Canary Capital’s Spot XRP ETF gets Nasdaq listing approval: Details
Could this be the biggest moment since Ripple’s court victory?
Key Takeaways
What is the management fee for the Canary XRP ETF?
Canary’s XRP ETF charges a 0.50% management fee, higher than Bitwise’s 0.34%.
Who are the key partners supporting the ETF?
U.S. Bancorp Fund Services (administrator), Paralel Distributors LLC (marketing), Gemini Trust and BitGo Trust (custodians), and U.S. Bank (cash custodian).
In a major breakthrough for the Ripple [XRP] community, Canary Capital’s Spot XRP ETF has secured automatic approval for listing on Nasdaq after the issuer filed a Form 8-A with the U.S. Securities and Exchange Commission (SEC) on the 10th of November.
Canary’s Spot XRP Exchange Traded Fund approved
According to the latest filing, Nasdaq approved the listing under the ticker symbol “XRPC.”
The approval marks the final regulatory step before launch, making the ETF auto-effective and paving the way for trading later this week, pending a final CERT filing that will confirm its official debut date.
The filing also noted that a detailed description of the ETF’s shares is included in the trust’s Form S-1 registration statement, filed with the SEC on the 24th of October.
This milestone follows Canary Capital’s recent success with its Litecoin [LTC] and Hedera [HBAR] ETFs, both of which launched after receiving automatic approval through similar 8-A and CERT filings.
Inside the XRP ETF structure
That said, the Canary’s new ETF will track the Spot price of XRP using the XRP-USD CCIXber Reference Rate Index, offering direct exposure to the cryptocurrency’s market performance.
It will charge a management fee of 0.50%, slightly higher than Bitwise’s XRP ETF, which recently announced a 0.34% fee.
Key partners supporting the ETF include U.S. Bancorp Fund Services serves as the transfer agent and administrator, while Paralel Distributors LLC handles marketing responsibilities.
Meanwhile, U.S. Bank, an affiliate of the transfer agent, will act as the cash custodian.
XRP market activity and more
The excitement around the ETF coincided with a surge in XRP’s market activity. The token gained 8.83% over the past week before a slight pullback to $2.46, down 2.87% in the past 24 hours, according to CoinMarketCap.
Beyond Canary Capital’s fund, the broader XRP ETF ecosystem has also picked up momentum. Data showed that several XRP-linked funds, including the Teucrium 2x Long Daily XRP ETF, Volatility Shares XRP ETF, Rex-Osprey, ProShares Ultra XRP ETF, and Purpose, are seeing steady inflows.
That said, the growing momentum around spot XRP ETFs signals a turning point for Ripple and the broader crypto industry.
Finally, with nine listings on the DTCC, major issuers like Franklin Templeton, Bitwise, and Canary Capital leading the charge, and potential approvals expected by November, XRP could soon join the ranks of Solana [SOL], Litecoin, and Hedera in the ETF spotlight.
