What to Know:
- Canary XRP ETF has filed Form 8-A12(b), a crucial step towards listing on Nasdaq.
- The ETF’s S-1 registration could become effective around November 14, potentially leading to trading shortly after.
- Market analysts are keenly observing if the XRP ETF can mirror the initial success of Bitcoin and Ethereum ETFs.
The first US spot XRP ETF is nearing its launch after Canary XRP ETF submitted Form 8-A12(b) on November 10, a key procedure for exchange listing. This action formally registers the fund’s shares under Section 12(b) of the Securities Exchange Act, signaling progress in the ETF’s regulatory journey. With Nasdaq’s approval of the listing application, the XRP market anticipates a potential new investment avenue.
The recent filing shifts Canary into the “ready” phase of Nasdaq’s ETF process, requiring the submission of Form 8-A before launch. The ETF’s S-1 registration statement needs to be declared effective, paving the way for trading to commence once Nasdaq announces the ETF’s symbol and start date. The proposed ticker for the XRP ETF is XRPC, with Gemini and BitGo named as custodians.
The 8-A filing serves as the listing registration, while the S-1 enables the issuance of shares, both essential for trading to begin. The XRP ETF also necessitates DTCC/DTC eligibility for electronic settlement of creations and redemptions. Market participants are closely monitoring the SEC’s timeline, as any delays in the S-1 effectiveness could push back the launch.
If the SEC adheres to the Section 8(a) timeline, Canary’s XRP ETF could commence trading soon. Observers are eager to see if XRPC can attract inflows comparable to those of Bitcoin and Ethereum ETFs. Analysts project varying scenarios for the XRP ETF’s first month, influenced by factors like fees and distribution networks.
The market now awaits the SEC’s decision, which will determine the ETF’s launch timeline. Once the registration is effective, only Nasdaq’s publication of the daily list remains before trading can begin. Until then, the fund is approved for listing but not yet operational.
Source: Original article
