Nasdaq has issued an official listing notice for Canary Capital’s spot XRP Exchange Traded Fund, marking a significant regulatory stride for the cryptocurrency and opening doors for broader mainstream investment.
The Nasdaq listing confirms the anticipated debut of the first pure XRP spot ETF in the U.S. market, expected to launch on November 13 under the ticker “XRPC.” This product is uniquely backed by the physical digital asset.
Bloomberg senior intelligence analyst Eric Balchunas reported the development, signaling its imminent launch.
The official listing notice for $XRPC has arrived from Nasdaq. Looks like tomorrow is ON for the launch. pic.twitter.com/zvJ8q3SwpS
— Eric Balchunas (@EricBalchunas) November 13, 2023
Canary Capital had filed a Form 8-A with the U.S. Securities and Exchange Commission (SEC) on the preceding Tuesday, a move Balchunas described as the “final pre-operational procedure” before the fund becomes operational.
The introduction of XRPC is expected to boost XRP’s liquidity and attract institutional capital. It offers an avenue for investors to gain exposure to XRP without directly holding the cryptocurrency, addressing concerns related to regulatory compliance and custody.
Further underscoring this trend, the Depository Trust & Clearing Corporation (DTCC) has already included five XRP spot ETFs, including Canary Capital’s, under an “asset and pre-launch” classification.
This regulatory momentum follows years of uncertainty for XRP, especially after a partial favorable resolution in the legal dispute between Ripple and the SEC. Industry sources anticipate that XRPC’s debut could potentially increase XRP’s price and establish a precedent for other altcoin ETFs.
In September, REX Shares and Osprey Funds launched an XRP ETF, but this product is not a pure spot fund. It includes participations in other ETFs and derivatives, rather than being exclusively backed by physical XRP.
XRP was trading at approximately $2.35, recording a 1.5% decline in the 24 hours prior to the listing notice.