XRP Viewed as Infrastructure, Not a Trade

According to McClurg, XRP should no longer be framed as a short-term speculative instrument. Instead, he argues that its value proposition lies far beyond daily price fluctuations and technical levels followed by retail traders. From an institutional perspective, the central question is whether Ripple can reliably support large-scale transfers of real-world value.

McClurg emphasizes that institutions managing billions of dollars operate under a fundamentally different framework. Rather than focusing on whether Ripple is trading at a single-digit or double-digit price, they assess whether the network can function as a backbone for global financial flows and asset settlement at scale.

A Shift in Wall Street’s Perspective

The Canary Capital CEO notes a clear shift in how Wall Street and global capital markets view XRP. In his assessment, XRP is no longer driven primarily by hype cycles or speculative narratives. Instead, it is increasingly recognized as a financial infrastructure layer designed to move value efficiently across borders and systems.

McClurg suggests that major financial players are no longer debating whether XRP fits their needs. The discussion has shifted toward how quickly and effectively existing systems can be upgraded or adapted to leverage XRP’s capabilities on a large scale.

A $5 Target for XRP by 2026

While McClurg maintains that price targets are no longer the primary focus for institutional investors, he still shared a notable projection. He believes that growing adoption and expanding real-world use cases could support XRP reaching the $5 level by 2026.

He also pointed out that clearer and more comprehensive crypto regulations could accelerate market differentiation. In such an environment, assets with tangible utility and proven adoption, such as XRP, may be positioned to outperform purely speculative tokens.

A More Cautious View on Bitcoin

Despite his optimistic stance on XRP, McClurg adopts a more cautious outlook when it comes to Bitcoin. He has suggested that Bitcoin may struggle to reach a new all-time high before 2027.

Overall, McClurg’s commentary reflects a broader, usage-driven approach to evaluating crypto assets, focusing less on short-term price action and more on long-term structural relevance within the global financial system.

What is Ripple (XRP)?

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Bitwise’s Solana ETF Close Behind

XRPC’s impressive entrance narrowly outperformed Bitwise’s Solana-focused ETF, BSOL, which recorded $57 million in first-day volume. The tight competition between these two products underscores the growing rivalry among leading altcoin-based ETFs. Their early success positions XRP and Solana as the two dominant players in the digital asset ETF landscape heading into 2025.

Notably, the third-ranked fund of the year trailed these leaders by roughly $20 million in opening-day activity. This gap signals a heightened appetite for large-cap altcoins, particularly XRP and Solana, among both retail and institutional participants.

Institutional Demand for Altcoins Gains Strength

The strong debut of the XRPC ETF highlights an important trend: institutional capital is increasingly expanding beyond bitcoin and ether to include other major digital assets. While XRP’s spot price did not immediately react with a major surge, the fund’s volume clearly reflects rising demand for regulated, accessible investment vehicles tied to alternative blockchain networks.

The spot ETF format enables a broader pool of investors to gain exposure to assets like XRP, which has long been integrated into real-world payment systems. This easier access could amplify interest in the XRP Ledger’s scalability and cross-border settlement capabilities.

Can XRPC Maintain Its Momentum?

Despite the record-setting launch, questions remain about whether XRPC can sustain this pace in the coming weeks. Market observers are watching closely to see if opening-day enthusiasm translates into consistent inflows and long-term investor engagement.

The long-debated value proposition of XRP—centered on high-throughput transactions and practical payment utility—may play a decisive role in shaping the ETF’s performance over time. As institutions continue to evaluate blockchain-based settlement solutions, these fundamentals could support ongoing demand.

Looking ahead, the evolving competition between XRP- and Solana-focused ETFs is set to become one of the defining storylines of 2025. Their performance will offer valuable insights into how quickly institutional adoption of alternative digital assets is accelerating.

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Canary Capital Submits ETF Application for Mog Coin

Canary Capital’s recent filing aims to introduce a Mog Coin ETF designed to track the token’s price performance. In its submission, the firm described Mog Coin as a “community-driven memecoin linked to the cultural influence of the ‘Mog’ internet meme.”

According to the filing, “Mog Coin’s connection to the ‘Mog’ meme culture and its strong community engagement have turned it into both a cultural expression and a form of digital collectible.”

This development follows a broader trend among asset managers increasingly seeking ETF approval for speculative crypto assets. The SEC’s decision in September to streamline the listing process for crypto-related ETFs has further encouraged companies to pursue new product launches in this niche sector.

