Canary Capital has moved a step closer to launching the first U.S. spot XRP exchange-traded fund (ETF). In a new filing with the U.S. Securities and Exchange Commission (SEC), the firm removed the “delaying amendment” clause from its S-1 registration. This clause would have allowed the regulator to control the effective date of prospective investment products, including an ETF.
According to pro-crypto journalist Eleanor Terrett, this procedural change means the ETF can now go into effect automatically after the 20-day statutory waiting period. The move follows the same legal pathway recently used for Solana, Litecoin, and Hedera ETFs, which were launched by Bitwise and Canary, signaling growing industry interest in the auto-effective process amid a partial government closure.
🚨SCOOP: @CanaryFunds has filed an updated S-1 for its $XRP spot ETF, removing the “delaying amendment” that stops a registration from going auto-effective and gives the @SECGov control over timing.
This sets Canary’s $XRP ETF up for a launch date of November 13, assuming the… pic.twitter.com/MKvEN23t5P
— Eleanor Terrett (@EleanorTerrett) October 30, 2025
Launch Target Set for November 13 Pending Nasdaq Approval
Based on the amended filing, Terrett disclosed that Canary’s XRP ETF could debut as early as November 13, so long as the Nasdaq approves the accompanying Form 8-A filing. Terrett also noted that the U.S. government reopening could either expedite or delay the timeline, depending on whether the SEC staff proposes additional comments.
Meanwhile, Bloomberg senior ETF analyst Eric Balchunas observed that the XRP filing lacked the detailed back-and-forth between issuers and the SEC seen in the Solana ETF review process.
He noted that the exchange was a key reason Solana and Litecoin issuers felt the products were ready for launch. Nonetheless, he pointed out that Canary’s recent attempt to bring the ETF to market by November is “worth a try.”
According to Terrett, SEC Chair Paul Atkins expressed support for companies taking advantage of the same auto-effective process Canary and Bitwise leveraged in launching the Litecoin and Solana ETFs, respectively.
While not commenting on the ETF specifically, Atkins said he was “pleased to see firms like MapLight using the 20-day mechanism to go public,” indirectly endorsing the structure Canary and Bitwise now employ.
Analysts Expect Strong Demand for XRP ETF
Market analysts believe that an XRP ETF could quickly attract major inflow. Bitwise CIO Matt Hougan, in a recent interview, said that an XRP ETF could “easily become a billion-dollar fund within months” due to the asset’s highly engaged retail base.
He emphasized that what drives ETF flows is not broad sentiment but “a group of people that buy the asset, and the XRP Army is incredibly bullish and loves XRP.”
Currently, seven spot XRP ETF applications remain pending with the SEC. The filing coincides with a surge in altcoin ETF activity. Bitwise’s Solana ETF (BSOL) set a record with $56 million in first-day trading volume, climbing to $72 million on day two, a signal of strong institutional demand as Coinremark recently reported. HBAR and Litecoin ETFs followed with $8 million and $1 million, respectively.
XRP’s previous performance in ETF-like structures also reinforces optimism. The REX-Osprey XRPR fund, launched in September 2025, drew $24 million in the first 90 minutes and has surpassed $100 million in assets under management by late October.
The CoinRemark Team
Brenda Kanana
