Canary Capital Joins XRP ETF Race With US SEC Filing

Published by

Zameer Attar

October 9, 2024

Canary Capital, a crypto investment firm has filed the spot XRP ETF (Exchange Traded Fund) in the United States, following the successful launch of Bitcoin and Ethereum ETFs. The firm named this crypto product the “Canary XRP ETF” while submitting Form S-1 to the US Securities and Exchange Commission (SEC).

Canary XRP ETF Offers

In Form S-1, the firm stated that the Canary XRP ETF provides investors with an opportunity to access XRP using a traditional brokerage account. The firm noted, “The Trust provides investors with the opportunity to access the market for XRP through a traditional brokerage account without the potential barriers to entry or risks involved with acquiring and holding XRP directly.”

On October 9, 2024, Bloomberg ETF expert Eric Balchunas made a post on X (Previously Twitter) and confirmed that Canary XRP ETF is the second filing, joining Bitwise. However, Eric’s post quickly viral and gained massive attention from crypto enthusiasts.

Another aspect of the Canary XRP ETF that gaining significant attention from crypto enthusiasts is its founder, Steven McClurg. Steven is the former CIO and Co-founder of Valkyrie Fund, which currently offers Bitcoin and Ethereum ETF in the United States.

Steven McClurg’s Vision

However, Steven recently made a statement,

“We’re seeing encouraging signs of a more progressive regulatory environment coupled with growing demand from investors for sophisticated access to cryptocurrencies beyond Bitcoin and Ethereum–specifically investors seeking access to enterprise-grade blockchain solutions and their native tokens such as XRP.”

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XRP Current Price Momentum

Despite this significant development, XRP’s price remains unchanged. At press time, it is trading near $0.529 and has experienced a modest price decline of 0.53% in the past 24 hours. During the same period, XRP’s trading volume dropped by 23%, suggesting a lack of investor and trader participation amid ongoing price consolidation.

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.