- Canary Capital launched its spot XRP ETF, XRPC, on November 13.
- The ETF recorded $58 million in trading volume on its first day.
- The listing was approved without objections under Section 8(a) of the Securities Act.
While much of the crypto market absorbed a steep 3.5% decline on November 13, Canary Capital’s XRP ETF rose to the top of the Nasdaq, posting the highest first-day trading volume of any fund launched in 2025.
The spot product, listed under the ticker XRPC, saw $58 million in activity at debut—outpacing all other launches so far this year.
Even as Bitcoin slipped below $99,000 and the broader market retreated, demand for a regulated XRP exposure remained robust.
By 9:30 a.m. EST, $26 million in volume had already been recorded.
Trading accelerated rapidly through the morning, surpassing $36 million in executed volume before midday.
Robinhood alone facilitated approximately $500,000 in trades within the first five minutes of trading.
Canary takes the lead in the 2025 ETF race
XRPC overtook Bitwise’s BSOL ETF, which previously led the year with a $57 million opening day last month.
Both products now stand well ahead of the remaining more than 900 ETFs launched this year.
Bloomberg analyst Eric Balchunas pointed out that the third-most-traded ETF debut lagged by more than $20 million, highlighting how uncommon such high first-day volumes have become for new fund launches.
The listing was certified by Nasdaq on November 12 under Section 8(a) of the Securities Act.
The approval was granted without delays or issues during the review period, allowing Canary to activate the launch immediately and avoid the bottlenecks that have affected other issuers.
XRPC offers direct exposure to XRP price movements
Unlike derivative or futures-based funds, 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 provided by Gemini Trust Company and BitGo Trust, both of which specialize in secure custody solutions for institutional digital asset clients.
Canary Capital Group, headquartered in Tennessee, already manages ETFs linked to Bitcoin, Ethereum, and HBAR.
The firm markets XRPC as a compliance-friendly option for institutions that want exposure to XRP’s role in global payments infrastructure without directly managing wallet keys or custody operations.
Payment-focused crypto tokens see renewed institutional interest
The launch of XRPC also highlights a broader trend in digital asset markets.
Utility tokens such as XRP and HBAR are attracting growing institutional attention.
Earlier this month, Canary’s HBAR ETF gathered $70 million in inflows during its first week.
Analysts interpret these flows as evidence of rising demand for crypto assets tied to real-world use cases like cross-border payments and settlement.
That said, XRP’s performance remains exposed to broader crypto cycles.
With a correlation to Bitcoin nearing 40%, XRP’s price is often influenced by macro trends and market-wide volatility.
That context makes XRPC’s debut performance notable: despite the overall bearish sentiment, the ETF generated exceptional demand at launch.
The strong introduction of XRPC suggests investors continue to seek structured ways to gain exposure to crypto assets that offer functional utility.