XRP ETF Countdown Begins as Canary Capital Targets Thursday Launch

Canary Capital has advanced its plan for the first spot XRP Exchange-Traded Fund (ETF) by filing Form 8-A with the SEC, aiming for a launch on Thursday, November 13, contingent upon Nasdaq approval. This filing utilized the auto-effective route after removing a delaying amendment, suggesting the registration will become effective automatically unless the SEC objects within 20 days.

This development follows successful recent launches of altcoin ETFs for Solana, Litecoin, and Hedera, which have bolstered institutional confidence in regulated crypto investment vehicles beyond Bitcoin and Ethereum. The success of Bitwise's Solana ETF, which saw significant first-day volume, and the strong performance of REX-Osprey's existing XRPR product, indicate growing institutional appetite for regulated altcoin exposure.

A spot XRP ETF would allow investors to gain exposure to XRP without direct custody, reducing associated risks. While the launch appears imminent, experts caution that XRP's price might not see a sharp rise if the news is already priced in, though the progress solidifies the legitimacy of altcoin ETFs in traditional finance.

(Source：BeInCrypto)