Canary Capital’s new spot XRP ETF, trading under the ticker XRPC, made a strong entrance on Nasdaq on Nov. 13, becoming the highest-volume exchange-traded fund debut of 2025.
Summary
- Canary Capital’s XRP ETF debuted with $58M in first-day trading.
- This marks the strongest ETF launch of 2025 so far.
- XRPC is the first U.S. spot ETF offering direct XRP exposure.
The fund generated $58 million in first-day trading activity, edging out Bitwise’s BSOL ETF, which launched last month with $57 million.
The milestone was first highlighted by Bloomberg ETF analyst Eric Balchunas, who noted that among roughly 900 ETFs launched this year, XRPC and BSOL stand far ahead of the pack, with third place over $20 million behind.
A notable launch in a shaky market
The launch landed on a rough day for crypto. Bitcoin slipped under $99,000, and the overall market shed about 3.5%, dropping to $3.43 trillion. Even so, activity around XRPC was strong from the start. About $26 million traded in the first 30 minutes, including about $500,000 on Robinhood within five minutes, and more than $36 million by mid-morning.
The product is the first U.S.-listed spot ETF offering direct exposure to XRP, the native asset of the XRP Ledger. Its listing was certified by Nasdaq on Nov. 12, going effective under Section 8(a) of the Securities Act. Because the fund did not receive pushback during its standard waiting period, it was able to move ahead without delay.
What the spot XRP ETF offers
XRPC is a straightforward physical product, holding only spot XRP to track the asset’s real-time price using the CME CF XRP-USD Reference Rate (New York Variant). It carries a 0.50% annual fee and uses Gemini Trust Company and BitGo Trust as custodians.
The sponsor, Canary Capital Group, is a Tennessee-based digital asset firm with prior ETF launches covering Bitcoin, Ethereum, and HBAR. The firm positions XRPC as a simple way for institutions to gain exposure to XRP’s utility in cross-border payments and settlements without handling digital wallets or managing custody risks.
Utility tokens are experiencing a resurgence in popularity. Earlier this month, Canary’s HBAR ETF raised $70 million in its first week, and analysts observe that demand for payment-linked assets is rising.
However, with a correlation to Bitcoin of almost 40%, XRP is still susceptible to macro volatility and wider market swings.
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