New XRP ETF Filing Could Be the Canary in the Crypto Mine This Week
Where we are right now — the filing and the technical bits
Big picture: a US spot XRP ETF just moved from “wishful thinking” toward “actually possible” after Canary submitted a Form 8-A12(b) on Nov. 10. That form is basically the exchange’s formal sign-off to list the fund — think of it as a backstage pass that says “we want this to appear on our shelf.” Nasdaq’s listing application is tied to that filing, which is an important step but not the same thing as trading permission.
The fund also filed an updated S-1 earlier (the amendment was stamped Oct. 24) that invoked Section 8(a), a little legal shortcut that can make the registration automatically effective about 20 days after that filing unless the SEC steps in. Counted out, that roughly points at around Nov. 14 (give or take), which is why everyone’s checking their feeds and refreshing their brokers.
The S-1 tweak swapped Nasdaq in for the previously mentioned exchange as the listing venue and proposed XRPC as the ticker. It also spelled out product mechanics: a 10,000-share creation basket, custodians named as Gemini and BitGo, and initial seed capital of 10,000 shares at $25 each (about $250,000). Remember: the 8-A handles the listing registration, the S-1 handles securities registration — both need to be in place before shares can actually be issued and market makers can start quoting prices.
There’s another non-glamorous but vital step: DTCC/DTC eligibility. That’s the back-office plumbing that lets creations and redemptions settle electronically. It’s operational (not a regulatory stamp of approval), but without it the ETF can’t function smoothly in the market.
Why people care — timing, flows, and what could go wrong
If the SEC doesn’t object and the S-1 becomes effective on schedule, trading could kick off within a few sessions after that — usually the sequence is 8-A, S-1 effectiveness, then Nasdaq’s daily list or circular naming the ticker and start date, and then the first trades. Short delays can happen if Nasdaq or the SEC asks for edits to the S-1 or more information from market makers.
Investors and analysts are watching to see whether XRPC can mimic the early rocket-fuel inflows seen by spot Bitcoin and Ethereum ETFs. Bitcoin funds have hauled in tens of billions this year; Ether products grabbed substantial but smaller sums. Predictions for XRP’s first-month take range wildly — from a few hundred million up to multiple billions — depending on distribution, fees, and how smoothly authorized participants and wirehouses onboard.
So why is this a “canary”? Because this filing tells you the ETF is no longer a far-off plan: it’s in operations mode and could hit the market fast if nothing trips up the regulatory timeline. If the SEC gives the S-1 a pass and Nasdaq posts the daily list, XRPC could go from listed-but-not-live to trading in days. If not, expect the usual bureaucratic stall — more questions, edits, and a delayed launch.
In short: keep an eye on the SEC clock and Nasdaq’s daily notice. If both behave, the market might get another ETF to tinker with sooner than later. If they don’t, well — welcome to crypto, where even the canaries sometimes take coffee breaks.