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Investors may soon have another way to gain exposure to XRP as Canary Capital’s XRP exchange-traded fund (ETF) moves closer to its market debut. The Nashville-based investment firm filed a Form 8-A with the U.S. Securities and Exchange Commission (SEC) earlier this week, signaling that the fund could begin trading as soon as Thursday on the Nasdaq exchange.
The ETF is designed to track the spot price of XRP, the fourth-largest cryptocurrency by market capitalization, and would be the second XRP-focused ETF available to U.S. investors.
Bloomberg Senior ETF Analyst Eric Balchunas confirmed on X (formerly Twitter) that the filing suggests a near-term start. “Canary filed 8A for XRP ETF last night, which points to trading tomorrow or Thursday (today is holiday),” Balchunas wrote. “Not a done deal, but all boxes are being checked.”
Building on the Success of XRP’s First ETF
If approved, the Canary XRP ETF would follow the Rex-Osprey XRP ETF (XRPR), which made headlines after its September debut. XRPR attracted over $38 million in inflows on its first day, surpassing expectations and now managing more than $138 million in assets.
This strong performance demonstrated investor demand for alternative crypto ETFs beyond Bitcoin and Ethereum. Experts suggest that Canary’s fund could benefit from the same wave of enthusiasm.
“While Solana is arguably more popular than XRP, Bitwise’s Solana ETF reached $500 million in just two weeks,” said Sumit Roy, senior analyst at etf.com. “That suggests there’s still strong appetite for funds that give investors exposure to other leading crypto assets. Over $100 million in short-term inflows for the Canary XRP ETF isn’t out of the question.”
Expanding Options for Crypto-Focused Investors
The new fund reflects the growing trend of altcoin-based ETFs entering the U.S. market. Following the success of Bitcoin and Ethereum ETFs, which now manage roughly $139 billion and $21 billion in assets respectively, fund managers are increasingly exploring ETFs for other tokens like Solana, Chainlink, and XRP.
The Rex-Osprey XRPR ETF gives investors exposure to XRP through a Cayman Islands subsidiary wholly owned by the fund. Meanwhile, Canary Capital’s offering will directly track the asset’s spot price, appealing to investors seeking more straightforward exposure to XRP’s market performance.
Analysts believe the launch of multiple XRP ETFs could increase institutional participation, improve liquidity, and reinforce XRP’s position as one of the most actively traded cryptocurrencies.
Growing Institutional Interest in XRP and Altcoin ETFs
The SEC’s approval of single-asset crypto ETFs has encouraged a wave of filings from fund managers hoping to capitalize on the expanding investor base. Currently, the regulator is reviewing over 90 crypto ETF applications, including those based on combinations of digital assets and different trading strategies.
This influx of products has been made possible by improved U.S. regulatory clarity and stronger demand from institutional investors. Canary Capital’s entry into the XRP ETF market marks another milestone in the ongoing mainstream adoption of crypto-based financial instruments.
The success of Solana and XRP funds could pave the way for ETFs tracking other leading assets like Avalanche (AVAX), Hedera (HBAR), and Aptos (APT). As more funds gain approval, the market for altcoin ETFs is expected to diversify significantly.
XRP Market Performance Ahead of ETF Listing
As anticipation builds around Canary’s ETF, XRP’s price has shown mixed performance. According to data from CoinGecko, XRP traded around $2.40, reflecting a 6% daily decline and positioning the asset about 30% below its July all-time high of $3.65.
Despite recent volatility, analysts believe the introduction of multiple ETFs could boost long-term investor interest and price stability. ETFs often encourage participation from institutional players who prefer regulated, transparent investment vehicles over direct crypto holdings.
If Canary’s ETF begins trading this week, it could mark another step forward in integrating XRP into mainstream financial markets — and strengthen the case for broader altcoin ETF adoption in the United States.
