- Canary Capital launched the XRP spot ETF, XRPC, on November 13.
- The ETF recorded $58 million in trading volume on its first day.
- The listing was approved under Section 8(a) of the Securities Act without objection.
While most of the crypto market absorbed a sharp 3.5% drop on November 13, the Canary Capital XRP ETF surged to the top of the Nasdaq, recording the highest first-day trading volume of any fund launched in 2025.
The spot product, listed under the ticker XRPC, posted $58 million in trading activity on its debut, surpassing all prior fund launches this year.
Even as Bitcoin slipped below $99,000 and broader market declines persisted, demand for regulated XRP exposure remained resilient.
By 9:30 a.m. EST, $26 million in volume had already been recorded.
Trading accelerated rapidly, with more than $36 million executed by mid-morning.
Robinhood alone facilitated $500,000 in trades within the first five minutes.
Canary leads the 2025 ETF race
XRPC overtook Bitwise’s BSOL ETF, which previously led 2025 launches with a $57 million opening day last month.
Both products now stand well ahead of the remaining 900 ETFs launched this year.
Bloomberg analysts noted that the third most-traded ETF debut this year trailed by more than $20 million, highlighting how rare such volume is for a new fund launch.
The listing was certified by Nasdaq on November 12 under Section 8(a) of the Securities Act.
Approval occurred without delay, as no objections were raised during the review period, allowing Canary to activate the launch immediately and avoid the backlog faced by many other issuers.
XRPC provides direct exposure to XRP price action
Unlike derivative-based or futures products, XRPC holds physical XRP and tracks the CME CF XRP-USD Reference Rate (New York Variant) in real time.
The ETF carries an annual fee of 0.50%. Custody is managed by Gemini Trust Company and BitGo Trust, both experienced in secure digital asset storage for institutional clients.
Canary Capital Group, headquartered in Tennessee, already operates ETFs tied to Bitcoin, Ethereum, and HBAR.
The firm positions XRPC as a compliance-friendly solution for institutions seeking exposure to XRP’s role in global payments infrastructure without managing wallet keys or custody operations directly.
Payment-focused crypto tokens see renewed demand
Launch of XRPC also underscores a broader trend in the digital asset market.
Utility tokens like XRP and HBAR are attracting growing institutional interest.
Earlier this month, Canary’s HBAR ETF gathered $70 million in its first week.
Analysts say this reflects rising demand for crypto assets tied to real-world use cases such as payments and settlement.
However, XRP’s performance is not immune to wider crypto cycles.
With a roughly 40% correlation to Bitcoin, its price is often influenced by macro trends and broader market volatility.
That context makes the ETF’s strong debut particularly notable, as it generated exceptional demand despite overall bearish sentiment.
The robust launch of XRPC indicates investors continue to actively seek structured exposure to crypto assets that offer functional utility.