TLDR
- Canary Funds removed the SEC delay clause from its XRP ETF registration filing.
- The XRP ETF can become automatically effective under Section 8(a) of the Securities Act of 1933.
- FOX Business journalist Eleanor Terrett reported a potential November 13 launch date for the fund.
- The launch depends on Nasdaq approving the listing application for the XRP ETF.
- Gemini Trust Company and BitGo Trust Company will serve as custodians for the underlying XRP.
Canary Funds updated its S-1 registration for the XRP ETF by removing the SEC-controlled delay amendment. The change enables automatic effectiveness under Section 8(a) of the Securities Act of 1933. FOX Business journalist Eleanor Terrett reported a potential November 13 launch date, pending approval of the Nasdaq listing.
🚨SCOOP: @CanaryFunds has filed an updated S-1 for its $XRP spot ETF, removing the “delaying amendment” that stops a registration from going auto-effective and gives the @SECGov control over timing.
This sets Canary’s $XRP ETF up for a launch date of November 13, assuming the… pic.twitter.com/MKvEN23t5P
— Eleanor Terrett (@EleanorTerrett) October 30, 2025
XRP ETF Moves to Auto-Effective Status
The updated filing allows the XRP ETF to go live without explicit SEC clearance. Canary removed the delayed amendment clause from its registration statement this week. This action signals the firm’s readiness to proceed once the statutory 20-day period ends.
The auto-effective route has gained popularity during the government’s partial shutdown. Regulatory processing has slowed across various agencies. The SEC could still delay the launch if it raises new comments or objections.
Nasdaq must approve the listing application before the XRP ETF can begin trading. The exchange review remains the final regulatory hurdle for Canary. Market participants are closely monitoring the approval timeline.
The Canary XRP ETF will provide exposure to XRP held by the trust. Operational expenses and liabilities will be deducted from the fund’s value. The ETF will trade on Nasdaq and track the CoinDesk XRP CCIXber Reference Rate.
The reference rate aggregates XRP trading data from major cryptocurrency platforms. Gemini Trust Company will serve as one custodian for the underlying XRP. BitGo Trust Company will act as the second custodian for the fund.
The XRP ETF received back-end approval through a DTCC listing, alongside the Solana and HBAR ETFs. This listing reflects institutional trading readiness for the product. Canary filed for multiple cryptocurrency ETFs earlier this year.
Industry Response and Regulatory Strategy
Bloomberg analyst Eric Balchunas called the strategy untested but direct. Canary did not engage in extended comment rounds with the SEC. Other issuers, such as Solana ETF applicants, pursued longer regulatory discussions.
Interesting.. Altho XRP docs didn’t have the same comments back-and-forth with the SEC that Solana had. That was one reason issuers was felt they were ready. But hey, worth a try I guess. https://t.co/SqaQx6kuiA
— Eric Balchunas (@EricBalchunas) October 30, 2025
Eleanor Terrett described the amendment as a fast-track mechanism for the XRP ETF. The approach differs from traditional ETF approval processes. Canary chose speed over prolonged regulatory negotiations.
XRP-related institutional products have expanded recently. Evernorth debuted on Nasdaq under the XRPN ticker after purchasing $1 billion in XRP. T. Rowe Price filed a cryptocurrency ETF that includes Bitcoin, Ethereum, Solana, and XRP.
Multiple token-based ETFs leveraged the exact statutory mechanism this week. Solana, Hedera, and Litecoin ETFs also pursued auto-effective status. The broader ETF landscape continues to expand with the introduction of new cryptocurrency products.
The launch of the XRP ETF would mark a milestone for institutional XRP accessibility. The fund awaits the completion of the 20-day statutory period. Nasdaq listing approval remains the determining factor for the November 13 target date.
