Canary Capital’s spot XRP ETF (XRPC) debuted on Nasdaq on November 13, 2025 with $58M in first-day trading volume, positioning it as the best ETF launch of the year by volume. The milestone matters because it opens a regulated avenue for institutional access to XRP and touches managers, custodians, compliance teams, and retail investors seeking regulated exposure to altcoins.
Canary Capital brought XRPC to market after completing an S-1, Nasdaq certification, and filing a Form 8-A on November 10, 2025, according to market reports. These steps frame the regulatory route used to list the product in the U.S.
Trading was intense from the open: $26M exchanged hands in the first 30 minutes and $36M within three hours, reaching $58M by the close on day one. In parallel, the vehicle attracted nearly $250M in initial inflows, according to the same launch data.
XRPC’s debut lands in a competitive landscape with differing regulatory paths. A REX-Osprey product (XRPR) reached the market in September 2025 via a process based on the Investment Company Act of 1940, while Bitwise launched a Solana ETF that recorded $57M on its first day, slightly behind XRPC. The comparison underscores alternative listing routes and a race among issuers to capture AUM from day one.
XRP’s spot price diverged from ETF demand around the launch: it rose 3.28% to $2.48 beforehand, then fell approximately 2.7% on debut day, illustrating the classic “buy the rumor, sell the news” dynamic and the separation between product flows and the underlying asset’s price.
Context and impact of the XRP spot ETF
A spot ETF enables investment in XRP without direct key management or exchange integration, reducing operational friction for asset managers and broadening the base of potential participants.
With high initial volume improves entry and exit capacity, though the persistence of that liquidity will depend on continued inflows and the activity of market makers.
The discrepancy between ETF flows and spot price evolution highlights the risk of transitory volatility and the importance of execution risk controls, including latency and slippage management.
The coexistence of S-1/Form 8-A routes and 1940 Act processes presents alternatives that product and compliance teams must evaluate across custodian selection, KYC/AML requirements, and custody conditions.
The next milestone is the evolution of net flows and the stability of the spread between the ETF’s NAV and XRP spot in the coming weeks, key indicators for assessing whether initial demand converts into sustained AUM and how large managers adapt custody and compliance policies.
