Canary Capital Files Amended S-1 For XRP ETF, Boosting Approval Hopes

Canary Capital Group has filed an updated S-1 to the SEC regarding its proposed Canary XRP ETF. The move is seen as a major step toward mainstream adoption of the Ripple-associated token in U.S. markets.

Canary Capital Positions XRP for Mainstream Investment After Amended Spot ETF Filing

The SEC document shows that the updated registration statement outlines a plan for the fund to list on the Cboe BXZ Exchange. It would provide investors with direct exposure to XRP without requiring them to hold the digital asset themselves.

The Canary XRP ETF is a Delaware statutory trust. Their investment aim is to follow the movement of the XRP. It relies on the CoinDesk XRP CCIXber 60m New York Rate as its reference rate.

The fund will own XRP, and custody arrangements will be provided through the services of a designated trust company. This ETF should be more attractive to investors who want access to a cryptocurrency more transparently. It is a contrast to futures-based products that use derivatives.

After approval, shares of the ETF could be owned by investors via traditional brokerage accounts and traded on the Cboe BZX exchange. Investors would benefit from the price changes of XRP without having to manage a wallet or trade on crypto exchanges. This mirrors the structure of existing Bitcoin spot ETFs, but with a focus on Ripple’s native token.

A previous SEC decision delay has not deterred Canary Capital. With its amended filing, the firm joins a small but expanding group of issuers betting on demand for crypto-backed exchange-traded products.

Furthermore, Bloomberg ETF analyst James Seyffart revealed that more issuers are updating their XRP ETF filings today.  This included Grayscale, CoinShares, Bitwise, Franklin, 21Shares, and WisdomTree. He noted the updates are “almost certainly” in response to feedback from the U.S. SEC. Seyffart described the move as a positive development, though largely expected.

Bunch of XRP ETF filings being updated by issuers today. Almost certainly due to feedback from SEC. Good sign, but also mostly expected pic.twitter.com/GiSL1kc6lt

— James Seyffart (@JSeyff) August 22, 2025

Filing Notes Risks as Approval Optimism Increases

The disclosure also reveals some of the pertinent risks. The trust is not subject to the Investment Company Act of 1940. Therefore, holders do not receive the protection provided by a mutual fund or registered investment adviser. However, the dismissal of the XRP lawsuit by the U.S. appeals court has further strengthened optimism around XRP’s regulatory standing.

The ETF also cautions that shutdowns at cryptocurrency exchanges or custody exploits can result in large losses. Nevertheless, this action indicates a greater optimism that regulators could eventually give a green light to a spot XRP ETF. The SEC’s response will determine whether XRP will become a part of digital assets offered within the structure of regulated ETFs.