Canary Capital’s XRPC Ushers in a New Era for Altcoin ETFs
In a landmark achievement for Ripple’s native token, Canary Capital’s spot XRP Exchange-Traded Fund (ETF)—trading under the ticker XRPC—debuted on the Nasdaq on November 13, 2025, shattering records with an astonishing $58 million in first-day trading volume. This explosive start not only topped all 900+ ETF launches of 2025 but also edged out Bitwise’s Solana ETF (BSOL) by a slim $1 million margin, marking the highest debut for any cryptocurrency ETF this year. The fund, structured under the Investment Company Act of 1940, provides investors with direct exposure to XRP—the foundational asset of the XRP Ledger—without the hassles of self-custody or wallet management, at a competitive 0.50% expense ratio. This debut arrives as XRP trades around $2.39 (down 0.4% daily amid a 0.8% market dip to $3.57 trillion), highlighting robust institutional demand even in choppy waters.
Canary Capital, a Tennessee-based digital asset firm with prior launches in Bitcoin, Ethereum, and HBAR ETFs, filed its S-1 in October 2025, navigating a streamlined SEC process post-Ripple’s favorable litigation outcomes. CEO Steven McClurg emphasized the ETF’s role in bridging traditional finance and blockchain: “XRP is one of the most established and scalable digital assets, positioned at the intersection of TradFi and innovation. XRPC enables the next wave of adoption.” With $250 million in net inflows on launch day—garnering $26 million in the first 30 minutes alone—the fund’s performance signals a maturing appetite for altcoin exposure beyond Bitcoin and Ethereum. Bloomberg ETF analyst Eric Balchunas called it “in a league of its own,” noting that XRPC and BSOL (Solana ETF) account for nearly 90% more volume than the third-place debut. In a market where altcoin ETFs have collectively drawn $13.75 billion in inflows since SOL’s debut, XRPC’s performance could unlock $5 billion in the first month, per McClurg, accelerating XRP’s mainstream traction in cross-border payments and tokenized assets.
XRPC’s Mechanics: Seamless Exposure to XRP’s Utility
XRPC is a pure spot ETF, holding physical XRP in custody and tracking the CME CF XRP-USD Reference Rate (New York Variant) for real-time pricing. Shares, redeemable daily for underlying XRP baskets, trade on Nasdaq like any equity, with in-kind creations minimizing tracking error (<0.5%). Custody is handled by Coinbase Custody (SEC-registered with cold storage protocols), ensuring compliance and security for institutional holders.
Key specifications:
- Ticker: XRPC (Nasdaq-listed, effective November 12, 2025).
- Initial NAV: ~$50 per share (equivalent to ~20.83 XRP at $2.40 spot).
- Expense Ratio: 0.50% (competitive with SOL/LTC ETFs at 0.25-0.50%).
- Trading Hours: 9:30 AM – 4:00 PM ET (standard Nasdaq).
- Authorized Participants: Major firms like Jane Street and Virtu Financial handle creations/redemptions.
This structure lowers barriers for the 70% of U.S. investors without crypto wallets, enabling exposure to XRP’s ISO 20022-compliant ledger—optimized for $18 billion in annual remittances—without custody hassles. Early volumes of $26 million in the first 30 minutes underscore pent-up demand, with XRP briefly rallying to $2.50 before a mild “sell-the-news” pullback to $2.39. RSI at 58 and a bullish MACD crossover suggest stabilization, with $2.60 odds at 62% on Polymarket.
Market Implications: $5 Billion Inflows and XRP’s Path to $5
XRPC’s $58 million debut—$26 million in the first hour—eclipses all 2025 ETF launches, with third place trailing by $20 million. The $250 million in net inflows on launch day—via in-kind swaps—signals structural demand, potentially unlocking $5 billion in the first month, as forecasted by McClurg. This could propel XRP to $5 (108% upside) by Q4, per analysts, leveraging its ISO 20022 compliance for $18 billion in annual remittances. The altcoin ETF wave—SOL, LTC, HBAR following BTC/ETH—now totals $13.75 billion in inflows, with XRPC’s debut rivaling SOL’s $57 million launch. Risks include tracking error (<0.5%) and XRP’s escrow releases (1B monthly), but Coinbase’s cold storage and in-kind redemptions mitigate.
Social Media Buzz: XRP Community Lights Up
X (formerly Twitter) erupted with XRPC’s launch, blending excitement and analysis. Bloomberg’s Eric Balchunas tweeted: “Congrats to $XRPC for $58m in Day One volume, the most of any ETF launched this year (out of 900), BARELY edging out $BSOL’s $57m. The two of them are in league of own tho as 3rd place is over $20m away.” Posts from @LiLiStormX (“Ripple Gets Its First ETF! The first spot XRP-ETF (XRPC) by Canary Capital has officially debuted… $58M in first-day trading volume”) garnered 42 likes and 496 views, while @cryptokylonews celebrated: “🚨BREAKING: Canary Capital’s $XRP ETF (XRPC) was the BEST ETF launch of 2025 with $58M in Volume.” Community sentiment skews bullish, with 65% positive per LunarCrush, forecasting $5 by Q4 on $5B inflows.
The Road Ahead: XRP to $5 and Beyond
XRPC’s $58 million launch—$250 million net inflows—could draw $5 billion in the first month, rivaling SOL’s debut and propelling XRP to $5 (108% upside) by Q4, leveraging its $18 billion remittances niche. Pending filings from Bitwise, Franklin Templeton, and 21Shares could follow suit, expanding the altcoin ETF wave to $13.75 billion in inflows. Risks include escrow releases (1B XRP monthly) and macro volatility (Fed pause at 45%), but XRP’s ISO 20022 edge fortifies it for tokenized RWAs ($16T by 2030).
XRPC isn’t just an ETF—it’s XRP’s Wall Street gateway, potentially to $5 by Q4. In a $3.57T market, this record launch lights the fuse for altcoin adoption. Trade wisely; the XRP rocket has ignition.