Canary Capital has launched the first U.S. spot XRP ETF called XRPC on Nasdaq today. The fund holds real XRP tokens in custody and allows investors to buy XRP without using crypto exchanges. The launch follows a Form 8-A filing with the SEC and marks a big step for crypto access. The ETF started trading on November 13, 2025.
XRPC is built as a grantor trust. Gemini Trust and BitGo Trust hold the digital assets. U.S. Bank manages cash and administration. The ETF tracks XRP’s price using the CoinDesk XRP CCIX New York Rate.
Investors can trade shares in 10,000-share baskets using cash or XRP. The starting net asset value is $25, with net assets at $5.25 million. The sponsor fee is 0.50%.
Canary Capital CEO Steven McClurg said, “XRPC opens the door for wider institutional participation.” He explained that investors can now access XRP while staying on mainstream exchanges. The fund follows the XRP Ledger, which allows low-cost, fast cross-border payments. Businesses can move money quickly and efficiently across borders using this system.
Notably, XRP traded around $2.40 to $2.45 before the launch as trading volume jumped 53% on the day, according to CoinMarketCap. Meanwhile, Bloomberg analyst Eric Balchunas reported $26 million in the first 30 minutes, topping his $17 million estimate. Investors are watching closely to see how XRPC performs during market changes.
The launch comes as the first U.S. spot crypto ETFs get regulatory approval. Other issuers like Bitwise and 21Shares updated or resubmitted filings this year. Analysts say the fund matters because XRP has never had a U.S. spot ETF. XRPC gives a clear, safe way to track XRP’s price and allows more institutional investors to participate.
That said, XRPC is not a registered mutual fund or commodity pool. It works like U.S. spot Bitcoin ETFs. This launch shows growing interest in regulated digital-asset products and brings crypto closer to traditional markets.
Also Read: Singapore Warns Unregulated Stablecoins Ahead of New Rules
