cryptoglobe.com
According to a report by Isabelle Lee for Bloomberg, crypto investment firm Canary Capital filed a registration statement with the U.S. Securities and Exchange Commission (SEC) on October 8 for a spot XRP exchange-traded fund (ETF), marking the firm’s first attempt at launching an ETF. This move comes just days after Bitwise Asset Management formally submitted its own registration statement on Form S-1 to the SEC on October 2 for the Bitwise XRP ETP, which would hold XRP directly. Bitwise’s filing also requires approval of a separate Form 19b-4 filing.
Bitwise had earlier incorporated its Bitwise XRP ETF trust in Delaware at the end of September, but now with the formal SEC filing, the race to launch an XRP ETF is gaining momentum. Canary Capital, established in September by Steven McClurg, the former co-founder of Valkyrie Funds, noted that its filing was driven by growing investor demand and a potentially more favorable regulatory environment.
These filings arrive after the successful launch of Bitcoin and Ether ETFs earlier this year, which have attracted significant investor interest. Bitcoin ETFs have amassed nearly $19 billion in assets, while Ether ETFs have faced approximately $550 million in outflows. In addition to Bitwise and Canary, other companies, such as VanEck Asset Management and 21Shares AG, are also seeking approval for ETFs linked to Solana.
Stephane Ouellette, co-founder and CEO of FRNT Financial, commented that ETF providers are closely watching the evolving regulatory landscape, looking for opportunities to introduce new products. Ouellette emphasized that although approval is uncertain, firms with strong crypto expertise, like Canary and Bitwise, are eager to expand their offerings.
These filings follow the launch of the Grayscale XRP Trust on September 12, a closed-end fund providing accredited investors direct exposure to XRP. While the trust is not an ETF, it could pave the way for future XRP ETFs in the U.S.
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