Canary Capital has launched its eagerly anticipated Canary XRP ETF, which traded on the Nasdaq under the ticker symbol XRPC. The fund achieved an astonishing trading volume of $58.5 million on its inaugural day, a record not only for 2025 but also a significant milestone considering the turbulent state of the overall cryptocurrency market.
Despite a notable downturn in cryptocurrency prices, with XRP, Ripple’s native token, registering an 8.5% drop within 24 hours, the ETF’s debut was marked by remarkable trading activity. Steven McClurg, founder and CEO of Canary Capital, expressed pride in the ETF’s performance, highlighting that it set the highest first-day trading volume among any ETFs launched this year. The previous record was held by the Bitwise Solana Staking ETF, which saw $56 million in its initial trading day.
The success of XRPC is attributed to the strong demand from both retail and institutional investors eager to engage with digital assets. McClurg noted that the ETF’s assets under management exceeded $250 million shortly after the launch, signaling a robust interest in accessing XRP.
Jake Hanley, managing director and senior portfolio specialist at Teucrium Investment Advisors, remarked on the fervor within the XRP community, stating he was not surprised by the ETF’s early success. He emphasized the community’s active social media presence leading up to the launch, which contributed significantly to the high trading volume. According to Hanley, XRP is well-positioned due to its practical applications, and Ripple is making strides in expanding its business operations.
The launch follows a series of regulatory approvals that have streamlined the pathway for crypto ETFs. In September, the SEC’s decision to approve generic listing standards for such funds has greatly facilitated quicker listings, negating some previously required filings. Additionally, a wave of new XRP ETFs from prominent firms such as Franklin Templeton, Bitwise, and Grayscale are set to enter the market next week.
With over 150 altcoin ETFs now tracked by the SEC, the landscape for digital assets is rapidly evolving. Maja Vujinovic, CEO of FG Nexus, noted that the debut of XRP’s ETF marks a critical step in pushing cryptocurrency into mainstream recognition, signaling a departure from the conventional Bitcoin and Ethereum dominance in the market.
The performance of the Canary XRP ETF is a clear indication of the strongly mobilized XRP community, illustrating that interest in digital assets is growing despite broader market challenges. As more firms prepare to launch their own XRP ETFs, the landscape suggests an intensified competition and an increasing appetite for cryptocurrency investments.