SEC to Review Speculative Crypto ETFs

Canary Capital’s ETF ambitions extend beyond Mog Coin. The firm has also filed applications for ETFs linked to other altcoins, including SEI — the native token of the Sei Network — and “Official Trump,” a memecoin inspired by former U.S. President Donald Trump.

In recent months, Canary Capital has launched ETFs tied to Hedera and Litecoin, while its proposal for an XRP-based ETF could be approved as soon as this week. If approved, it would become the first U.S. ETF directly holding XRP.

The SEC is expected to resume its review process for crypto ETF filings after the recent end of a 43-day government shutdown, marking the longest in U.S. history.

What Is Mog Coin (MOG)?

Launched in July 2023, Mog Coin (MOG) operates as an ERC-20 token on the Ethereum blockchain. The project refers to itself as “the first culture coin of the internet,” drawing inspiration from the term “AMOG,” short for “alpha male of the group.”

The token’s mascot, a cheerful cat known as “joycat,” symbolizes the fun and lighthearted spirit behind the project. What distinguishes Mog Coin from other memecoins is its deep integration with meme culture — an ecosystem of viral images, jokes, and online creativity that fuels the project’s community-driven nature.

Originally conceived as a playful experiment, Mog Coin has evolved into a cultural phenomenon promoting self-improvement, confidence, and resilience — core values embedded in the “mog” philosophy. This unique approach has drawn attention from notable tech figures, including Elon Musk and Garry Tan, adding legitimacy and visibility to the project’s growing presence in the crypto space.

What Is Mog Coin (MOG)?

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DTCC Listings and Spot XRP ETFs

The Depository Trust and Clearing Corporation (DTCC) has added the following spot XRP ETFs to its list:

• Franklin XRP Trust (XRPZ)
• 21Shares XRP ETF (TOXR)
• Bitwise XRP ETF (XRP)
• Canary XRP ETF (XRPC)
• CoinShares XRP ETF (XRPL)

This step is considered a significant preparatory move toward making spot XRP ETFs available to U.S. investors. Market participants see the listing as a potential signal of an accelerated ETF approval process.

Canary Capital CEO Steven McClurg stated at Ripple Swell 2025 that after successfully launching Litecoin and Hedera ETFs, the company plans to launch the XRPC fund. McClurg noted that the ETF could go live within 20 days with no delays. WisdomTree’s XRP ETF is also expected to join the other funds on DTCC shortly.

Rising Demand and Market Dynamics

Demand for spot XRP ETFs is growing. Earlier this year, products like Teucrium’s 2x Long Daily XRP ETF (XXRP) and ProShares Ultra XRP ETF (UXRP) were launched. XXRP raised roughly $306 million in net assets in less than a year, demonstrating strong investor appetite for leveraged XRP exposure.

Solana and XRP futures are among the fastest-growing crypto products on the CME Group. Leveraging the infrastructure and liquidity developments of Bitcoin and Ethereum derivatives, these products support increased market participation and popular trading strategies. The SEC’s “General Listing Standards” adopted in September also provide regulations to speed up ETF approval processes.

Grayscale and Market Expectations

Grayscale aims to convert its existing XRP Trust into a spot XRP ETF. Since its launch in September, the Trust has amassed around $14 million in assets under management. These developments indicate rising investor appetite and growing innovation in digital asset markets. The surge in spot XRP ETF applications is viewed as a positive indicator of institutional investor interest.

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XRP ETF Expected to Launch Next Week

Speaking at the Ripple Swell conference, McClurg revealed that the wait for an XRP ETF might soon be over. He confidently stated,

“We are ready to launch the XRP ETF next week.”

The announcement sparked considerable excitement within the XRP community and across the broader crypto market. Analysts suggest this development could mark the next major milestone in the expansion of altcoin-based ETFs, following the footsteps of Bitcoin and Ethereum products that reshaped investor access to the digital asset space.

McClurg emphasized that the introduction of XRP ETFs is not only a win for XRP investors but also a significant step forward for the institutional integration of the crypto industry.

XRP: The Next Wall Street Favorite

According to McClurg, XRP is on track to become the second most recognized cryptocurrency on Wall Street, right after Bitcoin. He noted that institutional interest in XRP has been rapidly accelerating and projected that within just 30 days of launch, the XRP ETF could attract as much as $5 billion in institutional inflows.

“XRP’s real-world utility and its strong community support could make this ETF one of the most successful launches in crypto history,” McClurg stated, underscoring the asset’s long-term potential in regulated financial markets.

