Canary’s XRP ETF debuts with year’s highest day-one volume

Canary Capital’s XRP exchange-traded fund, XRPC, began trading on U.S. exchanges 13 November and recorded the highest first-day volume among new ETFs this year, based on trading data shared by market analysts.

In early trading, turnover reached about $26 million within the first hour and at the end of the day – $58 million, according to posts by senior ETF analyst Eric Balchunas. The previous leader for 2025 ETF debuts was Bitwise’s Solana fund (BSOL) with roughly $57 million on day one, while the next-closest launch this year trails by more than $20 million.

XRPC is a spot ETF designed to give investors direct exposure to XRP, the fourth-largest cryptocurrency by market value. During Thursday’s session, XRP traded near $2.30 even as broader digital-asset markets fell.

The launch extends a busy stretch for XRP-themed funds. In September, REX Shares introduced XRPR, an ETF that holds XRP directly and, according to recent holdings disclosures, currently has roughly 40% of its assets in the CoinShares Physical XRP exchange-traded product; that fund recorded about $37.7 million in first-day volume.

ETFs die from apathy, not disagreement. You’d rather have 20% of people love an asset than 80% of people kinda vaguely like it.

wrote Bitwise CIO Matt Hougan. 

Canary’s fund is listed on Nasdaq under the ticker XRPC and charges a 0.50% management fee, slightly above Bitwise’s planned XRP product. It tracks the CoinDesk XRP CCIXber benchmark and stores coins with Gemini Trust and BitGo, while U.S. Bancorp Fund Services and U.S. Bank handle administration and cash custody.

As we covered previously, the Depository Trust & Clearing Corporation listed Bitwise’s spot Chainlink ETF in its active and pre-launch categories, possibly ahead of trading.