Canary Capital XRP ETF: Nov Approval & Impact on Ripple
Canary Capital: The Journey Towards A Spot XRP ETF
Canary Capital, a pioneering investment firm in the digital asset space, is actively pursuing the launch of a spot XRP ETF. Under the co-foundership of Steven McClurg, the company has demonstrated strong commitment through continuous filings and amendments of S-1 registration statements with the U.S. Securities and Exchange Commission (SEC).
Canary Capital's initial S-1 filing for its spot XRP ETF was submitted on October 8, 2024. Since then, the process has seen several significant amendments, most recently Pre-Effective Amendment No. 2 on October 14, 2025, along with other updates in August and October 2025. These actions demonstrate Canary Capital's seriousness and substantial progress in meeting SEC requirements.
Market experts commend Canary Capital's persistence, emphasizing the importance of continuous amendments in navigating the SEC's complex regulatory hurdles.
Structure And Objectives Of The Canary XRP ETF
The Canary XRP ETF is structured as a Delaware statutory trust, with a clear and simple objective: to directly track the price of XRP. To ensure accuracy and transparency, the fund will hold XRP directly and utilize the CoinDesk XRP CCIXber 60m New York Reference Rate as its benchmark for valuation.
Custodial services for the fund will be managed by a designated trust company, ensuring the safety of assets. If approved, shares of the fund will be listed and traded on the Cboe BZX Exchange under the ticker symbol XRPC. This will open opportunities for investors to access the XRP market through traditional brokerage accounts, eliminating the barriers and risks of directly buying and holding XRP themselves. Notably, Canary Capital has announced a reduced management fee of 0.50% for its XRP ETF (as well as its Solana ETF), which is significantly more competitive than the previous 0.95% fee for their HBAR and Litecoin ETFs.
• Direct Price Tracking: The primary goal is to accurately reflect the value of XRP.
• Secure Custody Mechanism: Utilizes a designated trust company.
• Easy Accessibility: Traded on Cboe BZX under the ticker XRPC.
• Competitive Management Fees: An attractive 0.50% fee for investors.
SEC Approval Process And November Timeline
The SEC officially acknowledged Canary Capital's spot XRP ETF filing in February 2025, marking the commencement of the formal review process. Several other spot XRP ETF applications from other institutions are also facing critical decision deadlines in October and November 2025. For Canary Capital, the decision on their XRP ETF is expected around October 23, 2025. Another example is Franklin Templeton's XRP ETF, which has a final decision deadline of November 14, 2025.
However, the U.S. government shutdown in October 2025 caused a temporary delay in the SEC's review process, as certain non-essential functions were suspended.
Disclaimer: This article is intended solely to provide information and market insights at the time of publication. We make no promises or guarantees regarding performance, returns, or the absolute accuracy of the data. All investment decisions are the sole responsibility of the reader.