Key Points:
Canary, founded by former Valkyrie Funds co-founder Steven McClurg, said in a statement that he is “optimistic at signs of a more progressive regulatory environment coupled with growing demand from investors.” The filing did not include specifics like a ticker symbol or projected fees. If approved, it would be the firm’s first ETF.
These filings follow the long-awaited launch of Bitcoin and Ether ETFs—crypto spot ETFs—earlier this year, which have been hot among investors. Bitcoin ETFs have gained almost US$19 billion in assets since their debut, while Ether ETFs have seen about US$550 million in outflows. Other firms are also racing to launch funds linked to other popular tokens, with VanEck Asset Management and 21Shares AG leading the charge for Solana.
Read more: Spot Crypto ETFs Face Record Outflows Amid Global Market Crisis
Filings such as these show the industry onlooker that providers in the ETF space are keeping their eyes out for regulatory changes that could bring in new crypto offerings. This suggests to Stephane Ouellette, CEO of FRNT Financial, that whether or not such an approval comes along for XRP ETFs or crypto spot ETFs isn’t so important. In his judgment, it is far clearer that companies from the crypto space have a vital urge to extend their product suite.
That push comes after a federal judge ordered Ripple Labs Inc. to pay a civil penalty in August for selling XRP to institutional investors without proper regulatory registration. In September, Grayscale Investments launched the Grayscale XRP Trust, offering investors exposure to the XRP Ledger.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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