Canary Capital has filed its final S-1 for a spot XRP ETF and removed the clause that let the SEC delay it — a move that could put the first pure spot XRP fund on the market around November 12–13. For traders, it starts a 20-day countdown that could open the door to a wave of new Wall Street money for XRP.
Key points:
- Canary removed the "delaying amendment" from its S-1, so the filing can become effective automatically after 20 days under Section 8(a) of US securities law.
- The fund is planned to trade on Nasdaq under the ticker XRPC with a 0.50% fee — if Nasdaq files its 8-A form and the SEC does not step in.
- Bitwise, Grayscale and Franklin Templeton are close behind with their own XRP funds, while XRP trades near $2.38, down about 2.4% on the day.
The change sounds technical, but it matters. Normally, an issuer adds a "delaying amendment" to its S-1 filing, which means the SEC chooses when the filing becomes effective. By removing that clause, Canary has started a fixed clock instead: after about 20 days, the registration becomes effective on its own unless the SEC objects. Bloomberg ETF analyst Eric Balchunas reported the updated filing, and the timing points to November 12 or 13 as the possible launch window.
The move also uses the US government shutdown, which has slowed normal SEC reviews since October 1. Instead of waiting for staff approval, issuers of Solana, Hedera and Litecoin ETFs used the same auto-effective route in recent weeks. Analyst Nate Geraci says Canary's XRPC now looks set to be first to market among the pure spot XRP funds, with Bitwise, Grayscale and Franklin Templeton possibly following in the same window. One XRP product is already trading — the Rex-Osprey XRPR fund, launched in September with about $180 million in assets — but it uses a different structure, so a pure spot launch would still be a first.
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XRP itself was trading near $2.38, down about 2.4% on the day, as the news spread. Prediction market Polymarket puts the chance of an XRP ETF approval in 2025 at about 98%, which shows how confident traders have become. Still, two hurdles remain: Nasdaq must file the 8-A form that lists the fund for trading, and the SEC must stay silent until the clock runs out. If SEC staff send new comments — for example after the shutdown ends — the launch could slip.
What happens next?
Traders will watch for the Nasdaq 8-A filing first, because that is the final public step before trading can begin. If the 20 days pass without SEC action, XRPC could start trading around November 12–13, and rival funds from Bitwise, Grayscale and Franklin Templeton may follow within days. Fund flows will then be the real test: strong first-week buying, like the early demand seen for recent altcoin ETFs, would show that big investors were waiting for an easy way to buy XRP exposure.
Read also: Ethereum ETF Outflows Hit $1.08 Billion — Worst Month of 2026?
— Crypto News Daily News Desk
This post is news only, not financial advice. Always do your own research before buying or selling crypto.
Sources: Decrypt, Bloomberg
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