The long-awaited spot XRP ETFs are set to begin trading in the United States after the issuer completed the final regulatory step required for its exchange listing.
Canary Capital has filed a Form 8-A for its spot XRP ETF, which will become effective once approved by Nasdaq. The latest filing comes weeks after the asset manager amended its S-1 application by removing the “delay” clause, which typically prevents the fund from launching without approval from the SEC’s Division of Corporation Finance.
Launch Timeline for Canary Capital XRP ETF
Yesterday, Canary filed a Form 8-A application for its spot XRP ETF, marking a crucial step toward bringing the fund to market. According to crypto journalist Eleanor Terrett, this filing marks the final step before the ETF becomes effective. It paves the way for its shares to be listed on Nasdaq.
Terrett noted that Canary’s spot XRP ETF will become effective today at 5:30 p.m. (ET) once Nasdaq certifies and approves the Form 8-A application. After that approval, the XRP spot ETF will begin trading when U.S. markets open on Thursday, November 14, 2025.
🚨NEW: @CanaryFunds has filed its Form 8-A. This is the final step before it goes effective at 5:30 PM ET Wednesday once the Nasdaq certifies the listing. When that happens, the last hurdle is cleared and the first $XRP spot ETF will be set to launch Thursday at market open. pic.twitter.com/mXvkrrXbiJ
— Eleanor Terrett (@EleanorTerrett) November 11, 2025
Is Canary XRP ETF the First of Its Kind?
Terrett’s remarks sparked widespread excitement among XRP enthusiasts eager for the launch of what she described as the first spot XRP ETF. However, popular ETP provider REX Shares quickly clarified that the upcoming Canary product is not the first of its kind in the United States.
It is worth mentioning that REX Shares already launched an XRP ETF (XRPR) in September — a fund many analysts recognized as the first spot XRP ETF to go live in the country. However, Terrett clarified that the REX-Osprey XRP ETF was launched under the Investment Company Act of 1940.
She explained that the REX-Osprey fund provides only partial spot exposure to XRP and uses a less efficient tax structure. While XRPR does hold XRP, its prospectus indicates investments in a mix of crypto-related ETFs, U.S. Treasuries, and money market funds, making it different in composition from the Canary fund.
The @REXShares $XRPR ETF came first under the Investment Company (‘40) Act with *partial* spot $XRP exposure and less efficient tax treatment.
But @CanaryFunds is set to launch the first pure-play 33 Act $XRP ETF with 100% XRP, nothing else. https://t.co/lkV2iAHzXm
— Eleanor Terrett (@EleanorTerrett) November 11, 2025
In contrast, Terrett emphasized that the upcoming Canary fund is the first pure-play XRP ETF structured under the 1933 Securities Act. The pro-crypto journalist confirmed that the Canary XRP ETF will provide 100% exposure to XRP, with no other assets included.