After Bitwise, Canary Capital Files Registration for XRP ETF

Despite facing significant legal challenges with the SEC, XRP continues to receive ETF applications, with the latest coming from Canary Capital.

The cryptocurrency investment firm Canary Capital has officially filed a proposal for an XRP ETF with U.S. regulators this past Tuesday. This filing comes a week after asset manager Bitwise submitted its own application for an XRP ETF.

The Canary fund aims to provide investors with exposure to XRP without the risks associated with directly buying and holding the cryptocurrency on exchanges. Canary Capital’s ETF is expected to track the price of XRP through the CF Ripple Index from the Chicago Mercantile Exchange (CME) in real-time.

Canary Capital has stated that it will not use derivative products to track XRP prices, intending to minimize credit and counterparty risks. The company expects this design will allow investors to allocate assets more efficiently and flexibly compared to directly trading XRP.