This marks the second XRP proposal within a week, given that ETF giant Bitwise was the first to file for a spot XRP ETF on October 3.

Canary Capital filed an application on Monday with the U.S. Securities and Exchange Commission (SEC) for a spot XRP exchange-traded fund (ETF).

This is the second XRP proposal in a week, following ETF giant Bitwise’s filing for a spot XRP ETF on October 3.

The ETF will reportedly provide investors with exposure to XRP, tracking the coin’s price in real time using the Chicago Mercantile Exchange’s (CF) Ripple Index. The filing states that the ETF will begin trading on NYSE Arca, a fully electronic stock exchange.

Canary Capital is a new crypto investment firm that was established last week by Steven McClurg. McClurg is also the co-founder of Valkyrie, a major digital asset investment management company that offers exchange-traded products (ETPs).

This push for an XRP ETF comes amid Ripple Labs’ legal battles, where a federal judge fined the company for the institutional sales of XRP to accredited investors without registering the token properly.

The fine was settled at $125 million, much less than the $1.9 billion the SEC was seeking. However, the SEC recently filed an appeal against Ripple, potentially challenging a 2023 ruling regarding the programmatic sales of XRP.

After the institutional sales were made public, interest in XRP notably increased. Another digital asset giant, Grayscale, recently launched the Grayscale XRP Trust, giving investors another route to gain exposure to the digital token that underlies the XRP Ledger (XRPL).

Other investment giants, such as VanEck and 21Shares, are pursuing ETFs tied to the price of Solana (SOL), one of the largest cryptocurrencies by market capitalization.

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