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What the Listing Notice Means
The listing notice from Nasdaq confirms that the ETF has satisfied the exchange’s rules for a new fund listing and has registered via Form 8-A under the U.S. Securities and Exchange Commission (SEC) framework.
According to Bloomberg ETF analyst Eric Balchunas, once this notice is published, the fund must still clear back-office procedures (such as DTCC eligibility) before trading commences.
Canary’s filing states the ETF will trade under ticker XRPC and launch on the Nasdaq Global Market around November 13 2025.
Why This Approval Is Important
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Regulated access to XRP for U.S. investors – With the listing notice in hand, both institutional and retail investors will soon gain access to XRP via a regulated brokerage account, rather than through self-custody on crypto exchanges.
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Maturation of crypto ETF ecosystem – The spot XRP ETF follows earlier spot Bitcoin and Ethereum ETFs and reflects a broader shift toward crypto assets being treated as mainstream financial instruments.
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Significance for XRP’s narrative – For the token behind Ripple Labs, an ETF listing on Nasdaq signals greater institutional acceptance and integration into the investment-fund universe.
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Potential inflows and price implication – Analysts suggest that as the first U.S. spot XRP fund, XRPC could attract meaningful capital early, increasing demand for XRP-linked exposure.
What Happens Next
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Trading start date: Following the listing notice, trading may begin as early as next trading session potentially on November 13-14, pending final broker setups.
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Market makers and creation units: Authorized participants will begin managing creations and redemptions of ETF shares, enabling the fund to scale and underlying XRP holdings to build.
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Investor access: Traditional brokerages that support Nasdaq listings are expected to make the fund available to clients as soon as operational details are published.
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Monitoring flows and liquidity: Watch for early inflow numbers, changes in XRP price and how the fund’s exposure influences market dynamics.
Considerations & Risks
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Trading vs underlying asset exposure: Investors will gain exposure to XRP via the ETF, but that does not mean direct token ownership custody, Nasdaq official listing notice for spot XRP ETF XRPC
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Fee structure & tracking: The fund’s management fee and tracking methodology (e.g., tracking an XRP-USD reference rate) will impact returns.
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Market expectations vs reality: Listings are major events, but they don’t guarantee results. Liquidity, broker participation and investor adoption will determine success.
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Regulatory environment: Although the listing has cleared technical steps, broader crypto regulation including for ETFs remains in flux and may affect future operations.
FAQs
Q1. What does the Nasdaq listing notice for the spot XRP ETF mean?
A1. It means that Nasdaq has formally approved the listing of the Canary spot XRP ETF (ticker XRPC). Once the notice is published and back-office processes are complete, the ETF can begin trading.
Q2. When will the spot XRP ETF start trading?
A2. Trading is expected to begin around November 13, 2025, subject to final brokerage and clearing arrangements.
Q3. Who can invest in this spot XRP ETF?
A3. It will be available to investors through brokerage accounts that list the fund on Nasdaq, including both institutional and retail investors.
Q4. How is the spot XRP ETF structured?
A4. The fund is managed by Canary Capital and trades under ticker XRPC. The shares are registered under the Securities Exchange Act via Form 8-A, and the trust holds XRP to back investor exposure rather than derivative contracts.
Q5. Is investing in the spot XRP ETF the same as buying XRP directly?
A5. No. Investing in the ETF gives exposure to XRP via a regulated investment vehicle, but you do not personally hold the tokens. Custody, redemption rights, fees and tax treatment differ from owning XRP directly.