Canary XRP ETF set to debut on Nasdaq on Thursday as firms press on to launch during shutdown

Nasdaq is slated to list Canary Capital Group's exchange-traded fund tracking the price of XRP, the fourth-largest cryptocurrency by market capitalization.

In a filing sent to the Securities and Exchange Commission on Wednesday, Nasdaq said it certified the Canary XRP ETF and that it has been approved by the exchange to list. The exchange also said it would be listing the ETF on Thursday under the ticker symbol XRPC, according to a link . 

Crypto ETFs have been able to list despite the government being shut down after the Securities and Exchange Commission issued guidance that clarified procedures for firms seeking to go public. In it, the SEC said firms can file an S-1 registration statement without what's called a delaying amendment. A delaying amendment means the ETF wouldn’t go into effect after 20 days, allowing the SEC time to work through comments. The ETF also has to meet specific listing standards, which were approved by the SEC in September.

As part of the process, firms have to file a Form 8-A. Canary filed that form on Tuesday for its XRP ETF. Other firms, including Bitwise, 21 Shares, WisdomTree, ProShares, and Grayscale, have also proposed similar XRP ETFs.

In September, REX Shares launched an ETF tracking the price of XRP. That one was different from other XRP ETF proposals in having a different legal structure and was registered under the Investment Company Act of 1940 — a federal law that regulates investment funds that pool capital from investors to pursue a common investment strategy in an effort to protect investors from conflicts of interest and fraud. That ETF also mostly holds XRP directly and invests at least 40% of its assets into shares of other ETFs related to XRP, according to its prospectus .

Next up to the plate to launch could be ETFs tracking Dogecoin . REX Shares and Osprey Funds launched their ETF under the ticker symbol DOJE in September. Again, both firms went a different legal route than they did for the XRP ETF.

Crypto ETF proposals, including one tracking DOGE and another XRP from Grayscale, could go effective by Nov. 23. As for 21Shares, it plans to launch its XRP ETF after the government reopens, people familiar told The Block.