The OGs have dreamed of days like this. At the beginning it seemed so far-fetched that cryptocurrency would be adopted by institutions. But, here we are.
Canary Capital Group LLC has just moved the first U.S. spot XRP exchange-traded fund (ETF) closer to launch.
According to recent filings, the issuer filed a Form 8-A with the U.S. Securities and Exchange Commission (SEC) on November 10, 2025, which registers the shares under the Securities Exchange Act of 1934 and signals the fund’s listing on the Nasdaq Stock Market under the ticker “XRPC”.
The filing marks the final regulatory step before trading: following the S-1 registration (filed October 24) and once Nasdaq publishes its daily “ready” list, trading could begin in just one to three sessions.
Key Takeaways
- Canary Capital’s spot XRP ETF has received Nasdaq listing approval under the ticker XRPC, marking the first-ever U.S. XRP ETF.
- The Form 8-A filing on November 10 officially registers the shares under the Securities Exchange Act of 1934, signaling imminent trading.
- Nasdaq is expected to publish the daily list within days, clearing the way for trading to begin as early as November 13–14, 2025.
- Eric Balchunas, Bloomberg senior ETF analyst, indicates the launch could happen within 24 hours of the 8-A filing, depending on Nasdaq’s operational schedule.
What the Filing Says
The Form 8-A was signed by Steven McClurg, CEO of Canary Capital, on November 10. He said on the PaulBarron channel:
“An XRP ETF would probably double what Solana did.”
He cites XRP’s liquidity, global utility, and clearer regulatory path expecting major institutional inflows ahead.
The filing further says:
- Shares of the fund will trade under ticker XRPC on Nasdaq.
- The earlier S-1 registration describes the trust structure: shares of beneficial interest managed by Canary, providing exposure to XRP.
- The approval is automatic if no SEC staff objects in the 20-day window triggered by Section 8(a) of the Securities Act.
- Final operational steps: Nasdaq publishes the listing notice, the fund obtains DTC/DTCC eligibility for creations/redemptions, and trading begins
Why This Matters
- This is a key moment for XRP’s journey into the regulated finance world. Until now, spot crypto ETFs in the U.S. were largely limited to Bitcoin and Ethereum.
- The listing via generic rules (approved by SEC in September 2025) has paved the way for altcoin-admission into ETF wrappers.
- With XRPC, investors can gain regulated exposure to XRP without holding the token directly—via traditional brokers under U.S. rules.
- If the fund mirrors early Bitcoin/ETH ETF inflows (tens of billions), it could boost XRP’s market structure, visibility and price.
- Launch is expected imminently — perhaps November 13 or 14 — assuming no SEC objections and Nasdaq issues the listing notice.
What To Watch
- The exact listing date: Until Nasdaq publishes the daily list and issues the “effective” notice, trades won’t begin.
- Early trading volume and spreads: New ETFs often launch with lower liquidity; institutional authorised-participants (APs) will drive the creation/redemption mechanism.
- Fee structure: Reports suggest a management fee around 0.50 % for XRPC.
- Underlying asset dynamics: As the ETF holds actual XRP (not derivatives), price movements of XRP itself will closely influence the fund.
- Tracking error and operational risk: As with all ETFs, costs, custodian structure (e.g., Gemini Trust Company, BitGo Trust Company) and settlement mechanics matter.
With the listing approval now in hand, XRPC is poised to begin trading — potentially this week. For the XRP community and broader crypto space, this represents a major step toward mainstream institutional adoption. Whether the inflows match the upbeat projections remains to be seen, but the foundation is now set.
For investors, the window is narrowing: this is a “get-in early” moment, but also one that demands awareness of risks and mechanics.
