XRP ETF Launch Attracts Significant Market Interest
Canary Capital has reportedly decided to pause submissions for new cryptocurrency exchange-traded funds (ETFs) for the remainder of 2025. This decision follows the completion of filings for all tokens currently eligible under existing regulatory frameworks. The firm’s CEO, Steve McClurg, confirmed that Canary Capital has reached a point where additional filings cannot meet the current criteria set by the U.S. Securities and Exchange Commission (SEC).
This week, Canary Capital launched its XRP ETF, which immediately attracted notable attention and demonstrated demand from institutions for the XRP-backed product. The ETF opened with $58 million in trading volume. Bloomberg analyst Eric Balchunas noted that it was one of the most successful ETF launches this year. McClurg had previously predicted that the XRP ETF would likely double Solana’s performance. He attributed this potential to the broader familiarity of XRP among traditional finance participants and institutions compared to Solana, which has a stronger presence in crypto-native communities.
Regulatory Framework Limits New Filings
McClurg emphasized that Canary has filed applications for all assets that meet the SEC’s generic listing standards. These standards permit certain crypto-backed ETFs to proceed without undergoing the agency’s lengthy review process. To qualify, a cryptocurrency must satisfy conditions such as maintaining a futures market with at least six months of trading history. According to McClurg, only a limited number of digital assets currently meet these requirements, constraining the firm’s ability to submit additional applications.
Strategic Focus on Existing Products
McClurg previously predicted inflows of $5 billion within the first month of the XRP ETF launch. With the XRP and Solana ETFs now live, Canary Capital intends to concentrate on managing these funds while monitoring regulatory developments. McClurg noted that future launches will depend on whether additional cryptocurrencies meet the generic listing standards or can obtain approval through the SEC’s more detailed 19b-4 authorization process, which involves a comprehensive review of ETF applications.
Canary Capital’s pause on new ETF filings reflects both regulatory constraints and a strategic focus on managing existing products. The firm aims to ensure recently launched ETFs, including XRP and Solana funds, perform effectively and remain compliant with SEC guidelines. While new ETF launches are unlikely in the near term, the company is prepared to act once additional digital assets meet eligibility requirements.