Canary Capital’s newly introduced XRP spot exchange-traded fund (ETF), listed under the ticker XRPC, recorded about $58 million in trading volume on its first day, making it the top-performing ETF debut of 2025 in the U.S. crypto and finance markets.
A Milestone Launch for XRP on Nasdaq
The XRPC ETF began trading on November 13, 2025, on the Nasdaq exchange, marking the first U.S. spot ETF offering direct exposure to XRP. Bloomberg ETF analyst Eric Balchunas reported that XRPC outperformed more than 900 fund launches this year. Its debut volume narrowly beat Bitwise Asset Management’s BSOL, the Solana spot ETF, which saw $57 million in first-day trading.
This launch underscores rising institutional demand for regulated crypto investment vehicles beyond Bitcoin and Ethereum. The fund’s structure lets investors gain exposure to XRP without handling the asset directly, minimizing wallet management and custody challenges. Earlier this month, Canary Capital cleared a major hurdle by removing a “delaying amendment” from its S-1 filing, paving the way for regulatory approval and the ETF’s debut.
Market Reaction and Broader Sentiment
Despite the ETF’s strong start, XRP’s price slipped roughly 3% on launch day. Analysts attributed this to broader market caution as hopes faded for a near-term Federal Reserve rate cut. The dip raised speculation about whether the ETF’s massive opening volume reflects speculative trading or signals a lasting wave of institutional participation.
The success of Canary Capital’s XRPC ETF highlights growing confidence in altcoin-based investment products. Moving forward, the key question is whether the fund can sustain its early momentum and attract long-term inflows rather than short-lived trading interest. If XRPC continues to grow, it could pave the way for additional altcoin spot ETFs and expand regulated crypto access for traditional investors.