Institutional Momentum Grows

McClurg also drew comparisons between XRP and Ethereum ETFs, highlighting that XRP’s structural simplicity could offer an advantage. Unlike Ethereum, XRP doesn’t rely on staking mechanisms, which means ETF investors won’t miss out on potential yields or face related complications.

As the market anticipates this launch, industry observers see XRP ETFs as a pivotal moment for altcoins — signaling not just diversification in ETF offerings, but a broader validation of crypto’s role in mainstream finance.

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Canary Capital’s LTC and HBAR ETF Initiative

On October 27, Canary Capital submitted Form 8-A filings for Litecoin and Hedera to the U.S. Securities and Exchange Commission. This filing represents a required step for ETF products to be listed and traded on Nasdaq. Analysts suggest that the filing strengthens the possibility of a launch later this week.

Following the submission, the market reacted quickly. Hedera (HBAR) rose by 5%, while Litecoin (LTC) increased by 2.3%. This movement is seen as a strong signal that institutional investors are returning to the altcoin market. In addition, the SEC’s efforts to accelerate ETF processes may boost expectations for more crypto-focused financial products in 2025.

Bitwise Continues the Trend with Solana ETF

Bitwise Asset Management recently completed a Form 8-A filing for its Solana Staking ETF (BSOL). This move indicates that altcoin-based products could become more widespread following Ethereum ETF approvals. The company plans to list the ETF on the New York Stock Exchange Arca (NYSE Arca).

Experts say these steps could signify a significant expansion in the crypto ETF market. At the same time, the SEC’s historically cautious approach to altcoin products means the process must be monitored carefully. However, these developments could accelerate institutional capital inflows into crypto assets.

Market Expectations and Regulatory Process

Inclusion of major altcoins like LTC, HBAR, and SOL in ETF products could mark a new phase for the crypto market. This may increase market volume while reducing volatility. Additionally, wider adoption of ETFs can contribute to a more mature regulatory framework.

Market analysts predict that these filings could result in spot altcoin ETFs officially trading by the fourth quarter of 2025. Nonetheless, SEC review timelines could extend, as seen in previous cases.

Canary Capital and Bitwise’s actions indicate that the crypto finance market is on the verge of a significant transformation. Investors continue to closely follow every development regarding new ETF approvals.

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This development is seen as the latest strategic step in Canary’s efforts to launch new crypto investment products on Nasdaq.

Fees Set for the ETFs

According to the updated SEC filings, both the Litecoin (LTC) ETF and the Hedera (HBAR) ETF will charge a 0.95% management fee. This rate is in line with other crypto ETFs on the market, aiming to provide investors with competitive cost conditions.

Canary Capital emphasizes transparency and accessibility in its crypto-based ETFs, targeting institutional investor interest. Company representatives stated that this update is a key step toward creating strong, fully compliant products that meet investor expectations.

Litecoin and Hedera: Different Technologies, Shared Goals

Both cryptocurrencies have distinct technological infrastructures and use cases:

• Litecoin (LTC): A Proof-of-Work cryptocurrency based on the Bitcoin protocol, known for fast transaction confirmation times.
• Hedera (HBAR): A network operating on Hashgraph-based distributed ledger technology, offering enterprise-grade scalability.

Canary Capital notes that this diversity provides investors with varied risk profiles and growth potential, facilitating portfolio diversification.

SEC and Regulatory Process: A New Era for Crypto ETFs

Canary’s move also responds to recent changes in SEC listing review standards. The previous 19b-4 filing model for ETF approvals has been replaced with more detailed S-1 form examinations.

This shift gives proactive firms like Canary an advantage, allowing them to receive SEC feedback early, adjust their filings accordingly, and prepare for potential Nasdaq listings in advance.

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In an interview with Paul Barron, McClurg emphasized that XRP enjoys wide recognition among financial circles. He noted that although Ethereum ranks second by market capitalization, it does not surpass XRP in visibility among Wall Street institutions. 

Huge Demand Expected for XRP ETFs 

The Canary CEO predicted that XRP ETFs could attract up to $5 billion in inflows during their first month of trading. He added that this surge could allow XRP funds to outperform Ethereum-based products. 

However, McClurg also pointed out that macroeconomic factors will directly shape the outcome. He argued that the Federal Reserve should have already lowered interest rates. Furthermore, he expects the FOMC meeting in September to finally deliver a rate cut, which may boost overall crypto market momentum. 

