Key Highlights
- Canary’s XRPC, the first U.S. spot XRP ETF, launched today with strong early trading activity.
- The ETF hit $26 million in volume within the first 30 minutes, surpassing early predictions from Bloomberg’s Eric Balchunas.
- XRPC is now on track to challenge $BSOL’s $57 million Day One record, potentially becoming one of 2025’s strongest ETF debuts.
The long-awaited Canary XRP ETF (XRPC) made its public debut today, and the market did not blink. Within the first half hour of trading, XRPC exceeded expectations, delivering a volume spike rarely seen in 2025’s crowded ETF landscape.
For an asset class that has spent a decade fighting for regulatory clarity, the first U.S. spot XRP ETF is already reshaping the conversation.
What launched today
Canary Capital’s XRPC ETF listed this morning, offering investors exposure to XRP held in a grantor trust structure. The fund tracks CoinDesk’s CCIX New York XRP rate, holds real XRP tokens through custodians Gemini and BitGo, and lists on CBOE under the ticker XRPC.
The launch followed weeks of speculation after Canary filed its Form 8-A, the final step before exchange listing, triggering broad anticipation across retail traders, desk analysts, and institutions watching the early XRP ETF race.
Early trading estimates
Before the opening bell, Bloomberg senior ETF analyst Eric Balchunas urged the industry to place their bets; he was at $17 million. Just 30 minutes after XRPC went live, he was back online, this time sounding stunned.
Later, analyst James Seyffart pointed out that XRPC had crossed $46 million in volume with hours still left, calling it a near lock for one of 2025’s top ETF debuts and still in the running to beat BSOL’s record.
A swelling pipeline: 7 XRP ETFs in 12 days
The debut doesn’t happen in a vacuum. As Ripple Bull Winkle noted:
The next wave includes filings from Bitwise, 21Shares, Grayscale, and others, setting up a multi-exchange rollout that mirrors the Bitcoin ETF cluster earlier this year.
With multiple venues like Nasdaq, CBOE, and NYSE poised to list their own spot XRP products, the market is preparing for a coordinated influx of institutional pipelines and trading infrastructure.
What comes next
All eyes now turn to whether XRPC can maintain today’s early momentum and whether competing issuers accelerate timelines to capitalize on the attention. Market makers, asset managers, and corporate treasuries are watching how liquidity builds, how spreads tighten, and how quickly XRPC integrates into traditional risk models.
For now, one thing is clear: the XRP ETF era has officially arrived, and today’s open suggests the market was more than ready.
Also read: XRP Price Surges 10% as ETFs and U.S. Market Boost Spark Rally
