Key highlights:
Investment firm Canary Capital has filed key documents with the U.S. Securities and Exchange Commission (SEC) that could pave the way for the first U.S. exchange-traded fund (ETF) directly investing in XRP as soon as November 13.
Bloomberg Senior ETF Analyst Eric Balchunas reported that Canary submitted Form 8-A, a document required before listing securities on an exchange.
According to Balchunas, the filing suggests the ETF could launch within days — similar to when Hedera ETFs began trading the day after submitting the same form.
Canary filed 8A for XRP ETF last night, which points to launch tomorrow or Thursday (today is holiday). Thursday was the day we thought they’d be on track for but when they did the 8A for HBAR they launched the next day. Not done deal but all boxes being checked. Stay tuned.. pic.twitter.com/gVt9c3psmu
— Eric Balchunas (@EricBalchunas) November 11, 2025
Direct exposure could boost XRP’s market presence
Unlike other exchange-traded products already available in the U.S., Canary’s ETF is registered under the Securities Act of 1933, allowing it to directly hold XRP. Competing products typically invest indirectly through offshore entities that own the cryptocurrency.
Expectations within the XRP community have intensified following the end of the U.S. government shutdown, which has reopened the path for new ETF approvals.
The launch of the first spot XRP ETF would mark a major milestone for the market and could attract institutional investors to XRP on a larger scale.
Alongside Canary, several other asset managers have pending spot XRP ETF applications with the Depository Trust and Clearing Corporation (DTCC), including:
- 21Shares
- ProShares
- Bitwise
- Volatility Shares
- REX-Osprey
- CoinShares
- Amplify
- Franklin Templeton
If approved, the first spot XRP ETF could serve as a catalyst for broader institutional adoption and rising demand for XRP-based financial products.
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Source:: Canary Capital to Launch First U.S. XRP ETF on November 13