The first US spot XRP ETF moved within sight of launch after Canary XRP ETF filed Form 8-A12(b) on Nov. 10. This is a key exchange-listing step that formally registers the fund’s shares under Section 12(b) of the Securities Exchange Act.
The document, signed by Steven McClurg, confirms that Nasdaq has approved the listing application. It also ties the product to File No. 333-282545 on the SEC’s EDGAR system.
Inside Nasdaq’s ‘ready’ phase and launch timeline
That filing moves Canary from the long regulatory queue into the technical “ready” phase of Nasdaq’s ETF process. According to Nasdaq’s launch steps, Canary must first submit Form 8-A by 12:00 P.M. ET on the day before launch.
The ETF’s S-1 registration statement must then be declared effective, and trading can begin once a daily list or information circular announces the ETF’s symbol and start date.
Canary’s Oct. 24 S-1/A amendment inserted language invoking Section 8(a), an automatic-effect provision. This allows the registration to become effective approximately 20 days after filing, provided the SEC raises no objections.
Counting from Oct. 24, that window points to about Nov. 14 ET. Nasdaq could publish its daily list late that day or early on November 15, if operations are already underway.
The same amendment confirmed Nasdaq as the venue, replacing the earlier Cboe BZX reference, and set the proposed ticker XRPC. It also described a 10,000-share basket size, named Gemini and BitGo as custodians, and stated that seed funding totals 10,000 shares at $25, or $250,000.
What the 8-A filing actually means for the XRP ETF launch
The 8-A filing itself does not authorize trading. It functions as the listing registration, while the S-1 provides the securities registration that enables the issuance of shares.
Only when both are in force, and the Nasdaq circular names XRPC, can market makers post quotes. The XRP ETF will also require DTCC/DTC eligibility, which provides the back-office clearance that allows creations and redemptions to settle electronically.
That step is operational, not regulatory, and is often misinterpreted as an approval.
If the SEC allows the S-1 to go effective on schedule, Canary’s XRP ETF could begin trading within one to three sessions. The typical sequence is as follows: first, the 8-A filing appears a few days before the S-1 becomes effective; second, the daily list is published; then, the XRP ETF is listed and trading begins.
A longer delay could occur if Nasdaq or the SEC requests further S-1 edits or additional information from market makers.
The market is watching to see whether XRPC can attract the type of early inflows seen in Bitcoin and Ethereum ETFs. US spot Bitcoin funds have surpassed $50 billion in cumulative net inflows this year. In contrast, spot ETH ETFs have oscillated in the tens of billions, suggesting a clear, but narrower, addressable market for non-BTC assets.
Analysts envision first-month scenarios for the XRP ETF ranging from a few hundred million to several billion dollars, depending on fees, authorized participant onboarding, and wirehouse distribution.
For now, the clock is on the SEC. If no staff action interrupts the Section 8(a) timeline, the registration could be automatically effective later this week.
At that point, only Nasdaq’s publication of the daily list would remain to mark the start of trading. Until that notice is issued, the fund remains approved for listing, but it is not yet live.
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