Leading investment management firm Canary Capitals has joined the race to launch an XRP exchange-traded fund (ETF) after Bitwise’s maiden application.

The investment firm filed an S-1 form with the US Securities and Exchange Commission on Tuesday, declaring its intention to launch an XRP ETF. Per the filing, Canary named the fund the Canary XRP ETF, offering investors alternative means of exposure to the seventh-largest crypto asset by market cap.

Canary stated in the filing with the SEC that the investment vehicle will bolster exposure to XRP, with the product’s net asset value (NAV) benchmarked with the CME CF Ripple-Dollar Reference Rate. Notably, Canary didn’t disclose details like the fund’s ticker, which exchange it would trade on, or the expected fee.

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