XRP News Today: First Altcoin ETF Nears Approval, Paves Way for Institutional XRP Inflows

Canary Capital Group has updated its XRP Exchange-Traded Fund (ETF) filing with the U.S. Securities and Exchange Commission (SEC), signaling progress toward the launch of the XRPC ticker. The amended S-1/A filing, submitted on October 10, 2025, outlines key operational details, including the fund's listing on the Cboe BXZ Exchange and a share block size of 10,000 units Full List of XRP ETFs Awaiting SEC Approval: Dates, Filings and What’s Next^[2]. The ETF will hold XRP directly, with custodial services provided by Gemini Trust Company and BitGo Trust Company, while U.S. Bank, N.A. will manage cash custody Full List of XRP ETFs Awaiting SEC Approval: Dates, Filings and What’s Next^[2].

The fund's net asset value (NAV) will track the CoinDesk XRP CCIXber 60-minute New York Rate, a benchmark aggregating XRP trading data across major platforms Full List of XRP ETFs Awaiting SEC Approval: Dates, Filings and What’s Next^[2]. Investors will have the flexibility to redeem shares in cash or XRP, a structural adjustment that aligns with SEC feedback and precedents set by Bitcoin ETFs . The amended filing also replaces the previous auditor, now listing Cohen and Company as the firm overseeing financial compliance Full List of XRP ETFs Awaiting SEC Approval: Dates, Filings and What’s Next^[2].

Canary's XRP ETF is part of a broader wave of spot XRP ETF applications under SEC review. Seven major asset managers-including Grayscale, Bitwise, and 21Shares-submitted revised filings in late August 2025, following the dismissal of the SEC's case against Ripple Labs. This cluster of amendments, described by industry analysts as a "very good sign," suggests ongoing dialogue between issuers and regulators . The SEC has set a mid-October 2025 deadline for most XRP ETF decisions, with Canary's final approval date set for October 24 .

The ETF's structure diverges from traditional investment funds, as it is not registered under the Investment Company Act of 1940. This means investors will lack protections typical of registered mutual funds, relying instead on the ETF's custodial framework for XRP exposure Full List of XRP ETFs Awaiting SEC Approval: Dates, Filings and What’s Next^[2]. The fund's initial capitalization included 10,000 "Seed Shares" sold at $25 per share to a related entity, raising $250,000 to establish the trust Full List of XRP ETFs Awaiting SEC Approval: Dates, Filings and What’s Next^[2]. Future transactions will be managed by U.S. Bancorp Fund Services, which will administer share accounting and redemption processes Full List of XRP ETFs Awaiting SEC Approval: Dates, Filings and What’s Next^[2].

Market observers highlight the strategic significance of the XRPC ticker and Cboe listing. The combination of updated custodial arrangements, regulatory alignment, and liquidity-focused design positions the ETF for structured market entry. Bloomberg Intelligence analyst James Seyffart estimates a 95% approval probability for XRP ETFs, with decisions likely staggered in late October . If approved, the XRPC ETF could become the first altcoin-based ETF to gain U.S. regulatory approval, potentially unlocking institutional inflows and broader market adoption for XRP.