Wall Street Races to Launch Latest Cohort of Crypto-Spot ETFs

Published By‍

Isabelle Lee, Bloomberg‍

October 8, 2024

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The race to launch an exchange-traded fund tracking XRP, the seventh largest digital token, has begun.

Canary Capital Group, a new digital asset-focused investment firm founded in September, submitted paperwork with the Securities and Exchange Commission Tuesday to launch the Canary XRP ETF. It comes just a week after Bitwise Asset Management Inc. became the first firm to file for an ETF tracking the token. Canary, founded by former Valkyrie Funds co-founder Steven McClurg, said in a statement that it was encouraged by “signs of a more progressive regulatory environment coupled with growing demand from investors.” The filings come after the much anticipated launch of ETFs that hold Bitcoin and Ether earlier this year, and as companies including VanEck Asset Management and 21Shares AG seek to roll out funds linked to the Solana token. Bitcoin ETFs have lured almost $19 billion since their debut, while Ether ETFs have around $550 million of outflows. Canary’s filing didn’t include a ticker or anticipated fee. It would be the firm’s first ETF.

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