Canary Capital Amends S-1 Filing for Spot XRP ETF, Raising Market Optimism
Canary Capital has submitted an amended S-1 filing to the U.S. Securities and Exchange Commission (SEC) for its proposed spot XRP ETF, strengthening hopes for regulatory approval following the recent dismissal of Ripple’s lawsuit.
According to the filing, the ETF would be listed on the Cboe BZX Exchange and provide investors direct exposure to XRP, eliminating the need to hold the cryptocurrency in personal wallets or on exchanges. The product, structured as a Delaware statutory trust, aims to track XRP’s price using the CoinDesk XRP CCIX New York Rate. Custody services would be managed by a designated trust company.
Unlike futures-based products, the Canary XRP ETF offers a straightforward approach, mirroring the structure of spot Bitcoin ETFs. Investors could access the fund through traditional brokerage accounts, making XRP exposure more accessible to mainstream markets.
While the SEC has previously delayed decisions on XRP ETFs, Canary Capital’s updated filing shows growing confidence in the token’s regulatory outlook. The dismissal of Ripple’s legal battle with the SEC has fueled further optimism that the Commission may soon approve an XRP-backed exchange-traded product.
The filing also highlights risks, noting that the trust is not regulated under the Investment Company Act of 1940 and thus lacks certain investor protections. It also warns of potential risks tied to exchange shutdowns or custody breaches. Still, the amendment signals increasing momentum for XRP’s integration into regulated financial products.
