Canary Capital Sets the Stage for XRP ETF Debut Amidst Regulatory Delays
In an exciting development for the cryptocurrency industry, Canary Capital is on the brink of launching its innovative XRP ETF. This significant milestone comes despite recent hurdles, including a U.S. government shutdown that has stalled other XRP ETF initiatives.
Canary Capital’s XRP ETF Nears Launch After Form 8-A Submission
Canary Capital has taken a major step forward by submitting Form 8-A with the SEC, a crucial part of the ETF approval process. This submission marks a pivotal moment as Nasdaq has granted approval for the fund’s shares to be listed on its exchange. The asset manager’s strategic amendment of its S-1 filing to eliminate delays has paved the way for the official launch of its XRP ETF.
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According to industry journalist Eleanor Terrett, the much-anticipated Canary XRP ETF is slated to commence trading shortly. Once Nasdaq certifies the listing, the fund will become operational, marking the debut of the first ’33 Act XRP ETF. This initiative will offer investors 10% spot exposure to XRP, a groundbreaking achievement in the crypto space.
Overcoming Regulatory Delays
The recent U.S. government shutdown posed a challenge for crypto ETF approvals, but Canary Capital’s proactive approach has circumvented these obstacles. By removing the delay amendment, the firm has effectively secured automatic approval, a strategy also adopted by other industry players like Bitwise and Grayscale. With the government resuming operations soon, the SEC is anticipated to expedite pending applications, potentially greenlighting new fund launches in the coming weeks.
A Testament to the Crypto Industry’s Evolution
Industry experts, including Nate Geraci, have emphasized the remarkable progress of the cryptocurrency sector. The imminent launch of Canary’s XRP ETF highlights how far the industry has advanced, especially given the SEC’s previous stance on XRP’s regulatory status. Geraci pointed out the regulatory shift as a transformative change, underscoring the growing acceptance of crypto investment products.
Market demand is expected to be robust, with strong inflows anticipated upon the fund’s launch. Steven McClurg, CEO of Canary Capital, projects that the ETF could attract up to $10 billion in its initial month, signaling significant investor interest. The current market price of XRP stands at approximately $2.39, experiencing a slight decline in recent trading sessions.
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