U.S. Debut of an XRP Spot ETF — Canary Capital’s ‘XRPC’ Begins Trading on Nasdaq

Cryptocurrency asset management firm Canary Capital has announced the launch of XRPC, the first-ever spot XRP exchange-traded fund (ETF) in the United States.

The ETF was listed on the NASDAQ on November 14, 2025, marking the first product to offer investors direct exposure to XRP.

Market interest was strong from the opening day. Within the first three hours of trading, XRPC recorded $36 million(approximately ¥5.5 billion) in volume, a performance approaching that of the Solana ETF BSOL, which debuted earlier this year with around $69 million in first-day volume.

XRP is the native token that underpins Ripple’s global payment network, and is one of the most widely used cryptocurrencies worldwide. Unlike assets designed primarily as speculative stores of value, XRP was built with a focus on real-world utility. Operating on the XRP Ledger, it enables low-cost, near-instant settlement in just a few seconds.

Having been in operation since 2012, XRP has established a long track record. In recent years, regulatory uncertainties surrounding the asset have gradually eased, paving the way for greater adoption among institutional investors. Against this backdrop, the introduction of a spot XRP ETF has garnered significant attention across both the cryptocurrency industry and the broader financial markets.

Canary Capital’s “XRPC” is a spot ETF backed by physically held XRP, structured in compliance with the U.S. Investment Company Act of 1940.

This framework allows the fund to hold XRP securely through a qualified custodian while operating under a regulated investment structure—a key feature that distinguishes the product.

Stephen McClurg, founder and CEO of Canary Capital, said in a statement, “XRP is one of the most established and widely used digital assets in the world. By providing access through an ETF, we can help drive the next wave of adoption and growth.”

He added that “XRP will play an important role in the evolution of the global financial system,” expressing strong expectations for the ETF’s impact. The launch of XRPC is anticipated to open new investment channels for groups that have traditionally been cautious about trading crypto assets, potentially driving fresh inflows into XRP.

In 2024, the U.S. approved spot ETFs for Bitcoin (BTC) and Ethereum (ETH), and a Solana (SOL) ETF was introduced just weeks ago. XRP now follows these products, marking a symbolic expansion of crypto asset ETFs into major altcoins.

Source: Announcement
Image: Shutterstock

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