Overview
- XRPC began trading on Nov. 13 on Nasdaq as the first U.S.-listed single‑token spot XRP ETF after Nasdaq certification and a Form 8‑A registration.
- The fund logged about $58 million in first‑day volume, narrowly topping Bitwise’s BSOL debut and marking the strongest ETF launch of 2025.
- Early activity was brisk with roughly $26 million traded in the first 30 minutes despite broader crypto market declines and volatile XRP spot prices near $2.3–$2.5.
- The ETF holds XRP directly, tracks the CME CF XRP‑USD Reference Rate (New York Variant), charges a 0.50% annual fee, and uses Gemini Trust Company and BitGo Trust for custody.
- Canary’s accelerated route under Section 8(a)/Form 8‑A followed years of SEC litigation over XRP that recently moved toward settlement, with rival issuers such as Franklin Templeton, Bitwise, 21Shares, CoinShares, Grayscale, and WisdomTree preparing similar funds.