- Canary Capital plans to launch its inaugural ETF, the Canary XRP ETF.
- The firm’s move comes just a week after Bitwise filed for an ETF tracking XRP.
- Brad Garlinghouse is overwhelmed by the Wall Street giants’ efforts to launch XRP ETFs.
Canary Capital and Bitwise, two prominent investment firms, have filed applications with the SEC to launch XRP ETFs. This move signals growing interest in XRP investments from both institutional and retail investors. Canary Capital, founded by former Valkyrie Funds co-founder Steven McClurg, submitted its paperwork just a week after Bitwise filed a similar application.
Both firms cited a more progressive regulatory environment and increasing investor demand as motivations for their filings.
Canary Capital, founded by former Valkyrie Funds co-founder Steven McClurg, filed its application on Tuesday, just a week after Bitwise took similar action. Canary Capital stated that the move was motivated by „signs of a more progressive regulatory environment and growing demand from investors.“
Read also: Bitcoin ETF Investors Flee: $242M Outflow as Middle East Tensions Rise
The proposed Canary XRP ETF would track XRP’s value using the CME CF Ripple. This uses traditional financial infrastructure, allowing institutional and retail investors to access XRP with fewer operational and regulatory hurdles.
On October 2, asset manager Bitwise became the first firm to file for an XRP ETF by registering a trust entity. Registering a trust is the first step towards launching an ETF. Grayscale previously retrieved its XRP trust, suggesting a possible conversion into an ETF.
Responding to market demand for XRP, Canary Capital is launching its first ETF. However, it remains unclear if the SEC will approve the application. Stephane Ouellette, co-founder and CEO of FRNT Financial, commented, „There’s still uncertainty around approval, and it makes sense for two firms with roots in the crypto space to try to expand their product offerings.“
Read also: XRP, Solana ETFs: US Elections Fuel Speculative ‘Trump Call’
Ripple CEO Brad Garlinghouse expressed enthusiasm for the efforts to launch an XRP ETF. He shared a GIF with the phrase, „It’s happening again.“
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
