- Canary Capital has filed with the SEC for a spot XRP exchange-traded fund (ETF), the second such filing in a week.
- Institutional interest in XRP is growing, and firms like Grayscale are launching the Grayscale XRP Trust to gain additional exposure to the token.
- Canary Capital is a relatively new crypto company, recently founded by Steven McClurg, who also co-founded Valkyrie, a major digital asset firm and ETP manager.
Canary Capital has filed an application with the US Securities and Exchange Commission (SEC) for a spot XRP exchange-traded fund (ETF).
This marks the second XRP proposal within a week, given that ETF giant Bitwise was the first to file for a spot XRP ETF on October 3.
As per the filing, the ETF aims to provide investors with exposure to XRP, tracking the coin’s price in real time using the Chicago Mercantile Exchange’s CF Ripple Index.
Canary Capital is a new crypto investment firm established by Steven McClurg last week. McClurg is also the co-founder of Valkyrie, a major digital asset investment management company that offers exchange-traded products (ETPs)
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More Institutional Interest in XRP
This push for an XRP ETF follows Ripple Labs’ legal battles, where a federal judge fined the company for the institutional sales of XRP to accredited investors without registering the token properly.
The fine was settled at US$125M (AU$186M), much less than the US$1.9B (AU$2.83B) the SEC wanted. However, the SEC recently filed an appeal against Ripple, potentially challenging a 2023 ruling regarding the programmatic sales of XRP.
Shortly after, interest in XRP notably increased. Another digital asset giant, Grayscale, recently launched the Grayscale XRP Trust, giving investors another route to gain exposure to the digital token that underlies the XRP Ledger (XRPL).
Stephane Ouellette, co-founder and chief executive officer of FRNT Financial commented on the matter:
This demonstrates that ETF providers will be closely following the regulatory landscape for perceived daylight in allowing them to offer new products. There’s still uncertainty whether they will be approved and it very much makes sense for two firms born out of the crypto native landscape to try to broaden their product offerings.
Stephane Ouellette, FRNT FinancialOther investment giants, such as VanEck and 21Shares, are pursuing ETFs tied to the price of Solana (SOL), one of the largest cryptocurrencies by market capitalisation.
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All in all, how’s XRP doing? Well, according to CoinMarketCap, it’s stuck hovering above the US$0.50 (AU$0.74) level, currently priced at 0.5239 (AU$0.78), representing a 1.25% decrease in the last 24 hours.
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