Another XRP ETF Debut is Set for This Week on Nasdaq

Investors are likely to have another opportunity to purchase XRP this week after Canary Capital submitted a regulatory filing that could allow their ETF to be listed on the Nasdaq exchange.

Canary, based in Nashville, Tennessee, submitted Form 8-A on Monday, a request to the U.S. Securities and Exchange Commission (SEC) for companies registering securities. The Canary XRP ETF would track the spot price of the fourth largest digital asset by market capitalization.

– Canary submitted the 8A application for the XRP ETF last night, indicating a launch tomorrow or Thursday – wrote senior Bloomberg ETF analyst Eric Balchunas on X on Tuesday, adding that the deal is not yet finalized.

This fund would be the second to provide U.S. investors with exposure to an ETF tracking XRP, following the debut of Rex-Osprey XRP ETF (XRPR) in September. That fund generated $38 million on its first day, exceeding expectations, and now manages assets worth over $138 million.

Senior analyst at etf.com, Sumit Roy, stated that Canary’s products also have the potential to attract significant inflows due to strong investor interest in XRP and other altcoin-focused ETFs, including the successful launch of Bitwise’s Solana fund two weeks ago.

– Although Solana is likely more popular than XRP, Bitwise’s Solana ETF managed to raise $500 million in two weeks, suggesting there is demand for funds providing exposure to crypto assets beyond Bitcoin and Ethereum – said Roy.

Rex-Osprey’s XRPR offers investors exposure to the altcoin through a subsidiary registered in the Cayman Islands that is wholly owned and controlled by the fund.

Canary Capital’s filing follows the success of Bitcoin and Ethereum ETFs, which debuted last year and now manage assets of nearly $165 billion. These ETFs and a favorable U.S. environment have strengthened demand for other crypto funds. The SEC is currently reviewing over 90 funds based on individual cryptocurrencies, token combinations, and various strategies.

According to data from CoinGecko, a cryptocurrency market data provider, the price of XRP currently stands at $2.40 after falling by two percent over the past 24 hours. XRP is now over 30 percent below its record of $3.65 set in July.