In the twilight of regulatory uncertainty, where the SEC looms like a brooding sphinx, Canary Funds has cast its lot into the tempest. With a flourish of legal bravado, they’ve jettisoned the “delaying amendment”-a bureaucratic shackle-from their S-1 filing. Ah, the audacity! 🦜✨ By invoking Section 8(a) of the Securities Act, they’ve set the stage for a November 13th debut of their XRP ETF, unless the SEC, in its infinite wisdom, intervenes. Nasdaq’s nod remains the final hurdle, but hope, like XRP’s price, is a fickle thing.
Journalist Eleanor Terrett, ever the chronicler of financial intrigue, notes that SEC Chair Paul Atkins has winked at such maneuvers during the government shutdown. Canary and Bitwise, those cunning foxes, have already slipped Solana, Litecoin, and Hedera ETFs past the gatekeepers. But XRP? Ah, XRP-the crypto world’s Shakespearean protagonist, forever teetering between triumph and tragedy. đźŽ
The Architecture of Ambition
The Canary XRP ETF, a grantor trust, shall cradle actual XRP tokens in its digital bosom. Its net asset value (NAV), a delicate dance of arithmetic, will be tethered to the CoinDesk XRP CCIX New York Rate-a 60-minute waltz of prices across exchanges. The cast of characters is as follows: Canary Capital Group LLC, the sponsor; CSC Delaware Trust Company, the trustee; U.S. Bank, the custodian and administrator; and Gemini Trust Company with BitGo Trust Company, the digital sentinels guarding the XRP. 🛡️
Shares, those elusive sirens, will be issued in “Baskets” of 10,000 units, traded by authorized institutions in exchange for cash or XRP. The ticker “XRPC” awaits its Nasdaq coronation. Yet, beware! This trust shuns the Investment Company Act of 1940 and the CFTC’s watchful eye, leaving investors to navigate these waters sans the usual safeguards. A gamble, you say? Perhaps. But isn’t all of crypto a grand roulette? 🎰
The November Mirage
November 13th-a date etched in ambition, yet etched in sand. The SEC, ever the spoilsport, may yet delay or derail this chariot of dreams. Canary Capital Group, Inc., the seed investor, stands ready to purchase 10,000 shares at $25 each, a sacrificial offering to the gods of finance. But will the gods smile upon them? Only time, that merciless arbiter, will tell. ⌛
The XRP ETF Odyssey
Meanwhile, in this grand race, REX Shares and Osprey Funds have already unfurled their XRPR ETF, a hybrid beast offering indirect exposure to XRP. Launched alongside a Dogecoin fund, it raked in $37.7 million on its debut-a modest sum in the annals of crypto, yet a sum nonetheless. Grayscale, 21Shares, Bitwise, and others linger in the wings, their applications gathering dust on the SEC’s desk. Will any emerge victorious? Or will the SEC, in its inscrutable silence, leave them all in purgatory? 🤷‍♂️
Ah, the drama! The intrigue! The sheer, unbridled absurdity of it all! As Canary Funds dances on the precipice, we can only watch, popcorn in hand, and marvel at the spectacle. For in the world of crypto, as in life, the only certainty is uncertainty. And what a show it makes! 🎉
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2025-10-31 19:07