Nasdaq has informed the US Securities and Exchange Commission (SEC) that it has received an application from Canary Capital for a spot XRP ETF, indicating plans to list the fund.
The company utilized a streamlined process allowing for automatic approval if the regulator does not issue comments. This means the product could officially start trading on Nasdaq as early as November 13, 2025.
According to Bloomberg Intelligence analyst Eric Balchunas, the filing represents the final procedural step, effectively signaling readiness for market debut. He noted that trading could commence the day after the application submission.
However, it is important to clarify that the Form 8-A 12(b) itself does not constitute SEC approval. Official authorization requires the regulator to approve Form S-1, after which the fund’s status is updated in the EDGAR electronic system.
Canary Capital leveraged Section 8(a) of the Securities Act of 1933 to secure automatic approval within 20 days. Given prior regulatory comments, all conditions appear to be met for the ETF’s market launch.
This is the first US-registered spot XRP ETF under the federal securities framework. A similar product by REX Shares and Osprey Funds, launched in mid-September 2025, is structured as a C-Corporation under the Investment Company Act of 1940.
Journalist Eleonor Terrett highlighted that Canary Capital’s ETF differs in asset allocation and carries a higher tax burden for investors compared to the REX/Osprey product.
Previously, under Section 8(a) of the Securities Act, spot Solana ETFs debuted in the US, attracting over $342 million within the first ten days of trading.
