The first-ever U.S.-listed spot exchange-traded fund (ETF) tied to XRP, the payments-focused token of the XRP Ledger, has made a remarkable debut. Canary Capital’s XRPC ETF registered $58 million in trading volume during its first trading day, setting a record as the most actively traded new ETF launch of the year, according to data highlighted by Bloomberg ETF analyst Eric Balchunas.
A record-breaking debut
The XRPC ETF narrowly surpassed Bitwise’s Solana ETF (BSOL), which launched last month and recorded $57 million in opening-day trades. Among roughly 900 ETFs introduced this year, XRPC and BSOL dominated the field, with third place lagging by more than $20 million. The strong performance underscores investors’ rising appetite for digital-asset investment vehicles beyond the dominant Bitcoin and Ethereum products.
The debut took place in a rough macro environment for cryptocurrencies. On the same day, Bitcoin fell below $98,000, marking a 5.9% pullback in the overall crypto market to a capitalization of about $3.28 trillion. Despite the downturn, XRPC’s first-day trading momentum was striking. Around $26 million in volume occurred within the first 30 minutes, including about $500,000 on Robinhood within five minutes, and the total surged past $36 million by mid-morning before closing the session near $58 million.
Balchunas commented that XRPC’s performance is notable given the year’s challenging market backdrop, placing the fund “far ahead of the pack” among 2025’s ETF debuts. The analyst added that the launch significantly outperformed his earlier forecast of around $17 million for its first-day turnover.
Congrats to $XRPC for $58m in Day One volume, the most of any ETF launched this year (out of 900), BARELY edging out $BSOL's $57m. The two of them are in league of own tho as 3rd place is over $20m away. pic.twitter.com/MjsOeceeNb
— Eric Balchunas (@EricBalchunas) November 13, 2025
A new milestone for altcoin ETFs
The introduction of the XRPC ETF comes at a pivotal time for the crypto ETF market. According to market data compiled by SoSoValue, spot Bitcoin ETFs saw $869.9 million in outflows on November 13, their second-largest withdrawal since launch. Grayscale’s BTC product led the decline with $318 million in redemptions, followed by substantial drawdowns in funds managed by Fidelity and BlackRock. Meanwhile, Ethereum ETFs experienced $259.7 million in outflows over the same period.
By contrast, Solana ETFs showed resilience, recording a modest $1.4 million in inflows, pushing cumulative investments into Solana products above $370 million. The addition of the new XRP ETF further expands the category of altcoin-based ETFs offering investors exposure to non-Bitcoin, non-Ethereum assets.
Canary Capital CEO Steven McClurg expressed optimism about the XRP fund’s prospects, noting that the ETF could “easily” outpace Solana-based products given XRP’s “exceptional liquidity and global use cases.”
What the XRPC ETF offers investors
The XRPC ETF is a physically backed product, meaning it holds actual XRP tokens rather than derivatives. It seeks to track the digital asset’s real-time price using the CME CF XRP-USD Reference Rate (New York Variant). The ETF charges an annual fee of 0.50% and relies on Gemini Trust Company and BitGo Trust as custodians.
Certified by Nasdaq on November 12 and activated under Section 8(a) of the Securities Act, the fund advanced smoothly through the regulatory process without delay. Its launch represents a new regulated channel for institutional and retail investors to gain direct exposure to XRP, an asset often associated with cross-border payments and settlement systems.
Canary Capital Group, headquartered in Tennessee, has previously issued ETFs tied to Bitcoin, Ethereum, and HBAR. Earlier this month, its HBAR ETF raised $70 million within its first week, signaling growing institutional interest in payment-focused tokens. The firm sees XRPC as a continuation of that trend, offering exposure to one of the most widely used blockchain assets in global remittance systems.
Market implications and investor sentiment
While XRP’s price did not react positively to the ETF debut, falling 8.2% over 24 hours to around $2.20, market observers say the launch still signals deepening maturity in the digital asset market. The availability of regulated altcoin ETFs could help broaden investor participation and reduce some of the operational and custody challenges that have limited institutional exposure.
XRPC’s early success also reflects investors’ willingness to diversify beyond Bitcoin and Ethereum during a period of uncertain macroeconomic conditions. As Kronos Research CIO Vincent Liu noted with regard to recent Bitcoin ETF outflows, the current environment shows “a shift in strategy amid macroeconomic uncertainty” as investors rotate toward balanced portfolios. Yet, as he added,
“This puts pressure on short-term dynamics but does not undermine structural demand.”
With XRPC now live on Nasdaq and several additional XRP-based ETFs reportedly in pre-launch stages at firms like Bitwise, Franklin Templeton, 21Shares, and CoinShares, the asset’s ETF ecosystem appears positioned for continued expansion, even amid a turbulent broader market.
Oleksii Shumak
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource, and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice. HODL FM strongly recommends contacting a qualified industry professional.
