First U.S. Spot of Rpple Linked ETF Could Go Live on Thursday

Canary Funds’ XRP Trust could become the first pure spot XRP$2.3968 exchange-traded fund (ETF) to list in the United States, following the firm’s filing of Form 8-A with the Securities and Exchange Commission on Tuesday.

The filing, according to Bloomberg’s ETF analyst Eric Balchunas, signals the fund’s readiness for trading and represents the final procedural step before activation. A successful ETF launch could expand XRP’s liquidity base and potentially trigger inflows from registered investment advisers who previously avoided direct crypto exposure.

Once the Nasdaq certifies the listing — expected by 5:30 p.m. ET on Wednesday — the ETF will become effective, clearing the last regulatory hurdle for a Thursday market open. The product will fall under the Securities Act of 1933, allowing for direct exposure to XRP rather than futures or hybrid structures.

The approval would mark a milestone for Ripple’s ecosystem and the broader crypto market, arriving nearly two years after spot bitcoin ETFs debuted in January 2024.