Historic Debut: Canary Capital’s Spot XRP ETF Sets 2025 Record with $58M First-Day Volume

As the first U.S. spot ETF offering direct exposure to XRP, the native asset of the XRP Ledger, Canary Capital's XRPC spot XRP ETF made history on November 13, 2025. Among over 900 launches, the launch had an amazing $58 million in first-day trading volume—more than any other ETF introduction in 2025. With the third-place finisher lagging by more than $20 million, this edged out Bitwise's Solana ETF (BSOL), which had previously set the standard at $57 million. Early explosive trading of $26 million in the first 30 minutes alone highlighted great investor interest in digital currencies and showed how enthusiastically the ETF was received.

Designed as a physical ETF, XRPC reflects the real-time price of the asset using the CME CF XRP-USD Reference Rate New York Variant. Reliance on reliable custodians Gemini Trust Company and BitGo Trust gives it a competitive 0.50% yearly management fee. Under Section 8(a) of the Securities Act, the Nasdaq listing of the ETF was expedited and confirmed on November 12, allowing for a smooth deployment without the normal waiting period.

The blockbuster premiere shows rising institutional interest in varied cryptocurrencies beyond Bitcoin and Ethereum. With up to $10 billion in inflows expected to push XRPC into the top 10–20 ETFs ever, Canary Capital CEO Steven McClurg has optimistically changed his predictions. This debut draws attention to the growing significance of Tennessee-based Canary Capital in the digital asset market as part of Canary's lineup, which includes Bitcoin, Ethereum, and HBAR ETFs (the latter racking up $70 million in its first week).