Canary shakes Nasdaq as XRP ETF launch hits $58M on day one

• Canary Capital launched its spot XRP ETF, XRPC, on 13 November.
• The ETF recorded $58 million in trading volume on day one.
• The listing was approved under Section 8(a) of the Securities Act without objections.

While most of the crypto market was digesting a sharp 3.5% decline on 13 November, Canary Capital’s XRP ETF surged to the top of the Nasdaq, recording the highest first-day trading volume of any fund launched in 2025.

The spot product, listed under the ticker XRPC, registered $58 million in trading activity on its debut, overtaking all previous launches this year.

Despite Bitcoin falling below $99,000 and a broader market slump, the appetite for regulated XRP exposure proved unshaken.

By 9:30 am EST, $26 million in volume had already been clocked.

Trading accelerated rapidly, with over $36 million executed by mid-morning.

Robinhood alone facilitated $500,000 in trades within the first five minutes.

Canary takes the lead in the 2025 ETF competition

XRPC overtook Bitwise’s BSOL ETF, which had previously led the 2025 pack with a $57 million opening day last month.

Both products now sit well ahead of the remaining 900-plus ETFs launched this year.

Bloomberg analyst Eric Balchunas highlighted that the third-most traded ETF debut trails by more than $20 million, underscoring how rare such volume has become in new fund launches.

The listing was certified by Nasdaq on 12 November under Section 8(a) of the Securities Act.

Its approval came without delays due to the absence of pushback during the review period, allowing Canary to activate the launch immediately and avoid the bottlenecks many other issuers face.

XRPC offers direct access 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 carries an annual fee of 0.50%. Custody is managed by Gemini Trust Company and BitGo Trust, both of which specialise in secure digital asset storage for institutional clients.

Canary Capital Group, headquartered in Tennessee, already operates ETFs tied to Bitcoin, Ethereum and HBAR.

The firm has positioned XRPC as a compliance-friendly solution for institutions looking to tap into XRP’s role in global payments infrastructure without managing wallet keys or custody operations directly.

Payment-focused crypto tokens see renewed demand

The launch of XRPC also highlights a broader trend in digital asset markets.

Utility tokens such as XRP and HBAR are attracting increasing institutional attention.

Earlier this month, Canary’s HBAR ETF raised $70 million within its first week.

Analysts suggest this reflects rising demand for crypto assets linked to real-world use cases like payments and settlements.

However, XRP’s performance is not immune to broader crypto cycles.

With a correlation to Bitcoin of nearly 40%, its price is often influenced by macro trends and volatility in the wider market.

This makes the ETF’s debut performance even more notable, as it succeeded in generating exceptional demand despite overall bearish sentiment.

The strong launch of XRPC suggests investors are still actively seeking structured exposure to crypto assets that offer functional value.