Simply put
- Canary Capital proposed that the XRP ETF could begin trading this week.
- The Lex Osprey XRT Fund debuted last month and currently manages more than $138 million in assets.
- Many fund managers are applying for altcoin ETFs.
Investors will likely have a second option to buy shares in an XRP-focused exchange-traded fund (ETF) this week after Canary Capital filed a regulatory filing allowing the fund to be listed on the Nasdaq exchange.
Nashville, Tenn.-based Canary on Monday filed Form 8-A, a requirement of the U.S. stock exchange for companies registering securities. The Canary XRP ETF tracks the spot price of the fourth-largest digital asset by market capitalization.
“Canary filed 8A for the XRP ETF last night, indicating it will be launched tomorrow or Thursday (today is a holiday).” I wrote “The deal hasn’t been completed, but all the checks are being done. Stay tuned,” Eric Balciunas, senior ETF analyst at Bloomberg, added on Tuesday’s X Post.
The fund is the second to offer U.S. investors exposure to an XRP tracking ETF, following the debut of the Rex Osprey XRP ETF (XRPR) in September. The fund generated $38 million on its first day, exceeding expectations, and now has more than $138 million in assets under management.
Sumit Roy, senior analyst at etf.com said: decryption Canary products could also see significant inflows as investors have strong interest in ETFs focused on XRP and other altcoins, such as the successful introduction of Bitwise’s Solana fund two weeks ago.
“Although Solana is probably more popular than XRP, Bitwise’s Solana ETF managed to grow to a $500 million fund in two weeks, suggesting there is demand for funds that offer exposure to crypto assets beyond Bitcoin and Ethereum,” he said, adding that inflows of over $100 million in the near term are not out of the question.
Rex Osprey’s XRPR provides investors with exposure to altcoins through a Cayman Islands-registered subsidiary that is wholly owned and managed by the Fund.
Canary Capital applications are Bitcoin and Ethereum The ETFs debuted last year and currently manage about $139 billion and $21 billion in assets, respectively. These ETFs and a more friendly US environment have strengthened demand for other crypto-focused funds. The SEC is currently weighing more than 90 funds based on single cryptocurrencies, token combinations, and different strategies.
According to crypto market data provider CoinGecko, the price of XRP recently dropped by 6.`% in 24 hours to $2.40 per coin. The coin is currently more than 30% below its July all-time high of $3.65.
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