Canary Funds has officially filed an updated S-1 for its XRP spot ETF, removing the delaying amendment that previously stopped the registration from becoming auto-effective. This move transfers the timing control from the U.S. Securities and Exchange Commission (SEC) back to the issuer, putting the launch date on track for November 13, 2025, pending Nasdaq approval of the 8-A filing.
The filing update means that Canary is ready to bring XRP exposure to traditional markets, following the recent debut of the first Solana, Hedera, and Litecoin spot ETFs earlier this week. The XRP ETF, if approved, would be the first of its kind to give investors direct access to the price performance of XRP through a regulated exchange-traded product.
How the Auto-Effective Rule Helps
As reported by Eleanor Terrett, by removing the delaying amendment, Canary’s filing now falls under Section 8(a) of the Securities Act of 1933. This section allows the registration to automatically become effective after a 20-day statutory waiting period, unless the SEC objects..
SEC Chair Paul S. Atkins recently said he was pleased to see companies taking advantage of this long-standing legal route, noting that it helps maintain market efficiency during times of limited government function. His comments, while not directly addressing the XRP ETF, were seen as an indirect endorsement of the method Canary and other issuers are using.
Industry Reactions
Bloomberg ETF analyst Eric Balchunas described the update as “interesting,” explaining that the XRP ETF documents did not have the same level of back-and-forth with the SEC as Solana’s filing did. He added that while that might make approval less certain, it was still “worth a try.”
Crypto attorney Bill Morgan also shared excitement, saying it was good to see a specific target date for an XRP ETF launch. “Good to hear that a spot XRP ETF may go live on a specific date: 13 November,” he wrote.
What Could Affect the Timeline
The timing could still shift depending on how quickly the government reopens and whether SEC staff issue additional comments before the effective date. If Nasdaq clears the 8-A filing without delay, Canary’s XRP ETF could become active by mid-November, marking a significant milestone for Ripple and the broader digital asset industry.
With the success of recent Solana, Hedera, and Litecoin ETFs, the XRP community is watching closely to see whether this long-anticipated listing will finally bring one of crypto’s most established tokens into Wall Street’s mainstream spotlight.
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