XRP set for another US-based ETF with Canary Capital’s rollout likely on Thursday

XRP, the fourth-largest cryptocurrency by market capitalization, is getting another US-based ETF. 

Canary Capital’s spot XRP ETF, underneath the ticker XRPC, is anticipated to roll out on Thursday now that the Nasdaq has accepted its software for itemizing. The brand new ETF follows Rex-Osprey’s XRP ETF, which launched in September.

The brand new fund acts as another step in conventional finance’s gradual embrace of cryptocurrencies — particularly XRP, which has been the topic of lengthy regulatory battles with the SEC.

Canary’s Form 8-A filing marked the ultimate step earlier than buying and selling, suggesting the fund’s debut on Thursday market open, in response to Bloomberg senior ETF analyst Eric Balchunas.

Canary Capital Group intends to buy 10,000 shares at a per-share value of $25 and use complete proceeds from the sale of the seed shares to accumulate XRP, the agency’s Type S-1 registration statement with the SEC confirmed. 

Extra XRP ETFs are within the pipeline. 21Shares, Grayscale, and Franklin Templeton every amended their S-1 registration varieties this month, whereas Bitwise and CoinShares amended theirs in October, per SEC filings. For buyers, the lineup of XRP ETFs might broaden liquidity and institutional participation to one in all crypto’s most acknowledged digital belongings. 

The worth of XRP is down 3.7% within the final 24 hours, however has greater than tripled since final November.