Chiara Bianchi
According to a recent Bloomberg report by Isabelle Lee, crypto investment firm Canary Capital has officially filed a registration statement with the SEC on October 8, seeking approval to launch a spot XRP ETF.
This marks Canary Capitalโs first attempt at introducing an ETF. The filing comes shortly after Bitwise Asset Management submitted its own registration for the Bitwise XRP ETP on October 2, which would directly hold XRP. Bitwise’s filing also requires SEC approval for a separate Form 19b-4 submission.
Bitwise had already set up its Bitwise XRP ETF trust in Delaware at the end of September, but the formal SEC filing signals a competitive race to launch an XRP-focused ETF. Canary Capital, founded by Steven McClurg, the former co-founder of Valkyrie Funds, highlighted that their move was driven by growing demand from investors and what appears to be a more favorable regulatory environment.
These developments come after the success of Bitcoin and Ether ETFs, which have attracted significant investor interest this year. Bitcoin ETFs currently hold nearly $19 billion in assets, while Ether ETFs have seen outflows of approximately $550 million. In addition to Bitwise and Canary Capital, companies like VanEck Asset Management and 21Shares AG are also seeking approval for ETFs tied to other cryptocurrencies like Solana.
Stephane Ouellette, co-founder and CEO of FRNT Financial, commented on the growing interest in cryptocurrency ETFs, noting that providers are closely monitoring the regulatory landscape for opportunities to introduce new products. Ouellette stated that while SEC approval is not guaranteed, firms with strong expertise in crypto, such as Canary and Bitwise, are eager to expand their product offerings.
These filings follow the launch of Grayscale’s XRP Trust on September 12, which provides accredited investors with direct exposure to XRP. While the Grayscale trust is not an ETF, it may pave the way for the approval of future XRP ETFs in the U.S. market.
