Canary Capital has taken a significant step toward launching the first U.S. spot XRP ETF, potentially as soon as November 13, 2025, by leveraging a specific regulatory pathway.
The Path to a Potential November Launch
Canary Capital updated its S-1 filing with the SEC by removing the “delaying amendment”. This clause typically gives the SEC control over when a registration becomes effective. By stripping it out, the filing is placed on an “auto-effective” pathway under Section 8(a) of the Securities Act of 1933.
This action triggers a 20-day statutory waiting period. If the SEC does not intervene, the registration would automatically become effective on November 13, 2025. The final operational step is approval from the Nasdaq exchange via a Form 8-A filing, which is necessary to list the ETF shares for trading.
This strategy is not untested. Recently, Bitwise and Canary successfully used this same auto-effective mechanism to launch the first U.S. spot ETFs for Solana (SOL), Litecoin (LTC), and Hedera (HBAR).
Navigating the Regulatory Landscape
While the auto-effective pathway sets a clear timeline, the launch is not yet guaranteed. The outcome can be influenced by a few key factors:
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SEC’s Potential Response: The most significant variable is whether the SEC will allow the 20-day clock to run out. Bloomberg ETF analyst Eric Balchunas pointed out a crucial difference from the Solana ETF launches: the XRP filings have not had the same level of visible back-and-forth dialogue with the SEC staff. This lack of prior engagement means the SEC could still propose additional comments, especially if the U.S. government reopens and regulators return to full capacity, which could potentially delay the process.
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Regulatory Precedents: There are positive signals for this approach. SEC Chair Paul Atkins has publicly expressed support for companies using the 20-day statutory waiting period to go public, praising the same legal mechanism now being used for these crypto ETFs.
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Proven Investor Demand: The demand for regulated XRP exposure is already evident. The REX-Osprey XRP product has accumulated over $114 million in assets, and another vehicle from Teucrium has seen significant inflows. The strong performance of recently launched altcoin ETFs, particularly the Solana ETF, which saw record trading volumes, suggests a spot XRP ETF would likely attract substantial investor interest.
The move by Canary Capital marks a pivotal moment for XRP. If successful, it would provide a massive boost of legitimacy and open the doors for a new wave of institutional investment. The key date to watch is November 13, but stay alert for any statements from the SEC or Nasdaq that could alter this timeline.
