Canary Funds Submits Revised S-1 Registration for XRP ETF
Canary Funds has submitted a revised S-1 registration document to the SEC for an XRP Exchange-Traded Fund (ETF). This recent update indicates that a previously included “delaying amendment” has been eliminated, allowing for the filing to automatically activate after a period of 20 days. This countdown is set to culminate on November 13, the date when the ETF could potentially debut.
Potential Launch and Approval Process
Should Nasdaq approve the Form 8-A filing, which would enable the trading of the ETF’s shares, the launch could officially take place on this date. However, it’s important to note that if the SEC introduces additional comments or requirements, this timeline might be altered.
Significance of the XRP ETF
This upcoming product is poised to become the first traditional spot XRP ETF in the United States, a development that could bolster XRP’s market by increasing liquidity. In comparison, the REX Osprey XRP ETF (XRPR), which has amassed over $100 billion in assets under management, does not qualify as a true spot ETF as it is governed by the 1940 Act; hence its holdings are not purely comprised of XRP tokens.
Market Outlook and Competition
In light of the positive reception of the recently launched spot Solana ETF by Bitwise, which has spurred optimism, analyst Nate Geraci has suggested that XRP ETFs could attract even more substantial investment flows than initially anticipated. Beyond Canary Funds, other notable financial institutions such as Franklin Templeton and Bitwise are also competing to roll out their XRP-centric ETF offerings.
