NASDAQ Approves Canary Capital’s Spot $XRP ETF — Launches today

Nasdaq has granted certification for the Canary Capital XRP Exchange-Traded Fund, clearing the path for the first spot XRP ETF to begin trading. The fund, which will operate under the ticker XRPC, launches today on the Nasdaq exchange.

🚀 UPDATE: NASDAQ HAS OFFICIALLY APPROVED CANARY CAPITAL’S $XRP ETF LISTING, WITH $XRP SET TO LAUNCH AT MARKET OPEN TOMORROW. pic.twitter.com/wYgEr7KcF3

— Coinwaft (@coinwaft) November 13, 2025

This approval represents a significant development for cryptocurrency investors seeking regulated access to XRP through traditional brokerage accounts. The ETF eliminates the need for direct token purchases while providing exposure to XRP price movements.

Financial reporter Eleanor Terrett also verified that Nasdaq’s certification process concluded successfully, allowing the fund to enter the market.

First Spot XRP ETF Receives Full Nasdaq Certification

Nasdaq’s approval confirms that Canary Capital’s XRP ETF has satisfied all regulatory requirements for listing. The fund will track the XRP-USD CCIXber Reference Rate Index, offering direct price exposure to the cryptocurrency.

The XRPC ETF operates as a fully spot-based product. The fund holds actual XRP tokens rather than futures contracts or derivative instruments. This structure provides investors with direct ownership of the underlying asset through the ETF vehicle.

Canary Capital filed Form 8-A with the Securities and Exchange Commission earlier this week. This filing represented the final regulatory step before Nasdaq could issue its certification for trading.

The ETF’s spot-based structure distinguishes it from futures-based cryptocurrency products already trading in U.S. markets. Investors gain exposure to XRP’s actual market price rather than contract-based approximations.

Traditional brokerage platforms will offer the XRPC ETF alongside conventional investment products. This accessibility enables retail and institutional investors to add XRP exposure without establishing cryptocurrency exchange accounts or managing digital wallets.

Website for first 1933 Act spot xrp ETF is *live*…

Will be 4th single crypto asset in ETF wrapper after btc, eth, & sol. pic.twitter.com/CMJOjj2bM7

— Nate Geraci (@NateGeraci) November 13, 2025

The approval process concluded with Nasdaq’s determination that the fund meets all exchange listing standards. The certification allows Canary Capital to commence trading operations immediately upon launch.

XRPC becomes the first single-token spot XRP ETF certified for trading on a major U.S. exchange. The precedent may influence regulatory approaches to similar cryptocurrency-based investment products awaiting approval.

Nasdaq Enforcement Action Targets TON Strategy Compliance Breach

Meanwhile, Nasdaq issued a separate enforcement action against TON Strategy on October 28, 2025. The company received a formal reprimand for violating shareholder approval requirements during its $272.7 million Toncoin acquisition.

TON Strategy, formerly known as Verb Technology, breached Nasdaq Listing Rules 5635(a) and 5635(b). The company issued shares to finance its cryptocurrency purchase without obtaining necessary shareholder consent.

Following its investigation, Nasdaq determined the violations were not intentional. TON Strategy’s securities will remain listed on the exchange. The matter is now closed following the company’s disclosure filing.

The contrasting outcomes highlight Nasdaq’s approach to cryptocurrency-related listings. Proper regulatory compliance enables product launches, while procedural violations trigger enforcement actions regardless of asset class.