- Canary Capital filed an updated S-1 registration for its XRP spot ETF on October 30, setting a November 13 target launch date.
- The updated filing removes a delaying amendment, enabling the ETF to proceed under an automatic effective registration, pending Nasdaq approval of the Form 8-A.
- The ETF will track the CoinDesk XRP CCIXber 60m New York Rate, with Gemini Trust Company and BitGo Trust Company serving as custodians and CSC Delaware Trust Company as trustee.
- Eleanor Terrett, an ETF analyst, highlighted the regulatory support for the auto-effective registration method praised by SEC Chair Paul S. Atkins.
- Steven McClurg, CEO of Canary Capital, projected that inflows could push the XRP ETF into the top 20 ETFs by size if it reaches $5 billion or more in assets.
On October 30, Canary Capital filed an updated S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for its XRP spot ETF. This filing removed a delaying amendment, allowing the ETF to become effective automatically, with a planned launch date of November 13, pending Nasdaq‘s approval of the related 8-A filing.
This regulatory move grants the SEC control over the timing of the ETF launch while eliminating procedural delays. The ETF will track the CoinDesk XRP CCIXber 60-minute New York rate as its price benchmark. Custodian duties will be handled by Gemini Trust Company and BitGo Trust Company, with CSC Delaware Trust Company acting as trustee.
ETF analyst Eleanor Terrett noted a regulatory shift toward the use of the auto-effective method under the Securities Act of 1933. She cited SEC Chair Paul S. Atkins expressing approval of companies like MapLight, Bitwise, and Canary Capital taking advantage of this mechanism to launch ETFs.
A spokesperson for Canary Capital described the firm’s approach as catering to growing investor demand for cryptocurrency access beyond Bitcoin and Ethereum. They emphasized focus on enterprise-grade blockchain solutions and their tokens like XRP.
Steven McClurg, CEO of Canary Capital, projected that if the ETF captures $5 billion or more in assets under management, it could rank among the top 20 ETFs of all time by inflows. The November 13 launch date assumes successful completion of regulatory reviews, though government actions or SEC comments could affect this timeline.
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