Meanwhile, Canary Capital is among the asset managers that have applied for an XRP ETF with the SEC. The firm recently submitted an amended S-1 form, while the regulator postponed its decision to October 23. On that date, the SEC must either approve or deny the proposed rule change that would allow the fund’s shares to list and trade. 

New Crypto ETFs on the Horizon 

McClurg noted that not only XRP but also Solana, Litecoin, and Hedera ETFs could launch later this year. He clarified that final approval depends on the SEC, yet Coinbase’s existing XRP futures offering strengthens the case for approval. 

CME also lists regulated XRP futures, a key factor that previously paved the way for Bitcoin and Ethereum ETF approvals. 

On the other hand, McClurg admitted that some crypto funds may not receive clearance until next year. Canary Capital has filed for multiple products, including ETFs tied to PENGU, TRX, INJ, AXL, SUI, SEI, and Trump coin. The company also submitted a proposal for an “American-Made Crypto ETF,” designed to track U.S.-linked tokens. 

In the end, McClurg reaffirmed his belief that XRP ETFs could launch this year. If so, the asset would further strengthen its position as Wall Street’s most recognized cryptocurrency after Bitcoin. 

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Growing Interest in Staking-Backed ETFs

The New York-based investment firm continues to push forward in the crypto ETF space, this time highlighting the rising demand for products centered around staking. According to the proposal, the fund will hold INJ tokens directly in its portfolio and allocate a portion of them to staking. However, specific details—such as the percentage of tokens that will be staked or the staking provider to be used—remain undisclosed at this stage.

This development aligns with a broader trend in which asset managers seek to combine the utility of decentralized networks with traditional financial structures. If approved, this would mark one of the first ETFs to offer direct staking exposure to a major altcoin, positioning it as an attractive option for both crypto-native and institutional investors seeking yield-based strategies.

Why Injective?

Injective is a purpose-built Layer-1 blockchain tailored for decentralized finance (DeFi) and financial application development. Its native token, INJ, serves a wide array of functions within the network, from governance to protocol-level utility. With a market capitalization of around $1.3 billion, INJ currently ranks among the top 100 digital assets globally, according to CoinGecko.

Injective’s growing ecosystem and developer adoption have turned it into a significant player in the smart contract space—particularly for applications involving derivatives, orderbooks, and high-speed financial protocols.

SEC Review Underway

The SEC has begun its standard review process, and a decision on whether the ETF will be approved is expected in the coming months. The outcome is being closely watched, as it could serve as a regulatory benchmark for staking-based investment vehicles in the United States.

A green light from regulators would not only validate Canary Capital’s strategy but also provide broader access to crypto yields through conventional brokerage accounts. The potential product could stand alongside Bitcoin and Ethereum ETFs, yet distinguish itself by offering access to staking rewards—a major value proposition for long-term investors seeking both growth and income.

Injective (INJ) Price Chart

Injective (INJ) is currently trading at $13.88, reflecting a 2.17% increase over the past 24 hours. This price movement is seen as both a reflection of the broader market recovery and a sign of growing investor interest following the recent ETF application.

The renewed demand for Layer-1 projects like Injective appears to be contributing to the upward momentum in INJ’s price.

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SEC Initiates Extended Review for Solana ETF Applications

Major asset managers like 21Shares, Bitwise, VanEck, and Canary Capital have filed proposals for spot Solana ETFs. However, the SEC has yet to greenlight any fund linked to Solana, despite previously approving products for Bitcoin and Ethereum.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

In its latest statements, the SEC emphasized that the delay does not signal a decision to approve or reject. Instead, the agency needs more time to evaluate the applications in light of concerns over market manipulation and investor protection—especially for proposals from Bitwise and 21Shares.

This round of review includes a formal public consultation period, inviting market participants to weigh in on the proposals before a final ruling is made.

Final Decision May Not Arrive Until Late 2025

While both 21Shares and Bitwise have strong reputations in crypto asset management, the SEC appears more cautious with Solana, which—despite its fast and low-cost infrastructure—remains outside the current list of approved ETF assets.

Bloomberg analysts James Seyffart and Eric Balchunas continue to express confidence, projecting a 90% likelihood that ETFs for Solana and Litecoin (LTC) will be approved. Still, they acknowledge that decisions may not arrive until late 2025 due to bureaucratic delays.

Investors are urged to remain patient and realistic. The approval process is moving forward—but not at the pace some may have hoped.

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