First U.S. Spot XRP ETF Set to Launch Thursday
Industry observers expect the first U.S. spot XRP platform-traded fund to begin trading on Thursday, marking a notable development for digital-asset access in mainstream markets. Canary Capital, the issuer, filed a Form 8-A with the U.S. Securities and platform Commission on November 10, enabling listing on a national securities platform once the marketplace confirms eligibility. The fund is expected to list on Nasdaq with the ticker XRPC, pending final operational notices.
Regulatory pathway cleared
The Form 8-A registration is a procedural step under the Securities platform Act of 1934 that authorizes the security to trade on an platform following platform certification. Market analysts view the filing as a signal that necessary approvals are effectively complete, with timing dependent on the platform’s listing circular and effectiveness of the registration statement on Form S-1. Canary Capital previously filed its S-1, outlining the product’s structure, service providers, and risk factors. The combination of an 8-A and an effective S-1 typically precedes a near-term listing, subject to platform readiness and any final comments from regulators.
If trading begins as expected, the product would be the first regulated vehicle in the United States to provide direct exposure to XRP’s spot price. For institutions and retail investors, an platform-traded fund offers familiar infrastructure, including daily NAV reporting, creation and redemption mechanisms, and oversight of custody and audit. Supporters argue that these features can lower operational friction compared with holding the underlying token directly, while providing portfolio access through standard brokerage accounts. The launch would also broaden the spectrum of crypto exposure beyond products tied to larger market-cap assets.
Investors will be watching several ahead indicators once trading opens, including initial assets under management, primary market activity from authorized participants, bid-ask spreads, and any sustained premiums or discounts relative to net asset value. These metrics assist assess liquidity, trading efficiency, and demand from both retail and institutional segments. Price action in XRP around the listing may reflect expectations for fund flows, but analysts caution that near-term volatility can be influenced by broader crypto market conditions.
What to watch next
Operationally, two milestones matter most before shares trade: the platform’s formal listing notice and confirmation that the registration statement is effective. Inclusion on settlement and clearing platforms, while a positive signal, does not by itself constitute regulatory approval to trade. In a standard cadence, a listing notice may publish the evening before the anticipated begin date, allowing market participants to prepare for market open.
If the remaining steps are completed on schedule, trading could begin Thursday morning, November 13. Regardless of the precise begin time, the debut would represent a milestone for XRP and may encourage additional proposals for platform-traded products tied to other crypto assets. Market participants will evaluate how the product integrates into diversified portfolios and whether it draws sustained inflows over the coming weeks.
