Canary Capital launched its spot XRP ETF, XRPC, on 13 November.
The ETF recorded $58 million in buying and selling quantity on day one.
The itemizing was accepted beneath Part 8(a) of the Securities Act with out objections.
Whereas a lot of the crypto market was digesting a pointy 3.5% decline on 13 November, Canary Capital’s XRP ETF surged to the highest of the Nasdaq, recording the best first-day buying and selling quantity of any fund launched in 2025.
The spot product, listed beneath the ticker XRPC, registered $58 million in buying and selling exercise on its debut, overtaking all earlier launches this yr.
Regardless of Bitcoin falling under $99,000 and a broader market hunch, the urge for food for regulated XRP publicity proved unshaken.
By 9:30 am EST, $26 million in quantity had already been clocked.
Buying and selling accelerated quickly, with over $36 million executed by mid-morning.
Robinhood alone facilitated $500,000 in trades throughout the first 5 minutes.
Canary takes the lead within the 2025 ETF competitors
XRPC overtook Bitwise’s BSOL ETF, which had beforehand led the 2025 pack with a $57 million opening day final month.
Each merchandise now sit properly forward of the remaining 900-plus ETFs launched this yr.
Bloomberg analyst Eric Balchunas highlighted that the third-most traded ETF debut trails by greater than $20 million, underscoring how uncommon such quantity has turn into in new fund launches.
The itemizing was licensed by Nasdaq on 12 November beneath Part 8(a) of the Securities Act.
Its approval got here with out delays as a result of absence of pushback in the course of the evaluation interval, permitting Canary to activate the launch instantly and keep away from the bottlenecks many different issuers face.
XRPC presents direct entry to XRP value motion
In contrast to derivative-based funds or futures merchandise, XRPC holds bodily XRP and tracks the CME CF XRP-USD Reference Fee (New York Variant) in actual time.
The ETF carries an annual payment of 0.50%. Custody is managed by Gemini Belief Firm and BitGo Belief, each of which concentrate on safe digital asset storage for institutional purchasers.
Canary Capital Group, headquartered in Tennessee, already operates ETFs tied to Bitcoin, Ethereum and HBAR.
The agency has positioned XRPC as a compliance-friendly answer for establishments trying to faucet into XRP’s function in international funds infrastructure with out managing pockets keys or custody operations straight.
Cost-focused crypto tokens see renewed demand
The launch of XRPC additionally highlights a broader pattern in digital asset markets.
Utility tokens reminiscent of XRP and HBAR are attracting rising institutional consideration.
Earlier this month, Canary’s HBAR ETF raised $70 million inside its first week.
Analysts recommend this displays rising demand for crypto property linked to real-world use instances like funds and settlements.
Nonetheless, XRP’s efficiency just isn’t resistant to broader crypto cycles.
With a correlation to Bitcoin of practically 40%, its value is commonly influenced by macro traits and volatility within the wider market.
This makes the ETF’s debut efficiency much more notable, because it succeeded in producing distinctive demand regardless of general bearish sentiment.
The sturdy launch of XRPC suggests buyers are nonetheless actively looking for structured publicity to crypto property that provide purposeful worth.
