Canary Funds prepares to launch the first 1:1 asset-backed XRP ETF in the US.

The new fund could attract institutional investors and strengthen Ripple’s market position.

First spot XRP ETF will be launched in the US

13.11.2025 - 10:25

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2 min

Key points:

Canary Funds has filed Form 8-A with the SEC to launch the XRP Trust fund, which could become the first spot ETF on XRP in the US.
The fund is fully backed by real XRP tokens and is preparing to list on Nasdaq on November 13.

Canary Funds’ XRP Trust fund could become the first exchange-traded fund (ETF) in the United States backed by the real value of XRP — $2,5105 per unit. The company filed Form 8-A with the Securities and Exchange Commission (SEC) on Tuesday, which is an important step towards launching trading.

According to Bloomberg ETF analyst Eric Balchunas, the filing of this form means that the fund is ready to go public. This is the final procedural step before trading begins. A successful ETF launch could increase XRP’s liquidity and attract investors, including registered financial advisors who previously avoided working with cryptocurrencies.

Source: X.com

Once approved for listing on Nasdaq, the fund will officially begin operations. This will be the final step before trading opens on November 13. The ETF will be regulated by the Securities Act of 1933, allowing transactions to be conducted directly with XRP rather than through futures or hybrid instruments.

The approval of this fund will be a significant event for the Ripple ecosystem and the entire crypto market. It will come almost two years after the launch of the first spot bitcoin ETFs in January 2024.

Canary’s ETF is fully backed by real XRP tokens at a 1:1 ratio, which are held in a regulated trust. This distinguishes it from the recently launched XRPR ETF REX-Osprey, which operates under the Investment Company Act of 1940. The latter uses a mixed asset structure and provides only partial exposure to XRP, resulting in higher costs and less favorable taxation.

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