Canary’s Spot XRP ETF Set to Debut on Nasdaq as First of Its Kind in the U.S.

Nasdaq issues official listing notice for Canary’s XRP ETF under ticker “XRPC.”

SEC registration expected to go effective at 5:30 PM ET, enabling Thursday market debut.

Canary CEO Steven McClurg projects $5B inflows into XRP ETFs within the first month of trading.

The long-anticipated launch of the first U.S. spot XRP exchange-traded fund (ETF) is now imminent following Nasdaq’s approval of the Canary XRP ETF, listed under the ticker “XRPC.”

According to a certification letter dated November 12, Nasdaq has cleared the ETF for listing, marking the final regulatory milestone before public trading begins. The approval confirms that Canary Capital’s registration with the U.S. Securities and Exchange Commission (SEC) is ready to take effect, enabling the fund to begin trading on November 13

The development positions XRP as the latest digital asset to secure a spot ETF in the United States, joining a growing roster of crypto-linked investment products awaiting regulatory clearance.

Nasdaq Clears Listing as SEC Approval Nears

Nasdaq’s official listing notice signifies that the Canary XRP ETF has met all exchange requirements to be publicly tradable. This procedural step indicates that brokers and institutions can begin trading the product once the SEC’s effective date is confirmed

Eleanor Terret of Fox Business reported that the ETF is expected to go live at Thursday’s market open, once the SEC registration becomes effective at 5:30 PM ET Wednesday. The approval marks the final phase of a process that began with Canary’s filing earlier this week, which outlined plans for the fund to trade on Nasdaq around November 12–13.

According to Canary Funds CEO Steven McClurg, the achievement reflects extensive collaboration with supportive SEC officials, including Chairman Paul Atkins and Commissioner Hester Peirce. McClurg stated that the team is “very excited to go effective with the first single-token spot XRP ETF,” noting that regulatory leadership made the effort possible.

Trading Structure and Market Details

The Canary XRP ETF will track the XRP-USD CCIXber Reference Rate Index, providing exposure to XRP through traditional brokerage accounts. The fund carries an annual management fee of 0.5% to cover operational costs. Bloomberg ETF analyst Eric Balchunas noted that with Nasdaq’s certification finalized, the ETF could begin trading immediately after the SEC’s effective notice.

Canary’s spot ETF differs from the earlier REX-Osprey XRP ETF, which operates under the Investment Company Act of 1940. The new fund is registered under the Securities Act of 1933, classifying it as a direct spot product.

Market Timing and Broader Context

The expected launch coincides with renewed federal operations following a record-long U.S. government shutdown that halted key market oversight activities. The House Rules Committee advanced legislation to reopen the government early Wednesday, with a final vote expected later in the day

This reopening allows the SEC to resume market supervision, enabling delayed product approvals such as Canary’s ETF. Earlier filings also revealed that the DTCC recently updated its listings to include multiple spot XRP products

McClurg previously projected that XRP ETFs could attract $5 billion in inflows during their first month of trading, underscoring institutional interest in regulated crypto investment vehicles.

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