- Canary’s trading ETF
- Will there be demand?
Exchange-traded fund Canary Funds has filed an updated S-1 (a key registration document with the SEC) for an XRP ETF.
In that update, the issuer removed something called a “delaying amendment.”
This essentially means that the filing automatically becomes effective after 20 days.
The countdown ends on Nov. 13, so this is the day when the product will be able to automatically go live after months of anticipation.
If Nasdaq approves the Form 8-A, which is a filing that makes the product’s shares tradable, the ETF will officially go live.
However, the date could still change if the SEC ends up adding more comments.
Last month, as reported by U.Today, the ETF was listed by the Depository Trust & Clearing Corporation (DTCC).
Canary’s trading ETF
Canary’s yet-to-be-launched product is on track to be the first-ever traditional spot XRP ETF in the US. The launch of the trailblazing product will certainly be a bullish development for the token since it will result in additional liquidity.
The REX Osprey XRP ETF (XRPR), which has already topped a total of $100 billion worth of assets under management, is not a pure spot ETF since it is structured under the 1940 Act regime, and not all of its assets will be XRP tokens.
Will there be demand?
As reported by U.Today, analyst Nate Geraci recently predicted that XRP ETFs would be able to secure higher-than-expected flows after seeing the successful debut of the spot Solana ETF offered by Bitwise.
Apart from Canary Capital, such issuers as Franklin Templeton and Bitwise are also in the race to launch their XRP-focused ETF products.