The
Canary XRP ETF
(XRPC) set a new milestone on November 13, 2025, by becoming the first U.S. spot
XRP
exchange-traded fund to launch on Nasdaq, representing a significant step for XRP’s entry into mainstream financial markets. After receiving approval from the Securities and Exchange Commission (SEC) and certification from Nasdaq on November 12, the fund began trading under the XRPC ticker, recording an impressive $58 million in trading volume on its opening day,
as reported by Bloomberg’s senior ETF analyst Eric Balchunas
. This exceeded early forecasts and made it the most successful ETF debut of the year, surpassing the $57 million first-day volume achieved by Bitwise’s Solana Staking ETF (BSOL)
in October
.
The
XRPC ETF
, operated by Canary Capital,
follows the XRP-USD CCIXber Reference Rate Index
and applies a 0.5% yearly management fee. Its introduction came after extensive regulatory review and a strategic filing by Canary under the Securities Act of 1933,
setting it apart from crypto products based on futures
. Steven McClurg, CEO of Canary,
anticipated $5 billion in inflows
within the first month, pointing to strong institutional interest in regulated XRP investments. This projection is consistent with trends seen in
Bitcoin
and
Ethereum
ETF launches, which
attracted over $17 billion in net inflows
soon after their introduction.
The ETF’s approval signals broader regulatory advancements for digital assets,
especially following an extended government shutdown
that had postponed application reviews. SEC Chairman Paul Atkins and Commissioner Hester Peirce were recognized as major advocates for the fund’s accelerated evaluation. The approval also
aligned with the full restoration of federal operations
, which facilitated smoother processing for crypto-related products.
Market response to the ETF’s launch was varied. Despite the high trading activity,
XRP’s value dropped by 2.7%
within the first 24 hours, settling at $2.28. Experts attributed this to a “sell-the-news” phenomenon and overall market softness, as both Bitcoin and
Ether
also experienced declines. Nevertheless, the ETF’s strong start was still viewed as a positive development.
Eric Balchunas pointed out that XRPC’s $46 million in inflows
within just 2.5 hours of trading put it on pace to potentially outperform other alternative crypto ETFs.
Comparisons with the Solana ETF (BSOL) highlighted XRP’s increasing appeal among institutional investors.
BSOL, which launched in late October
, accumulated $531 million in net assets during its initial week. Given XRP’s $143 billion market capitalization and its importance in cross-border transactions,
analysts such as Balchunas suggested
that the XRPC ETF could draw even larger inflows.
JPMorgan analysts also estimated
that up to $8 billion could flow into XRP ETFs, citing the asset’s practical use and regulatory transparency.
The ETF’s design also addressed major investor priorities.
Custodial services provided by Gemini Trust Company
and BitGo Trust Company, combined with an efficient trading process on Nasdaq,
lowered entry barriers for both individual and institutional participants
. This approach is similar to the model used by Bitcoin ETFs,
which have made crypto investments more accessible
through established brokerage channels.
Looking forward, the XRPC ETF’s introduction is expected to drive further developments.
More than 20 additional XRP ETF proposals
are awaiting approval, with Franklin Templeton, Grayscale, and Bitwise among those preparing to launch in the near future. Experts believe this influx of products could push XRP’s price higher, especially if inflows resemble those seen with Bitcoin and Ethereum ETFs. Still,
short-term price swings remain a concern
, as the proportion of XRP supply in profit reached a one-year low in early November.
The debut of the Canary XRP ETF highlights the evolution of the crypto sector, where regulated investment vehicles are narrowing the divide between digital currencies and conventional finance. As institutional participation grows and regulatory standards advance, XRP’s function as a cross-border payment tool could become even more prominent—assuming market stability and liquidity improve in the coming months.
