Canary Capital Enters Race to Launch First Spot XRP ETF

The spot ETF market is racing to launch a fund that tracks XRP, the seventh-largest cryptocurrency by market cap. Canary Capital Group has filed an application with the U.S. Securities and Exchange Commission to launch a spot XRP ETF. Stephen McClurg, one of the company’s founders, explained that the move is in response to growing investor demand and expectations of a more welcoming regulatory environment for cryptocurrencies. This move follows the huge success of spot Bitcoin and Ethereum ETFs. Other firms, such as VanEck Asset Management and 21Shares AG, are also working on launching Solana spot ETFs. The spot Bitcoin ETFs have already attracted nearly $19 billion in inflows, while the spot Ethereum ETFs have seen nearly $550 million in outflows. Canary’s filing did not disclose the estimated fees for the new ETF, which would be the company’s first of its kind. These applications show that spot ETF providers are looking to expand the reach of individual investments in the cryptocurrency market. Stefan Ouellette explained that this step reflects companies’ interest in developing new products that are compatible with regulatory developments in the digital currency market.In addition, these developments came after a court ruling was issued against the company.