Canary Funds Files Form 8-A Spot XRP ETF Could Launch Tomorrow or Thursday, Reports Eric Balchunas

In a development poised to shake up the crypto investment landscape, Canary Funds has submitted a Form 8-A to the U.S. Securities and Exchange Commission (SEC) for its proposed spot XRP exchange-traded fund (ETF). According to senior ETF analyst Eric Balchunas, this filing signals that the ETF is likely to launch tomorrow or Thursday, pending formal listing approvals. 

The filing under the Securities Act of 1933 is a crucial step for Canary, which aims to bring to market a first-of-its-kind pure spot XRP fund in the U.S. Unlike other crypto ETFs that use hybrid structures, this fund is structured to offer direct exposure to XRP. 

What the Form 8-A Filing Means

The Form 8-A registration indicates that Canary Funds is seeking to list its spot XRP ETF on a U.S. national securities exchange, likely to be certified by Nasdaq Stock Market. According to Eric Balchunas:

“Canary filed 8A for XRP ETF last night, which points to launch tomorrow or Thursday (today is holiday)… Not done deal but all boxes being checked.” 

The filing comes after Canary removed delaying-amendment language in its S-1 registration, clearing the way for the 20-day effectiveness window of a Form 8-A listing. 

Why the Timing Is Key

If the ETF goes live this week, it would mark a significant milestone for XRP and the broader crypto ETF ecosystem Eric Balchunas Canary XRP ETF expected launch 2025.

While other products have given exposure to XRP in hybrid or partial form, Canary Funds 8A filing spot XRP ETF launch tomorrow or Thursday Canary’s proposed fund would be the first U.S. spot ETF for XRP structured under the 33-Act (1933 Act) with full backing of XRP tokens. 

This launch would align with a flurry of ETF approvals in crypto (for assets like SOL, HBAR, LTC) and could open a new wave of institutional interest in altcoins beyond bitcoin and ether. Market watchers have noted that a pure-spot structure could attract large inflows from asset-managers and advisers previously reluctant to invest in crypto through offshore or derivative structures. 

Implications for XRP and Investors

For investors and market participants, the potential launch carries several noteworthy implications:

• Liquidity boost for XRP: A U.S.-listed spot XRP ETF could enhance market liquidity and visibility, potentially reducing spreads and improving access for institutional investors.
  
  

• First-mover advantage for Canary: If Canary hits the listing first, it may capture a lead in flows before other issuers launch similar products.
  
  

• Regulatory signal: The pending launch signals a maturing regulatory environment for crypto ETFs and may encourage further filings across other digital assets.
  
  

• Market reaction: While anticipation is high, investors should be mindful of “rumour vs reality” timing is subject to regulatory clearance and listing details.

Risks & Considerations

• Not guaranteed: While all filing steps appear in place, final approval by the exchange and regulator is still required; the stated timeline remains tentative.
  
  

• Competition ahead: Other issuers have filed S-1 amendments and may roll out XRP-spot ETFs soon, which could dilute the first-mover advantage. 
  
  

• Volatility risk: As with any crypto investment, the underlying asset (XRP) remains volatile. ETF listing does not remove market risk.
  
  

• Structural nuances matter: The distinction between a spot-backed ETF under the 1933 Act versus hybrid/’40 Act structures may affect tax treatment, liquidity, and fund utility.

FAQs

Q1. What exactly did Canary Funds file?
A1. Canary Funds filed a Form 8-A with the SEC for its proposed spot XRP ETF, which is the registration form required for a securities listing. Bloomberg analyst Eric Balchunas noted the filing “points to launch tomorrow or Thursday.” 

Q2. Why is this ETF significant for XRP?
A2. The fund is expected to offer direct, 100% exposure to XRP tokens under a spot structure unlike previous products which held partial exposure or used derivatives. It could broaden institutional access and liquidity for the asset. 

Q3. When could the ETF start trading?
A3. Pending final approvals and exchange certification, the ETF could launch as early as Wednesday or Thursday this week, according to multiple industry reports. 

Q4. Does the filing guarantee the ETF will launch?
A4. No. While the filing is a major step and filings are lined up, final listing approval is still required and timing may change if any regulatory or exchange issues arise.

Q5. How will this affect investors?
A5. For investors, it could provide a regulated vehicle to gain exposure to XRP via a U.S. listed ETF, potentially improving ease of access and visibility. However, as always, crypto investments carry risks and investors should do their own due diligence.

