- Canary’s fund is set to be the sixth single-crypto ETF if it launches.
- The fund’s official website has gone live ahead of the anticipated debut.
- Past ETFs launched during the government shutdown used automatic effectiveness rules.
The cryptocurrency market is poised for a new addition with the likely debut of the first spot XRP exchange-traded fund, issued by Canary Capital.
On Wednesday, Nasdaq confirmed it had accepted the Form 8-A filing for the Canary XRP ETF, under the ticker XRPC, signalling formal readiness to list the asset.
While the announcement stirred excitement among ETF watchers, the fund still lacks the US Securities and Exchange Commission’s final approval to begin trading.
This has left its launch in limbo, even as industry observers anticipate a possible debut on Thursday.
Canary’s ETF becomes the sixth single-asset crypto fund to reach this milestone following earlier approvals for Bitcoin, Ether, Solana, Litecoin and Hedera.
However, this fund’s progression highlights a more complex regulatory backdrop, influenced by recent shifts in SEC processes during the US government shutdown.
Certification clears Nasdaq listing, but trading awaits
Nasdaq formally notified the SEC that it had received and filed the Form 8-A for Canary’s XRP ETF.
Bloomberg’s ETF analyst Eric Balchunas shared the update on X, stating that “The official listing notice for XRPC has arrived from Nasdaq.”
Despite this progress, the ETF has not yet received the green light to commence trading. The letter issued by Nasdaq confirmed approval of the listing but did not equate to SEC authorisation.
Observers have clarified that the letter is a procedural step and part of the process to join the registrant’s request for the fund to become effective.
Some in the crypto community highlighted the difference, noting that the Nasdaq letter does not declare the fund effective but only acknowledges the listing certification.
The SEC has not issued an effectiveness order, which means trading cannot begin until that step is completed.
Canary’s XRP fund joins crypto ETF roster
Following the Nasdaq filing, Canary Capital launched its official website for the ETF.
Nate Geraci, president of NovaDius Wealth Management, posted about the development, signalling that Canary was likely to be the first to market with an XRP-backed ETF.
If approved, the XRPC ETF will join the growing roster of single-asset crypto ETFs now available to investors. These include Bitcoin, Ether, Solana, Litecoin and Hedera.
Eleanor Terrett of Crypto America also indicated on X that Nasdaq had cleared XRPC for a market open launch, which further raised expectations for an imminent debut. However, the fund cannot proceed to trading without confirmation from the SEC.
ETF timing reflects shutdown-related procedure shifts
Canary’s ETF launch coincides with the recent end of the longest US government shutdown in history.
On Wednesday, President Donald Trump signed legislation that officially reopened government operations.
During the shutdown, ETFs for Solana, Litecoin and Hedera began trading under automatic effectiveness provisions.
These mechanisms allowed trading to begin without active SEC approval during periods when regulatory processes were delayed.
This approach was not used in earlier launches of Bitcoin and Ether ETFs, which both started trading only after formal authorisation from the regulator.
It remains unclear which approach the XRPC fund will follow.
Without a current effectiveness order, Canary’s ETF may be subject to additional delays, unless it qualifies under the same automatic provisions used during the shutdown period.
Launch window narrows as market watches SEC decision
Although Nasdaq has certified the listing and Canary’s infrastructure appears ready, the fate of the XRPC ETF ultimately depends on the SEC.
Canary’s website launch and market interest reflect growing anticipation, but trading cannot begin until regulators give their final approval.
Although Nasdaq certified the listing and Canary Capital launched its website, the fund did not begin trading immediately after 28 October, the initially anticipated date.
Without a final effectiveness order from the SEC, the ETF remains in limbo. Until that regulatory step is completed, XRPC cannot begin trading, and the market continues to await confirmation.
