Historic Launch: US Poised for First Spot XRP ETF Trading This Week

The United States is on the cusp of a significant milestone in digital asset investment, with the nation’s inaugural spot Ripple (XRP) Exchange-Traded Fund (ETF) anticipated to commence trading as early as Thursday. Asset management firm Canary Funds has completed a crucial procedural step, filing an 8-A form for its XRP ETF on Tuesday, signaling its readiness for market debut.

Final Preparations Underway for Groundbreaking XRP ETF

According to Bloomberg ETF analyst Eric Balchunas, the submission of the 8-A form is a strong indicator that the fund is “ready to begin trading.” The final hurdle involves Nasdaq’s completion of its listing certification, a process expected to conclude by 5:30 PM ET on Wednesday. If these final steps proceed without delay, the “Canary XRP ETF” will officially open for trading on Thursday, marking its place as the first-ever spot XRP ETF in the U.S. market.

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

A New Era for XRP Investment: Direct Exposure and Robust Structure

The Canary Funds’ “XRP Trust” is structured under the Securities Act of 1933, offering investors a direct and transparent pathway to gain exposure to spot XRP. This innovative fund is fully backed by actual XRP holdings on a 1:1 basis, with the digital assets securely held by a regulated trust institution. This structure is designed to provide investors with pure, direct access to XRP’s price movements, distinct from other available options.

This approach stands in contrast to previous offerings, such as the XRPR ETF launched by REX-Osprey. The REX-Osprey product, structured under the Investment Company Act of 1940, represented a hybrid asset structure with only “partial XRP exposure.” Such funds typically come with higher tracking costs and less favorable tax implications, making Canary’s spot ETF a potentially more appealing and efficient investment vehicle for those seeking direct XRP exposure.

Significant Capital Inflows Projected

The introduction of a spot XRP ETF in the U.S. market is anticipated to unleash substantial capital inflows. JPMorgan Chase previously estimated that if a spot XRP ETF receives regulatory approval and lists successfully, it could attract between $4.3 billion and $8.4 billion in new investments within the first 6 to 12 months. This projection underscores the significant institutional and retail demand for regulated, direct investment products in the cryptocurrency space.