India’s Madras High Court Grants Property Status to XRP, Expanding Legal Protections for Crypto

In a landmark decision that may reshape the digital asset landscape in India, the Madras High Court has recognised that the crypto-token XRP and similar digital assets qualify as property under Indian law. This ruling grants enhanced legal protections for holders and clarifies how exchanges must treat users’ crypto-holdings. 

Key Facts of the Ruling

The case arose from a petition by an investor holding 3,532.30 XRP tokens on the WazirX platform (operated by Zanmai Labs Private Limited). After the exchange was hit by a hack in 2024 and proposed a “socialisation of losses” plan, the investor sought protection to prevent liquidation or reuse of her holdings under that plan. 

Justice N. Anand Venkatesh held that while cryptocurrencies may not qualify as currency or tangible property, they exhibit all key attributes of property: they can be owned, transferred, stored, and held in trust. He cited Section 2(47A) of the Income Tax Act (which defines “virtual digital assets”) and international precedents to solidify the status. 

The Court emphasised that the investor’s purchase of XRP using funds from an Indian bank account, and the platform’s access from India, ensured domestic jurisdiction rejecting the exchange’s argument that Singapore arbitration governed the matter. 

Implications for Investors and Exchanges

By declaring digital assets like XRP as property, the ruling offers several immediate and long-term impacts:

• Investors gain stronger ownership rights. Crypto-holdings can no longer be treated as unsecured claims against exchanges; they are recognised as customer-owned assets. 
  
  

• Exchanges face elevated custodial and fiduciary duties. Platforms may now be viewed more like trustees of users’ assets than mere service providers. 
  
  

• The ruling lays groundwork for legal recourse in cases of theft, fraud or platform failure. Assets recognised as property are eligible for injunctions, tracing and seizure under property law. 
  
  

• Tax and regulatory frameworks may evolve. The decision aligns with the Income Tax Act’s treatment of virtual digital assets, which already subject crypto gains to taxation but lacked clarity on property status. 

Why It Matters for the Indian Crypto Ecosystem

India’s regulatory and legal approach to crypto has long been characterised by uncertainty postal-style notifications, high taxes, ambiguous classification. This judgment provides clarity and could encourage greater institutional investor participation and platform transparency. 

For the token ecosystem of XRP, while the ruling does not confer any special status for the token itself, it signals that holdings of XRP in India are afforded the same protections as other recognised property. That may boost confidence among Indian holders and influence exchange custody practices.

What Still Remains Unresolved

Although this is a landmark judgment, uncertainties remain:

• The decision is currently an interim order in a specific case; full jurisprudential ramifications will depend on how higher courts and regulations respond. 
  
  

• There is still no comprehensive regulatory legislation in India that defines rights, obligations and framework for virtual digital assets beyond taxation.
  
  

• The ruling pertains to property status but does not automatically grant regulatory licences, exchange approvals, or alter market risk associated with crypto.
  
  

• Cross-border issues continue. Assets held abroad or within foreign exchange jurisdictions may face different rules.
  
  

• Exchanges may need to revise user agreements, custody practices and risk-management frameworks in light of heightened legal responsibility.

What to Watch Next

• Whether the Supreme Court of India takes up appeals or provides definitive rulings on crypto-property status.
  
  

• The Indian government’s response: regulatory reforms, exchange licensing frameworks and consumer protection laws.
  
  

• How Indian exchanges and platforms adjust terms of service, custody arrangements and user disclosures.
  
  

• Investor behaviour: whether recognition of property status leads to larger adoption or inflows into token assets like XRP in India.
  
  

• International implications: other jurisdictions may look to this India decision when shaping crypto-asset property frameworks.

Frequently Asked Questions (FAQs)

Q1: What exactly did the Madras High Court decide about XRP?
A1: The Court held that crypto-tokens (including XRP) qualify as property under Indian law—meaning they can be owned, transferred, enjoyed and held in trust. This was decided in a case involving frozen XRP holdings on an Indian exchange. 

Q2: Does this mean XRP is now legal tender in India?
A2: No. The ruling explicitly states that cryptocurrency is not a currency in the legal sense. Rather, it is an intangible asset that meets the definition of property, not legal tender. 

Q3: What protections does property status provide to crypto holders?
A3: With property status, holders can seek legal injunctions, prevent unauthorised redistribution of their assets, claim them in litigation or insolvency, and have rights of ownership safeguarded under property law. 

