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Canary Capital Files for Spot XRP ETF Alongside Bitwise

by Sham
October 8, 2024
in BUSINESS, CRYPTO
Reading Time: 2 mins read
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• Canary Capital has filed with the SEC for registration of a proposed Canary XRP ETF
• The ETF aims to provide investors exposure to XRP without directly holding the cryptocurrency
• It will track the CME CF Ripple-Dollar Reference Rate and be accessible through traditional brokerage platforms

Canary Capital Group LLC has officially submitted a registration with the US Securities and Exchange Commission (SEC) for its proposed Canary XRP ETF. This could make XRP more accessible to investors through traditional brokerage platforms.

JUST IN: Crypto firm Canary Capital files for Spot $XRP ETFs, the second alongside Bitwise 🚀

— BlockNews.com (@blocknewsdotcom) October 8, 2024

Details of the Canary XRP ETF

The Canary XRP ETF is designed to give investors exposure to XRP without directly holding the asset. According to the SEC filing, the ETF will track the value of XRP using the CME CF Ripple-Dollar Reference Rate (New York Variant). The primary goal is to offer exposure to XRP’s value while managing operational costs and liabilities.

The fund will operate as a digital asset trust, with shares created and redeemed in baskets. This ensures liquidity through authorized financial participants without direct XRP trading or custody. The filing states the ETF will not operate as a standard mutual fund or registered investment company.

Overcoming Obstacles

The registration acknowledges significant risks like volatility, regulatory uncertainty, and inherent digital asset risks. However, by targeting traditional brokerage accounts, Canary could enable greater XRP adoption.

Canary follows Bitwise, which also recently filed for an XRP ETF. Whether the SEC approves remains uncertain. But Canary’s filing shows its ambition to simplify crypto investing for reluctant investors through a regulated financial product.

Conclusion

If approved, the Canary XRP ETF would provide a new option for gaining XRP exposure besides direct ownership. While the SEC’s decision is pending, the filing itself demonstrates growing demand for access to crypto assets like XRP.

Tags: Canary Capital Group LLCripplesecXRP ETF
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