By Nermeen Nabil Khear 
In a move that signals growing interest in crypto-based investment products, Canary Capital Group recently filed an application with the Securities and Exchange Commission (SEC) for approval of an XRP exchange-traded fund (ETF).
The October 8 filing noted that the firm intends to offer “direct exposure to the value of XRP held by the Trust.”
“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,” it added.
While the filing lacks details such as the proposed ticker symbol or specific fee structure, Canary emphasizes the fund’s goal of tracking XRP’s price using the Chicago Mercantile Exchange (CME) CF Ripple index. The firm’s strategy is designed to lower entry barriers and mitigate risks, catering to investors looking for a safer and more convenient way to gain exposure to XRP.
Founded in September 2024 by Steven McClurg, former co-founder and CEO of Valkyrie Funds, Canary Capital sees the evolving regulatory landscape as an opportunity.
A source from the firm stated, “We’re seeing encouraging signs of a more progressive regulatory environment, coupled with growing demand from investors for sophisticated access to cryptocurrencies—beyond just Bitcoin and Ethereum. Specifically, investors are looking for access to enterprise-grade blockchain solutions like XRP.”
Notably, the filing follows a similar proposal from Bitwise Asset Management, creating a competitive race to become the first firm to launch an XRP-focused ETF in the U.S. Additionally, Grayscale Investments recently launched the Grayscale XRP Trust, giving investors another route for gaining XRP exposure.
This push for an XRP ETF also follows the successful launches of Bitcoin and Ethereum ETFs earlier this year, which have attracted significant investor interest. Bitcoin ETFs, in particular, have garnered nearly $20 billion in inflows since their launch.
Canary’s filing coincides with a notable legal development for Ripple Labs, the company behind XRP. In August, a federal judge ordered Ripple to pay a civil penalty for selling XRP to institutional investors without proper registration, bringing a long-standing legal dispute with the SEC to a close. However, the SEC filed an appeal against the ruling, which could potentially derail the ETF approvals, according to some experts.
Meanwhile, in response to the latest ETF filing, Ripple CEO Brad Garlinghouse posted a cryptic tweet, sharing a GIF with the message, “It’s happening again.” This suggests that, despite ongoing legal challenges, the crypto industry remains resilient and optimistic. With increasing global adoption and a growing network of partnerships, the demand for an XRP ETF is expected to gain traction, potentially driving momentum for other spot crypto ETFs.
On Friday, major crypto ETF issuer 21Shares made a big step toward launching an exchange-traded fund tied to Ripple-associated token XRP, following similar proposals from other asset managers.
However, the latest filing has yet to spark a significant rally in XRP’s price. The cryptocurrency was trading at $0.51 at press time, reflecting a modest 0.33% increase over the past 24 hours.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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