- Canary Capital joins top firms in reworking XRP ETF filings after the Ripple court decision.
- XRP futures volume surges on CME, signaling stronger investor interest in regulated crypto products.
Canary Capital has filed another S-1 form with the U.S. Securities and Exchange Commission. The company intends to create an exchange-traded fund on XRP and have it traded on the Cboe BZX Exchange.
The filing sets out details of how this ETF would allow investors to track the price of XRP without having to actually hold the token themselves. Investors would simply be able to buy shares of the fund through their regular brokerage account, making it far more accessible than having to deal with crypto wallets or digital platforms.
Meanwhile, the fund will directly hold XRP and follow the CoinDesk XRP CCIXber 60m New York Rate for pricing. A separate trust company will handle custody. The ETF is organized as a Delaware statutory trust, similar in setup to existing spot Bitcoin ETFs.
Product Offers Direct Ownership Model
This fund is structured to provide direct exposure to XRP. It does not undertake any dealing with futures contracts or any other derivatives, which some investors prefer to avoid because of price gaps and operational complexity.
Anyone with a brokerage account can buy and sell shares of the ETF just like they would for any other stock. It is a simple arrangement for someone wanting exposure to XRP without having to deal with the maneuvers of digital-asset trading themselves.
The product doesn’t fall under the Investment Company Act of 1940. That means it doesn’t offer the protections that come with mutual funds. The filing also mentions risks tied to crypto platforms, such as custody issues or exchange shutdowns.
More Firms Submit XRP ETF Updates
Canary isn’t the only company moving forward. Grayscale, Bitwise, CoinShares, Franklin, 21Shares, and WisdomTree have also updated their XRP ETF filings.
According to Bloomberg analyst James Seyffart, these updates likely reflect recent comments from the SEC. Companies may be responding in hopes of advancing the approval process.
Bunch of XRP ETF filings being updated by issuers today. Almost certainly due to feedback from SEC. Good sign, but also mostly expected pic.twitter.com/GiSL1kc6lt
— James Seyffart (@JSeyff) August 22, 2025
These filings are mere months after the dismissal of the SEC case against Ripple Labs. That legal outcome has brought more clarity to XRP’s status, which could be influencing firms’ decisions to push ahead with updated proposals.
In addition, activity in XRP futures has been rising. As we reported, CME Group reported that more than 6,000 XRP futures contracts were open as of August 18, the highest number recorded since they launched in May.
In total, over $9 billion in notional volume has been traded on CME’s XRP contracts. The exchange also offers micro contracts set at 2,500 XRP, aimed at smaller participants looking to get in without committing to large positions.
Consequently, XRP was priced at $3.06 at press time, indicating a 6% increase in the past 24 hours but still remains 1% down in the past 7 days.
