Canary Capital Seeks Approval for Spot MOG ETF later than XRP Fund Debuts on Nasdaq
As Canary Capital tries to get regulatory approval for its newest platform-traded product, a spot MOG ETF, excitement is growing in the cryptocurrency market. The company just got Nasdaq accreditation for its spot XRP fund.Â
This news comes on the heels of Nasdaq the Canary XRP ETF under the ticker XRPC. This ETF is set to be the first U.S. ETF backed directly by XRP, pending final approval from the U.S. Securities and platform Commission (SEC).​
The XRPC Listing on Nasdaq Gives ETFs a Boost
On Wednesday, Nasdaq told the that it had processed the Form 8-A registration for the Canary XRP ETF. This meant that preparations for trading were well underway.Â
Canary Capital’s introduction of the XRPC website is another indication that the fund’s logistical work is complete, and it is now awaiting the SEC’s crucial approval. If it receives the go-ahead, XRPC will be the sixth single-asset crypto ETF launched in the U.S. market, alongside BTC, Ether, Solana, , and Hedera.​
Experts in the field, including from Bloomberg, are hopeful that the listing means the launch is imminent, pending approval from the SEC. The day later than regulatory approval is usually when BTC and Ether ETFs are launched.
Under new SEC rules, newer crypto funds have been launched immediately later than being listed on platforms.​
Regulatory Path and Market Uncertainty
The Nasdaq certification of the Canary XRP ETF is a crucial step in the process, but it doesn’t guarantee the ETF’s immediate launch. Several commentators remind market participants that the SEC has the final say on whether trading may commence.Â
Earlier delays caused by the U.S. government shutdown, which temporarily sluggished down SEC review processes, have made the regulatory schedule even less predictable. Some have begun using automatic effectiveness rules to navigate periods when regulators are inactive.​
Nate Geraci of NovaDius Wealth Management stated that s preparation indicates that the entire industry is anticipating the introduction of more crypto ETFs. The timing is very near to when the government is expected to reopen, which should allow the SEC to resume active file assessments.​
Canary’s Spot MOG ETF Application: A New Addition to the Crypto ETF Market
Canary Capital has moved forward with plans for a spot MOG ETF, coinciding with the launch of the. They have requested permission from U.S. regulators to list the fund on the platform. MOG Coin, a minor meme-based cryptocurrency, recently experienced a brief surge in value due to rumors that Canary had applied for an ETF linked to its pricing.Â
If this fund is successful, it will increase the number of single-asset crypto ETFs available to U.S. investors. It will also demonstrate that issuers are prepared to pursue new and innovative digital assets.​
Other changes in the market indicate the rapid pace of innovation: options trading on the Greyscale Solana ETF, a monthly volume record of $116 billion for , and increased scrutiny from Nasdaq regarding how companies utilize their crypto treasuries.​
Outlook: Focus on Regulation and Diversification
Industry experts are hopeful that the XRP ETF and Canary’s effort for an MOG ETF show that more regulators and institutions are open to crypto investment products.
Market participants and analysts view these movements as significant steps forward for digital assets, as they demonstrate both a broader range of options and increased general adoption.​Â
