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XRP set for another US-based ETF with Canary Capital’s rollout likely on Thursday

The price of XRP has dropped 3.6% in the last 24 hours.

Sage D. Young

XRP, the fourth-largest cryptocurrency by market capitalization, is getting another US-based ETF. 

Canary Capital’s spot XRP ETF, under the ticker XRPC, is anticipated to roll out on Thursday now that the Nasdaq has approved its application for listing. The new ETF follows Rex-Osprey’s XRP ETF, which launched in September.

The new fund acts as another step in traditional finance’s gradual embrace of cryptocurrencies — namely XRP, which has been the subject of long regulatory battles with the SEC.

Canary’s Form 8-A filing marked the final step before trading, suggesting the fund’s debut on Thursday market open, according to Bloomberg senior ETF analyst Eric Balchunas.

Canary Capital Group intends to purchase 10,000 shares at a per-share price of $25 and use total proceeds from the sale of the seed shares to acquire XRP, the firm’s Form S-1 registration statement with the SEC showed. 

Additional XRP ETFs are in the pipeline. 21Shares, Grayscale, and Franklin Templeton each amended their S-1 registration forms this month, while Bitwise and CoinShares amended theirs in October, per SEC filings. For investors, the lineup of XRP ETFs could expand liquidity and institutional participation to one of crypto’s most recognized digital assets. 

The price of XRP is down 3.7% in the last 24 hours, but has more than tripled since last November.

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“Solana’s ecosystem, like the WSOP, constantly challenges conventions and remains laser-focused on the consumer experience,” WSOP CEO Ty Stewart said in a statement. “Solana’s speed and efficiency mirror the fast-paced energy of our tournaments, and we are excited to showcase their technology to our global audience.”

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