Canary Capital filed formal paperwork on Monday that could let an XRP-backed ETF start trading on Nasdaq within days. According to the filing, Canary submitted a Form 8-A to the US Securities and Exchange Commission on November 10, 2025, a move that registers the fund’s shares under the Exchange Act and begins a regulatory clock that can lead to a listing if no objections are raised.
Nasdaq Listing Moves Into Final Steps
Based on reports, the shares are expected to trade under the ticker XRPC once Nasdaq completes its listing approval and the regulatory waiting period runs its course. The S-1 prospectus filed earlier says the trust’s shares are expected to be listed for trading subject to notice of issuance on the Nasdaq Stock Market.
Market players say a key legal mechanism is now in motion. Canary removed a delaying amendment from its S-1, which triggers a 20-day countdown to automatic effectiveness unless the SEC acts. That change has led some issuers to target a November 13 listing date, though final sign-off by Nasdaq and any SEC comments could shift that plan.
Canary Capital CEO Steven McClurg said the XRP ETF could potentially double the gains Solana saw in its first week. He pointed to strong interest in XRP, reflected in its market capitalization and trading activity.
Fund Details And Fees
Reports have disclosed some of the fund’s basic terms. The Canary product lists a management fee of 0.50% and names custodians that are already familiar in crypto ETF work, including Gemini Trust Company and BitGo Trust Company.
The trust also names US Bank as the cash custodian and US Bancorp Fund Services in an administrative role, according to market write-ups.
The background numbers help frame the potential scale. According to earlier SEC filings, as of October 8, 2025, the aggregate market value of XRP was about $173 billion, which placed XRP among the top five digital assets by market cap at that date.
That size is one reason multiple issuers have pushed to bring XRP into ETF wrappers. At the time of writing, XRP’s market cap stood at a little over $146 billion.
Market Reaction And What To Watch
Price action already reacted. Reports show XRP moved sharply higher around news of the filings, with some outlets noting intraday gains as large as 8% on the rumor and filing flow.
Traders will look for actual listing notices and early volume numbers once trading starts. However, when this report was made, the altcoin has shed 3.5% in the last 24 hours.
Featured image from Unsplash, chart from TradingView