Q4: Will this decision automatically apply to all cryptocurrencies in India?
A4: The ruling sets a precedent, but it was delivered in a specific case involving XRP holdings. Its applicability to all digital tokens and broader categories of crypto will depend on future litigation and regulatory action.

Q5: Does this change how crypto will be taxed in India?
A5: It may influence future tax and regulatory frameworks by providing clarity that crypto is an asset, not a mere speculative instrument. India already taxes gains on virtual digital assets, but this judgment strengthens the legal basis for classification. 

Q6: What should crypto exchanges in India do now?
A6: Exchanges should review custody practices, user contracts and disclosure statements; ensure customer assets are clearly segregated; implement stronger governance and risk-management; and anticipate increased legal risk due to affirmed property rights of users.

Ripple-Backed Evernorth Prepares Public Listing to Build the Largest Institutional XRP Treasury

In a significant move for the cryptocurrency sector, Evernorth Holdings, the company backed by Ripple Labs, is preparing for a U.S. public listing on the NASDAQ under the ticker XRPN, while aiming to create what it calls the world’s largest institutional XRP treasury. The initiative will see Evernorth deploy substantial capital in the digital asset to establish the coin as a strategic reserve asset. 

According to filings and credible industry reports, Evernorth is expected to raise over $1 billion via a merger with the SPAC Armada Acquisition Corp II, with Japan’s SBI Holdings committing $200 million and support from major crypto firms including Pantera Capital, Kraken, and prominent figure Chris Larsen. 

What Evernorth Aims to Accomplish

The core strategy of Evernorth is not only to accumulate large quantities of XRP (the native token of the XRP Ledger) but also to deploy it in yield-generating opportunities including liquidity provision, DeFi activity, and validator infrastructure. By doing so, the company positions its treasury vehicle as more than a passive holding it’s a growth engine for token exposure. 

This approach builds on the idea that institutional XRP treasury models can replicate the balance-sheet strategy seen with companies accumulating other digital assets, but specifically focusing on XRP’s settlement and ecosystem features. By becoming a publicly listed entity, Evernorth intends to offer investor access to XRP exposure through regulated equity rather than concierge crypto purchases.

Why This is Bigger Than It Looks

The emergence of a publicly traded XRP treasury vehicle signifies a milestone in digital-asset institutionalization. With Evernorth, the long-tail keyword of “Ripple-backed Evernorth nears launch of publicly traded XRP treasury” becomes reality. Institutions may now view XRP not just as a utility token but as a treasury reserve asset, which may shift demand dynamics, increase protocol locking and circulation scarcity.

The listing and treasury build-out may also drive more regulatory clarity for XRP exposure in institution-friendly formats. Yet, with opportunity comes risk: the plan hinges on execution, regulatory compliance, and the broader performance of the XRP ecosystem.

What’s Worth Watching

• Listing timing: The merger is expected to close in Q1 2026, pending shareholder and regulatory approvals.

• Capital deployment: How and when the net proceeds get invested into XRP and related infrastructure will inform the magnitude of the impact.

• Treasury structure: Whether the model focuses on accumulation alone or provides shareholder yield and token utility integration.

• Market implications: Large-scale purchases of XRP could tighten supply and influence price action.

• Regulatory scrutiny: As a regulated public company, Evernorth must navigate SEC, global compliance and disclosure requirements around digital assets.

FAQs

Q1: What exactly is Evernorth’s plan?
Evernorth intends to become a public company under the ticker XRPN, raise over $1 billion, and allocate the proceeds to building an institutional-grade XRP treasury, while offering crypto-exposure via traditional equity.

Q2: Who backs Evernorth and its XRP treasury strategy?
The company is backed by Ripple, SBI Holdings, Pantera Capital, Kraken and other major crypto investors, aligned to support the publicly traded XRP treasury vehicle model.

 

Q3: Why focus on XRP rather than Bitcoin or Ethereum?
The strategy positions XRP as a settlement layer token with real-world usage and liquidity potential, making it an appealing asset for a strategic institutional XRP treasury rather than purely speculative assets.

Q4: What risks should investors consider?
Risks include regulatory changes, token volatility, delay or failure of the SPAC listing, and execution risk in building the treasury model as intended.

Q5: When will Evernorth’s listing likely happen?
The listing via Armada Acquisition is targeted for Q1 2026, subject to conventional regulatory and shareholder approvals. 

Q6: How might this affect the broader XRP market?
If executed, the accumulation strategy and public listing may enhance demand, tighten supply, and increase institutional legitimacy for XRP, possibly catalyzing further corporate treasuries or products built around the token.