The first US spot XRP ETF came into view for launch after the Canary XRP ETF filed Form 8-A12(b) on November 10. This is an important step towards a stock exchange listing where the fund’s shares are formally registered under Section 12(b) of the Securities Exchange Act.
The document, signed by Steven McClurg, confirms that Nasdaq has approved the listing application. It also links the product to file number 333-282545 on the SEC’s EDGAR system.
A look at Nasdaq’s ready phase and launch timeline
This filing takes Canary from the long regulatory queue to the technical “ready” stage of Nasdaq’s ETF process. Per Nasdaq’s launch steps, Canary must first file Form 8-A by noon ET on the day before the launch.
The ETF’s S-1 registration statement must then be declared effective, and trading can begin once a daily listing or information circular announces the ETF’s symbol and inception date.
October 24 from the Canary Islands S-1/A The amendment added a text invoking Article 8(a), a provision with automatic effect. This allows the registration to become effective approximately 20 days after filing, provided the SEC does not object.
Counting from October 24, that window points to approximately November 14 ET. Nasdaq could release its daily list later that day or early on Nov. 15, if activity is already underway.
The same amendment confirmed Nasdaq as the location, replacing the previous Cboe BZX reference, and established the proposed ticker XRPC. It also described a basket size of 10,000 shares, naming Gemini and BitGo as custodians, and stated that the seed funding totals 10,000 shares at $25, or $250,000.
What the 8-A filing actually means for the launch of the XRP ETF
The 8-A filing itself does not allow trading. It functions as a listing registry, while the S-1 handles the securities registration that enables the issuance of shares.
Only when both are in effect, and the Nasdaq circular names XRPC, can market makers post quotes. The XRP ETF also requires DTCC/DTC eligibility, which provides the back-office approval that allows creations and redemptions to be handled electronically.
This step is operational, not regulatory, and is often misinterpreted as an approval.
If the SEC allows the S-1 to become effective on schedule, Canary’s XRP ETF could begin trading within one to three sessions. The typical sequence is as follows: first, the 8-A filing comes out a few days before the S-1 takes effect; secondly, the daily list is published; Then the XRP ETF is listed and trading begins.
A longer delay could occur if Nasdaq or the SEC requests further S-1 amendments or additional information from market makers.
The market is watching to see if XRPC can attract the kind of early inflows seen in Bitcoin and Ethereum ETFs. US spot Bitcoin funds have surpassed $50 billion in cumulative net inflows this year. In contrast, spot ETH ETFs have hovered in the tens of billions, indicating a clear, but narrower, addressable market for non-BTC assets.
Analysts foresee first-month scenarios for the XRP ETF ranging from a few hundred million to several billion dollars, depending on fees, authorized participant onboarding, and wirehouse distribution.
For now, the clock is on the SEC. If no staff action interrupts the Section 8(a) timeline, the registration could automatically go into effect later this week.
At that point, only Nasdaq’s release of the daily list would remain to mark the start of trading. Until this notice is issued, the fund remains approved for listing but is not yet live.