Canary Funds updates its XRP ETF filing to allow automatic approval, paving the way for a possible November 13 launch.
Canary Funds has submitted an updated S-1 registration for its XRP spot exchange-traded fund (ETF). The amendment removes the delaying clause that previously allowed the U.S. Securities and Exchange Commission (SEC) to control the filing’s activation.
This change enables the ETF to become automatically effective under Section 8(a) of the Securities Act of 1933. The update allows the ETF to proceed without explicit SEC clearance, provided no objections are raised during the statutory 20-day review period.
Potential Launch and Nasdaq Approval
Market observers suggest the ETF could begin trading on November 13, depending on Nasdaq’s listing approval. The ETF aims to give investors direct exposure to XRP held in a trust, adjusted for expenses and liabilities. It will track the CoinDesk XRP CCIXber Reference Rate, which aggregates XRP trading data from major exchanges. Gemini Trust Company and BitGo Trust Company will serve as custodians for the underlying digital assets.
The updated filing follows a period of regulatory slowdown linked to a partial government shutdown. Several issuers, including Canary, have turned to the auto-effective route to maintain progress despite limited SEC operations. This strategic adjustment signals Canary’s readiness to proceed once the waiting period expires, unless the SEC issues new comments.
Institutional Interest and Market Readiness
XRP-related institutional activity has increased in recent weeks. Evernorth recently listed its XRPN product on Nasdaq after acquiring $1 billion in XRP. Moreover, Canary Capital updated Litecoin and Hedera ETF filings despite the government shutdown. Canary’s XRP, Solana, and HBAR ETFs have also been added to the Depository Trust and Clearing Corporation (DTCC), showing back-end readiness for trading.
Market analysts note that Canary’s filing timing is significant. The amendment positions the ETF ahead of other issuers still awaiting detailed SEC feedback. SEC recently missed the deadline for the Canary Litecoin ETF as the shutdown limits staff and delays decisions. Analysts see the step as a viable strategy that would accelerate the market entry of the XRP-based investment products. With its approval, it would be a significant step towards acceptance in institutional portfolios.
Broader Expansion of Crypto ETFs
Canary’s update comes amid growing competition in the digital asset ETF space. T. Rowe Price recently filed for a multi-asset crypto ETF that includes Bitcoin, Ethereum, Solana, and XRP. Other issuers, such as ProShares, have followed with similar filings for diversified crypto index funds.
These developments reflect an expanding landscape for token-based ETFs. Canary’s XRP spot ETF, if launched as expected, could become one of the first auto-effective crypto funds on Nasdaq. Market participants continue to monitor the SEC’s response, as the outcome may influence future ETF filings and institutional adoption.
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