- Canary Capital launched a spot XRP ETF, XRPC, on November 13.
- The ETF recorded $58 million in trading volume on its first day.
- The listing was approved without objection under Section 8(a) of the securities laws.
On November 13, even as much of the cryptocurrency market absorbed a sharp 3.5% drop, Canary Capital’s XRP ETF surged to the top of Nasdaq activity and posted the highest first-day trading volume among funds launched in 2025.
Listed under the ticker XRPC, the spot product registered $58 million in trading activity at debut, surpassing every other fund launched so far this year.
Despite Bitcoin trading below $99,000 and a generally weak market backdrop, demand for regulated XRP exposure proved resilient.
By 9:30 a.m. Eastern, volume had already reached $26 million.
Trading accelerated quickly, exceeding $36 million during the morning session.
Robinhood alone facilitated roughly $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 posted $57 million on its first day last month, to become the top debut performer of 2025.
Both products far outpaced the remaining 900-plus ETFs launched this year.
Bloomberg analyst Eric Balchunas highlighted that the third-largest debut in the cohort lagged by more than $20 million, underlining how rare this level of new-fund activity is.
The listing was certified by Nasdaq on November 12 under Section 8(a) of the securities laws.
Because no objections arose during the review period, approval proceeded without delay, allowing Canary to launch immediately and avoid bottlenecks that have slowed other issuers.
XRPC provides direct exposure to XRP price action
Unlike derivative-based funds or futures products, XRPC holds physical XRP and tracks the CME CF XRP-USD Reference Rate (New York variant) in real time.
The ETF charges a 0.50% annual fee. Custody is managed by Gemini Trust Company and BitGo Trust, both of which specialize in secure digital-asset storage for institutional clients.
Headquartered in Tennessee, Canary Capital Group already operates ETFs linked to Bitcoin, Ethereum, and HBAR.
The firm positions XRPC as a compliance-minded solution for institutions that want XRP exposure tied to global payments infrastructure without directly managing wallet keys or custody operations.
Renewed interest in payment-focused crypto tokens
The launch of XRPC also highlights a broader trend in digital assets.
Utility tokens focused on payments, such as XRP and HBAR, have attracted growing institutional attention.
Earlier this month, Canary’s HBAR ETF raised $70 million in its first week.
Analysts suggest this reflects rising demand for crypto assets with real-world use cases tied to payments and settlement.
That said, XRP’s performance remains subject to broader crypto cycles.
Its correlation with Bitcoin is close to 40%, meaning its price is often influenced by macro trends and overall market volatility.
That context makes the ETF’s debut performance notable: despite prevailing bearish sentiment, it generated outsized demand.
The strong start for XRPC suggests investors continue to seek structured exposure to crypto assets that deliver functional value.