Canary Capital’s removal of a delaying amendment from its S-1 points to a possible spot XRP ETF launch in the US.
Has Canary Capital removed a delay and targeted a November 13, 2025 XRP ETF launch?
Canary Capital amended its S-1 to remove a delaying amendment, an update first noted by reporter Eleanor Terrett. That procedural change makes a November 13, 2025 effective date plausible if exchange and regulatory steps proceed as expected.
Analysts say the revision signals administrative progress toward listing but does not guarantee clearance. Bloomberg analyst James Seyffart characterised the filing change as “Almost certainly due to feedback from the SEC. Good sign, but also mostly expected.” The AMBCrypto report documents the S-1 adjustment and the conditional launch timeline.
In brief, a removed delaying amendment shifts the filing to an auto‑effective pathway and places the listing timetable — including any Nasdaq coordination — at the centre of the launch window.
Does spot XRP ETF approval depend on a Nasdaq listing and 8-A filing?
Canary’s timetable assumes the exchange step will follow, typically via a Nasdaq Form 8-A or equivalent listing action. That exchange filing, coupled with the SEC staff review, is often a gating item for operational launch.
Regulatory commentary has made the auto‑effective route more prominent. Former SEC guidance on token analysis remains a touchstone for legal teams, and market counsel continue to flag custody, surveillance and disclosure as material preconditions.
Expert view — regulatory interpretation remains a primary driver of market access and institutional onboarding. Clear legal opinions and institutional‑grade custody reduce onboarding friction and can materially narrow execution spreads, while concentrated institutional flows can amplify volatility across venues within days.
“Let me emphasize an earlier point: simply labeling a digital asset a ‘utility token’ does not turn the asset into something that is not a security.” — SEC
Quick definitions
- S-1 amendment: registration updates required for a fund launch.
- Form 8-A: the exchange filing that registers securities under the Exchange Act.
- Auto-effective pathway: the statutory 20‑day effectiveness window under Section 8(a) that can allow a registration to take effect absent SEC intervention.
What do Rex-Osprey XRP AUM and Teucrium leveraged XRP inflows data indicate about demand for an XRP ETF?
Existing products offering XRP exposure have attracted meaningful capital. The Rex‑Osprey product has crossed about $114.6 million in assets under management, while leveraged exposure via Teucrium has accumulated roughly $384.4 million since April.
Those figures show investor appetite for regulated wrappers tied to XRP, which could support initial ETF flows on launch. That said, differences in product design, leverage and roll mechanics mean not all inflows will seamlessly migrate into a spot vehicle.
Tip: track creation‑unit activity and early AP behaviour to distinguish short‑term leveraged allocations from durable spot demand.
Who are the rivals to Canary Capital and what does a Grayscale XRP ETF application mean for competition?
Multiple issuers have filed or proposed spot XRP ETFs, including Grayscale, Bitwise, CoinShares, WisdomTree, ProShares, Tuttle Capital, and 21Shares, alongside Canary Capital. The crowded pipeline concentrates regulatory review and could standardise custody and surveillance proposals across applicants.
Competition will likely produce a range of fee structures and custody arrangements. Overlapping S-1 updates and cross‑comments from the SEC could, however, delay individual launches even as the broader approval pathway becomes clearer.
Regulatory signals, exchange filings and the observed inflows into XRP‑linked products have together moved timing expectations from “uncertain” to “conditional.” If Nasdaq files a listing notice and the SEC does not intervene, the November 13 timetable becomes operationally achievable, though final clearance would still be contingent on outstanding reviews.
For market participants the practical steps are straightforward: ensure custody arrangements are in place, monitor creation‑unit flows closely, and watch for any SEC staff comments on pending exhibits or disclosures.
Source: https://en.cryptonomist.ch/2025/10/31/xrp-etf-us-canary-capital/
