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Canary Capital’s new spot XRP ETF, buying and selling underneath the ticker XRPC, made a robust entrance on Nasdaq on Nov. 13, changing into the highest-volume exchange-traded fund debut of 2025.
Abstract
- Canary Capital’s XRP ETF debuted with $58M in first-day buying and selling.
- This marks the strongest ETF launch of 2025 to this point.
- XRPC is the primary U.S. spot ETF providing direct XRP publicity.
The fund generated $58 million in first-day buying and selling exercise, edging out Bitwise’s BSOL ETF, which launched final month with $57 million.
The milestone was first highlighted by Bloomberg ETF analyst Eric Balchunas, who famous that amongst roughly 900 ETFs launched this yr, XRPC and BSOL stand far forward of the pack, with third place over $20 million behind.
A notable launch in a shaky market
The launch landed on a tough day for crypto. Bitcoin slipped underneath $99,000, and the general market shed about 3.5%, dropping to $3.43 trillion. Even so, exercise round XRPC was sturdy from the beginning. About $26 million traded within the first half-hour, together with about $500,000 on Robinhood inside 5 minutes, and greater than $36 million by mid-morning.
The product is the primary U.S.-listed spot ETF providing direct publicity to XRP, the native asset of the XRP Ledger. Its itemizing was licensed by Nasdaq on Nov. 12, going efficient underneath Part 8(a) of the Securities Act. As a result of the fund didn’t obtain pushback throughout its commonplace ready interval, it was in a position to transfer forward directly.
What the spot XRP ETF affords
XRPC is an easy bodily product, holding solely spot XRP to trace the asset’s real-time value utilizing the CME CF XRP-USD Reference Fee (New York Variant). It carries a 0.50% annual price and makes use of Gemini Belief Firm and BitGo Belief as custodians.
The sponsor, Canary Capital Group, is a Tennessee-based digital asset agency with prior ETF launches protecting Bitcoin, Ethereum, and HBAR. The agency positions XRPC as a easy manner for establishments to achieve publicity to XRP’s utility in cross-border funds and settlements with out dealing with digital wallets or managing custody dangers.
Utility tokens are experiencing a resurgence in recognition. Earlier this month, Canary’s HBAR ETF raised $70 million in its first week, and analysts observe that demand for payment-linked belongings is rising.
Nevertheless, with a correlation to Bitcoin of just about 40%, XRP continues to be inclined to macro volatility and wider market swings.
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