Canary Capital Targets November 13 for Potential Launch of First U.S. Spot XRP ETF
Asset management firm Canary Capital is preparing to potentially launch the first U.S.-based spot XRP exchange-traded fund (ETF) on November 13. This development follows the company’s recent update to its S-1 registration with the U.S. Securities and Exchange Commission (SEC), where it removed the “delaying amendment”—a procedural step that signals readiness for automatic effectiveness under federal securities law.
The removal of the delaying amendment means the registration could automatically go into effect 20 days after the amendment is filed, based on Section 8(a) of the Securities Act of 1933. Unless the SEC intervenes or provides additional comments, this sets the stage for a mid-November launch—pending final approval of the ETF’s listing via Nasdaq’s Form 8-A.
The move comes at a time of increasing momentum for altcoin ETFs in the U.S. market. In recent weeks, products based on Solana (SOL), Litecoin (LTC), and Hedera (HBAR) have debuted, leveraging the same auto-effectiveness mechanism. SEC Commissioner Paul S. Atkins has expressed support for this regulatory pathway, highlighting that it provides a legal and efficient method for bringing ETFs to market amid procedural delays.
While the spot XRP ETF is still awaiting final clearance, the broader XRP investment landscape is gaining traction. A variety of XRP-linked leveraged ETFs are already trading, including products from Teucrium, Rex-Osprey, Volatility Shares, and ProShares. These funds have attracted significant investor interest and capital inflows. For example, the Rex-Osprey XRP ETF, which launched in September, has already amassed over $114.6 million in assets under management. Teucrium’s 2x leveraged XRP ETF has grown even more rapidly, gathering more than $384.4 million in net assets since its April debut.
The growing popularity of leveraged XRP ETFs indicates that investor appetite for regulated exposure to Ripple’s token is strong. As such, a spot ETF—offering direct investment in XRP without leverage—may fill a significant market demand.
Industry analysts see Canary Capital’s progress as a notable milestone, not just for XRP, but for altcoin ETFs in general. Bloomberg ETF analyst James Seyffart noted that the recent filing changes are likely in response to SEC feedback, describing the development as “a good sign” for the fund’s approval prospects.
However, several factors could still affect the timing. The SEC’s internal review process remains a variable, and any request for further disclosures could delay the launch. Additionally, the recent reopening of the federal government may either accelerate or complicate regulatory timelines, depending on the current status of Canary’s submission.
If successful, Canary Capital’s ETF would be the first spot XRP ETF in the U.S., potentially paving the way for other issuers to follow. Several prominent asset managers—such as Grayscale, Bitwise, CoinShares, WisdomTree, ProShares, Tuttle Capital, and 21Shares—are also in the process of seeking approval for similar products.
The potential launch comes amid broader discussions about the regulatory treatment of crypto-based ETFs. While Bitcoin and Ethereum products have dominated the conversation, the spotlight is now shifting to altcoins like XRP, which could offer investors diversification within the crypto sector.
From a market perspective, XRP is positioning itself to leap ahead of other altcoins in the ETF space. While other tokens are still waiting for regulatory clarity, XRP’s ecosystem appears further along in the approval pipeline. This could help Ripple’s token gain a competitive edge in the race to become a mainstream institutional asset.
Moreover, the potential approval of a spot XRP ETF would represent a notable endorsement of XRP’s legal and regulatory standing. The token has been at the center of legal controversy following the SEC’s lawsuit against Ripple Labs. However, progress on the ETF front suggests growing institutional confidence in XRP’s legitimacy as a tradable asset.
Investors and fund managers are watching the process closely, as a successful launch could reshape the crypto ETF landscape. A spot XRP ETF would offer a new gateway for traditional investors to gain exposure to the token without navigating crypto exchanges, wallets, or custody solutions—lowering the barrier for institutional and retail entry.
In parallel, the increasing inflow into leveraged XRP ETFs also reflects broader crypto market resilience. Despite market volatility, investors continue to seek structured, regulated products that offer exposure to digital assets. The ETF format provides both transparency and ease of access, making it an attractive option for portfolio diversification.
Looking ahead, the approval of Canary Capital’s spot XRP ETF could trigger a wave of similar filings targeting other altcoins. As regulatory frameworks evolve, the ETF market may expand to accommodate a range of tokens, from large-caps like Cardano and Avalanche to emerging networks with strong developer ecosystems.
In conclusion, while the final green light from regulators is still pending, the stage is set for a potentially historic moment in crypto finance. If Canary Capital’s timeline holds, November 13 could mark the debut of the first spot XRP ETF in the U.S., ushering in a new era for both Ripple and the broader altcoin investment landscape.