Canary’s move comes during a broader wave of institutional activity around crypto investment products. Recent listings of XRP-related instruments from Franklin Templeton, Bitwise, and CoinShares on the Depository Trust and Clearing Corporation (DTCC) have stirred market optimism. Each addition reflects rising demand for compliant, transparent exposure to digital assets.
Unlike previous XRP investment vehicles that relied on offshore structures, Canary’s ETF was registered under the Securities Act of 1933. This allows it to hold XRP directly rather than through a subsidiary company. That structure gives investors regulated access to XRP’s price performance without the need to manage the token themselves.
The fund’s updated S-1 filing and proposed listing on the Cboe BZX Exchange show that it has reached its final review phase. Analysts say this development adds legitimacy to XRP among institutional players such as asset managers, hedge funds, and banks exploring regulated crypto investment options.