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Canary Capital’s spot XRP exchange-traded fund recorded $58 million in first-day trading volume on Tuesday, making it the highest-volume ETF debut of 2025 and surpassing nearly 900 other funds launched this year.
The XRPC fund, which became the first U.S.-listed ETF offering direct exposure to XRP, traded more than $26 million in its opening 30 minutes on Nasdaq despite broader crypto market weakness that pushed bitcoin below $99,000 and erased 3.5% from total digital asset market capitalization.
Spot XRP ETF trading was explosive from the opening bell. More than $26 million in volume crossed in the first 30 minutes alone, including roughly $500,000 on Robinhood within the first five minutes. By mid-morning, activity surpassed $36 million, setting the tone for the rest of the session.
Bloomberg ETF analyst Eric Balchunas was among the first to spotlight the achievement.
“Among the nearly 900 ETFs launched this year, XRPC and BSOL are in a league of their own,” Balchunas noted, emphasizing that third place trails by more than $20 million.
His remarks underline the widening gap between the leaders and the rest of the 2025 ETF field — and the spot XRP ETF is now clearly one of the frontrunners.
XRPC has also made history as the first U.S.-listed spot ETF offering direct exposure to XRP, the native token powering the XRP Ledger. Its Nasdaq listing was certified on Nov. 12, becoming effective under Section 8(a) of the Securities Act.
Because the fund received no regulatory objections during its waiting period, the spot XRP ETF was able to go live immediately — a key factor in preserving launch momentum.
The spot XRP ETFs holds only physical XRP to mirror real-time price movements based on the CME CF XRP-USD Reference Rate (New York Variant). The product comes with a 0.50% annual fee and uses Gemini Trust Company and BitGo Trust as custodians.
Canary Capital Group, a Tennessee-based digital assets firm behind previous Bitcoin, Ethereum, and HBAR ETFs, positioned the XRP ETF as a clean, institutional gateway to XRP exposure.
Canary spokesperson Michael Thorne emphasized the strategic purpose of the launch:
“Institutions want frictionless access to assets with real utility. The spot XRP ETF allows them to tap into XRP’s cross-border settlement use case without custodial risk,” Thorne said.
Utility tokens are undergoing a notable resurgence. Earlier this month, Canary Capital’s HBAR ETF secured $70 million in its first week, signaling rising appetite for payment-linked digital assets.
Market strategist Lena Whitmore of Digital Asset Research said interest in the spot XRP ETF reflects broader institutional shifts:
“We’re seeing renewed demand for assets tied to settlement and payments infrastructure. The spot XRP ETF fits squarely into that trend.”
Still, XRP carries a 40% correlation to Bitcoin, exposing the token — and the XRP ETFs — to macro-driven volatility and broader crypto downturns.
The XRP ETFs is now one of the most successful ETF launches of the year. Its debut signals:
Accelerating demand for regulated crypto investment vehicles
Institutional hunger for utility-driven tokens
Growing ETF competition among digital-asset issuers
A shifting narrative in the 2025 crypto cycle
And with Franklin Templeton and Bitwise preparing their own XRP ETF entries, the spot XRP ETFs wave is only beginning.
