The cryptocurrency industry stands on the brink of yet another regulatory breakthrough. U.S.-based Canary Capital’s spot XRP exchange-traded fund (ETF) has cleared final SEC hurdles and could get listed on Nasdaq as early as Thursday, November 13, marking the first American fund to hold this digital asset directly.
Canary Capital submitted its Form 8A documentation to the U.S. Securities and Exchange Commission late Monday evening, completing a crucial prerequisite for exchange trading. Eric Balchunas, who analyses ETF markets for Bloomberg, said that similar filings for Hedera’s HBAR token resulted in next-day launches. This implies that the same may be the case for the XRP ETF. The Canary HBAR ETF began trading on the Nasdaq exchange on October 28, 2025.
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According to industry experts, Nasdaq must certify the listing by Wednesday at 5:30 PM Eastern Time, as this certification represents the final obstacle before Thursday’s anticipated market opening debut.
Multiple Competitors Queue Behind
Canary Capital won’t remain alone for long. The Depository Trust and Clearing Corporation, a company providing clearance, settlement, and information services for a wide range of securities products, says that eight additional firms are preparing their own XRP ETFs, including established players like Franklin Templeton, Bitwise, and 21Shares.
What distinguishes Canary’s offering is its regulatory structure under the Securities Act of 1933, enabling direct XRP holdings rather than routing investments through offshore entities. XRP prices climbed 10% during the past week, reaching $2.40 as traders anticipate institutional adoption.
