Cryptocurrency investment firm Canary Capital filed an application with the U.S. Securities and Exchange Commission (SEC) on October 8 to launch a spot XRP ETF. This is the firm's first step toward launching an exchange-traded fund. Earlier, on October 2, Bitwise Asset Management also filed a similar application for an XRP ETP, which will directly hold XRP. Both companies are awaiting approval of their applications.
The firms are seeking to launch their products amid the success of Bitcoin and Ethereum ETFs, which have attracted significant investments. Bitcoin ETFs have drawn nearly $19 billion, while Ethereum funds have experienced capital outflows of around $550 million.
These actions are also related to the launch of the Grayscale XRP Trust in September, which provides accredited investors with direct access to XRP and could serve as a basis for future XRP ETFs in the U.S.
