XRP: Amendment signals momentum

Canary Capital submitted an amended registration for its Canary XRP ETF, with a reduced sponsor fee of 0.50 %. The company has previously charged a 0.95 % sponsor fee on its HBAR and Litecoin ETFs. This amended filing focuses on Canary’s efforts to streamline its operations in preparation for SEC scrutiny.

The amendment does not introduce any new mechanisms, except for the change in fees; the main framework remains the same. By offering a lower fee, Canary aligns with the emerging requirements of crypto‑linked products. According to the new filing, Canary makes the XRP ETF a serious contender for regulation.

Since registration statements have no predetermined deadlines, Canary will have to wait until the SEC takes its following action. Its advancement is a factor of regulator bandwidth, particularly in a shutdown. Nevertheless, the amendment indicates a progressive direction towards the ultimate go‑live decision.

SOL: Staking and structure preserved

At the same time, Canary submitted Amendment 6 to its Canary Marinade SOL ETF, retaining all staking gains while setting the sponsor fee at 0.50 %. According to Bloomberg analyst Eric Balchunas, Canary has just submitted Amendment #6 at a 0.50 % expense ratio and no cut of the Solana staking rewards.

The filing maintains the original form of staking participation without altering it as other competitors suggest partial rewards cuts. Bitwise, in turn, charges 0.20 % as Solana staking ETF, but the share of the staking reward is considered separately. The Canary model can be attractive to stakeholders who seek a continuous yield from their investments.

The ability of Canary to complete staking terms and fees indicates its belief in the readiness of the Solana ETF. The amendment puts the SOL and XRP products at the same level with respect to fee design. The firm will likely proceed to develop both the ETFs simultaneously for the SEC.

Approval timing and regulatory context

The SEC recently approved generic listing standards that allow spot crypto ETFs to list without separate exchange filings, compressing review timelines to as short as 75 days. Canary’s revised filings may now compete under that regime.

Nonetheless, the current government shutdown, which the U.S. government is causing, complicates the process by paralyzing the SEC’s nonessential processes. There are crypto ETF application deadlines, which are directly associated with the 19b‑4 process, that have already expired during the shutdown. Registration statements have become the new emphasis at Canary, which is no longer subject to the strict time limits.

Analysts expect the SEC to batch approvals for single‑asset crypto ETFs once operations resume. The XRP and SOL updates of Canary put it in a position to take advantage of such a period. However, the exact launch time is dependent on the reopening of governments and regulatory clearance.