- Canary Capital’s XRPC ETF launched on Nasdaq with the highest debut volume of 2025.
- The ETF provides direct exposure to XRP without requiring wallets or custody management.
- XRPC trading surged despite a crypto market drop and Bitcoin slipping under $99,000.
Canary Capital’s new spot XRP ETF, trading under ticker XRPC, debuted on Nasdaq on November 13. The ETF recorded $58 million in first-day trading activity, surpassing Bitwise’s BSOL ETF, which launched last month with $57 million. Among roughly 900 ETFs launched this year, XRPC ranks as the highest-volume debut, with the third-place ETF trailing by over $20 million.
The ETF’s launch coincided with a downturn in the crypto market. Bitcoin slipped below $99,000, and the overall crypto market lost about 3.5%, dropping to $3.43 trillion. Despite the market decline, XRPC attracted strong interest immediately. About $26 million traded in the first 30 minutes, including roughly $500,000 on Robinhood within five minutes. By mid-morning, trading volume exceeded $36 million. Last month,Canary Funds updated its XRP ETF filing to allow automatic approval, paving the way for a possible November 13 launch.
Product Structure and Custody
XRPC is the first U.S.-listed spot ETF offering direct exposure to XRP, the native token of the XRP Ledger. The ETF tracks XRP’s price in real time using the CME CF XRP-USD Reference Rate, New York Variant. It holds only spot XRP as its underlying asset. The fund charges a 0.50% annual fee. Gemini Trust Company and BitGo Trust serve as custodians, handling the storage and security of the digital assets.
The ETF listing was certified by Nasdaq on November 12 and became effective under Section 8(a) of the Securities Act. The standard waiting period passed without any objections, allowing the fund to launch immediately. Investors gain exposure to XRP’s price without managing wallets or custody, simplifying institutional access to the digital asset.
Sponsor Background and Strategy
Canary Capital Group is based in Tennessee and manages prior ETFs covering Bitcoin, Ethereum, and HBAR. The firm emphasizes providing straightforward digital asset access for institutional investors. XRPC is positioned as a tool for exposure to XRP’s utility in cross-border payments and settlements.
Utility tokens are gaining renewed interest, reflecting growing institutional appetite for payment-linked crypto assets. Earlier this month, Canary’s HBAR ETF raised $70 million in its first week. Analysts note that assets linked to digital payments are attracting more inflows, signaling increasing investor demand.
Market Correlation and Risk
Although there was high demand at the beginning, XRP is still correlated to Bitcoin with a correlation of almost 40%. This subjects XRPC to the risks of greater market variability and macroeconomic fluctuations. These are risks which investors must take into consideration when investing in the ETF. The introduction of XRPC shows that the institutions still held interests in digital assets to payment infrastructure, despite temporary market downturns.
