Canary Capital Group LLC has submitted a registration with the U.S. Securities and Exchange Commission (SEC). The company is seeking approval for an exchange-traded fund (ETF) focused on <a href="https://cryptotale.org/xrp-faces-bearish-pressure-after-0-65-resistance-rejection/" rel="noopener noreferrer nofollow">XRP</a>. This new product is designed to make it easier for investors to access XRP through traditional brokerage platforms. Instead of holding XRP directly, investors can gain exposure via the ETF. This approach provides an alternative for those interested in cryptocurrencies like XRP.The Canary XRP ETF will track the value of XRP, the digital asset used on the XRP Ledger. The <a href="https://www.sec.gov/Archives/edgar/data/2039505/000199937124013130/canaryxrp-s1_100824.htm" rel="noopener noreferrer nofollow">filing</a> with the SEC reveals that the ETF will use the CME CF Ripple-Dollar Reference Rate – New York Variant. This benchmark aggregates data from major XRP trading platforms to reflect the current price. The goal of the ETF is to give investors exposure to XRP’s price movements. At the same time, it will manage operational costs and risks.Unlike mutual funds or registered investment companies, the ETF will not operate under the Investment Company Act of 1940. Instead, it will function as a digital asset trust. This means that shares can be created and redeemed in baskets to ensure liquidity.<h2 id="header-0">Addressing Market Risks</h2>Canary Capital has acknowledged the risks tied to digital assets like XRP. The filing points out the volatility of the XRP market and regulatory uncertainty in the crypto space. Despite these challenges, Canary Capital aims to make XRP more accessible to investors who prefer not to manage the asset directly.<a href="https://cryptotale.org/canary-capital-files-for-xrp-focused-etf-with-the-sec/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Canary Capital Files For XRP Focused ETF With the SEC

Table of Contents

CryptoTale

Other articles published on Oct 9, 2024

Investors target SOL, APTOS, FXGuys for the bull cycle

Visa Introduces Tokenized Asset Platform for Fiat-Backed Tokens

FTX Clears Path to Repay Customers: A $16 Billion Crypto Comeback

Crypto.com Files Lawsuit Against SEC to Defend U.S. Crypto Industry

Bitcoin (BTC) Investors Diversifying With Altcoins: Find Out Why They Love Cutoshi (CUTO)

Data CPI AS Terbaru Berpotensi Dorong Bitcoin Menuju US$66.000

Join our free newsletter for daily crypto updates!