Canary Capital's newly launched XRP exchange-traded fund (ETF), trading under the ticker XRPC, has achieved a historic debut, recording the highest day-one trading volume of any ETF launched in 2025.
Record-Breaking Performance
- Top Debut: XRPC's first-day trading volume reached $58.6 million, surpassing over 900 other ETF debuts this year. This narrowly edged out the previous top performer, Bitwise’s Solana ETF (BSOL), which posted $57 million on its first day.
- Strong Inflows: Total inflows into XRPC reached approximately $245 million.
- Exceeding Expectations: The ETF notched $26 million in volume within its first 30 minutes, significantly higher than initial estimates of $17 million, according to Bloomberg ETF analyst Eric Balchunas.
Significance for Investors
The performance highlights a robust and growing appetite for investment products linked to XRP. Analysts suggest that XRPC is particularly appealing to institutional investors (such as hedge funds, pension funds, and family offices).
These large entities often face regulatory and compliance obstacles when attempting to hold cryptocurrencies directly. The regulated ETF structure allows them to gain exposure to XRP without the complexities of navigating exchanges or managing self-custody.
Market Context
- Regulatory Milestone: Canary Capital secured SEC approval after submitting its initial S-1 filing over a year ago and securing final approval shortly after submitting Form 8-A.
- Broader Trend: According to industry observers, nearly every spot crypto ETF launch has "significantly" exceeded the expectations of traditional finance, indicating that investor behavior is embracing the asset class despite lingering skepticism in legacy institutions.
- XRP Price: Despite the ETF's success, the underlying asset, XRP, experienced a more than 5% price drop on the same day the ETF debuted.
The strong start for XRPC reinforces the trend that crypto-linked products are dominating recent ETF launches, suggesting accelerating integration into mainstream finance.
November 2025, Cryptoniteuae