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Canary Capital’s XRPC posts $58M on debut
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Canary Capital Group launched its spot XRP ETF, trading under the ticker XRPC, on Nasdaq on Nov. 13. The fund recorded $58 million in first-day trading volume, making it the largest ETF debut of 2025 so far and narrowly topping Bitwise's BSOL, which opened with $57 million.
Launch performance and market context
The debut stood out amid a down day for crypto markets. Bitcoin slipped below $99,000 and total crypto market capitalization fell roughly 3.5% to about $3.43 trillion, yet XRPC saw strong inbound demand. Roughly $26 million traded in the first 30 minutes, including about $500,000 on Robinhood within five minutes, and more than $36 million by mid-morning.
The milestone was highlighted by Bloomberg ETF analyst Eric Balchunas, who noted that out of nearly 900 ETF launches this year, XRPC and BSOL sit well ahead of the field; the third-place debut trails by more than $20 million.
What XRPC offers investors
XRPC is structured as a physical, spot ETF that holds XRP directly to mirror the asset's live market price. The fund references the CME CF XRP-USD Reference Rate (New York Variant) to maintain accurate pricing. Canary Capital set the fund fee at 0.50% per year and appointed Gemini Trust Company and BitGo Trust as custodians, enabling investors to gain XRP exposure without handling private keys or on‑chain custody themselves.
Institutional angle and utility token demand
Canary Capital, based in Tennessee, has previously launched spot ETFs for Bitcoin, Ethereum and HBAR. The firm positions XRPC as a practical channel for institutions seeking exposure to XRP's role in cross-border payments and settlement rails while avoiding custody complexity.
Utility tokens have seen renewed interest from both retail and institutional allocators. Canary's recent HBAR ETF raised $70 million in its first week, signaling rising demand for payment-linked digital assets and tokenized settlement solutions.
Risks and correlations
Despite its unique utility narrative, XRP's price still exhibits meaningful correlation with broader crypto market dynamics — analysts estimate about a 40% correlation with Bitcoin. That linkage means macro moves, liquidity swings, and regulatory headlines that affect Bitcoin and the wider market are likely to influence XRPC performance as well.
Takeaway
XRPC's $58 million opening volume underscores ongoing institutional appetite for regulated, U.S.-listed spot ETFs that provide direct exposure to major digital assets. With a competitive fee, established custodians and a clear index reference, Canary Capital's new product offers a simplified route to XRP for investors seeking payment-token exposure while offloading custody responsibilities. Still, market correlation and macro volatility remain important considerations for anyone evaluating an allocation to XRP through a spot ETF.
Source: crypto
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