Funds introduced their Dogecoin ETF, trading under the ticker symbol DOJE, in September, adhering to alternative legal frameworks unlike those used for the XRP fund.
In the coming weeks, the crypto market is poised for more ETF activity, particularly with proposals like the one tracking DOGE and another from Grayscale for XRP, projected to become effective by November 23. Meanwhile, 21Shares is preparing to launch its XRP ETF as soon as the government reopens, according to sources familiar with the matter.
The evolving landscape of cryptocurrency ETFs continues to gain traction, signaling growing institutional interest and a potential for greater legitimacy within the market.
