Canary Capital updated its S‑1 and removed the delaying amendment, opening the way for its spot XRP ETF (ticker XRPC) to begin trading this week with a target date of November 13, 2025. The decision matters to institutional investors, product and compliance teams because it affects regulated access to the asset and XRP market liquidity. The update signals an imminent operational window for launch pending standard regulatory timelines.
The key move was the removal of the “delaying amendment” in the S‑1, which triggers an automatic regulatory mechanism under U.S. rules. According to the filing, that pathway allows the registration to become effective after a statutory period of 20 days unless the SEC issues further comments. Section 8(a) of the Securities Act is the legal mechanism enabling this automatic effectiveness after the regulatory period, creating a predictable timetable for activation.
In parallel, Nasdaq granted approval for the fund’s listing and Canary filed a Form 8‑A with the SEC, the final procedure for trading on a national market. Those combined steps—change in the S‑1, exchange approvals and the 8‑A—create an accelerated and operational route toward the ETF’s debut, aligning regulatory readiness with market infrastructure.
The move follows the precedent of recent spot ETF launches on other altcoins, such as Solana, Litecoin and Hedera. These products debuted the same week and established a practical framework for similar offerings, providing a template for sequencing filings, exchange approvals and operational readiness.
Regulatory pathway and market setup
Analysts cited in the market estimate initial capital inflows between $5.000M and $10.000M, an amount that could act as a significant catalyst for liquidity and potentially for XRP’s price, with projections mentioning levels of $2,50 or higher, though with post‑launch volatility risk. Such inflows can increase demand, deepen order books and reduce spreads, but may also generate short‑term dislocations as liquidity providers calibrate inventory and hedging.
The realization of XRPC implies concrete operational and regulatory consequences. Institutional access would be facilitated through regulated exposure without direct custody by the investor, while compliance teams would need to ensure robust custody infrastructures and enhanced KYC/AML controls to handle growing AUM. It also reinforces the use of automatic effectiveness as a viable pathway for digital‑asset ETFs, and any large inflow carries operational and market risks that managers should mitigate through staggered liquidity and counterparty controls.
The immediate milestone is the possible effectiveness of the registration and the market debut on November 13, 2025. For managers and institutional investors, the coming week will be decisive to verify operational execution, flow absorption and ongoing compliance with regulatory requirements.
