Canary Capital Files S-1 with SEC for Spot XRP ETF

Oct 8, 2024, 08:59 PM

Canary Capital has officially filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) to launch a spot exchange-traded fund (ETF) tracking XRP, the seventh-largest digital token. This filing marks Canary Capital's entry into the competitive market for XRP ETFs, following a similar filing by Bitwise last week. Canary Capital, a new crypto investment firm founded by Steven McClurg of Valkyrie Funds, aims to capitalize on the growing interest in digital assets and a more progressive regulatory environment. The move underscores the increasing momentum in the cryptocurrency market as firms rush to introduce new financial products under the Securities Act of 1933.