The Canary XRP ETF (Ticker: XRPC), a new exchange-traded fund dedicated exclusively to XRP tokens, made its debut on the Nasdaq on November 13, 2025. The fund comes with a management fee of 0.50% and offers both cash and physical redemption options, giving investors added flexibility in accessing the underlying asset.
Fund Overview
The Canary XRP ETF is structured as a spot ETF, allowing direct exposure to XRP through an easily tradable fund. The dual redemption mechanism—supporting both cash and physical delivery—enhances the appeal for investors seeking different ways to realize value from their holdings. With its 0.50% management fee, XRPC positions itself as a cost-effective avenue for gaining regulated exposure to the XRP token.
Initial Trading Performance
Trading activity in the first two days provided an insightful glimpse into investor sentiment. On day one, XRPC recorded a trading volume of $59.22 million but did not see any net inflows. In contrast, the second day witnessed a net inflow of $243 million, despite a lower trading volume of $26.72 million.
This discrepancy between trading volume and net inflows highlights an important nuance in ETF trading: secondary market trading does not always correspond directly to capital entering the fund. The substantial net inflow on day two likely stems from direct subscriptions—either in cash or through physical token delivery—indicating strong institutional or investor demand for acquiring shares directly from the fund.
Net Asset Value (NAV) and XRP Weighting
As of the latest reports, the Canary XRP ETF’s net asset value stands at approximately $248 million. Interestingly, only 0.18% of the fund’s NAV is represented by XRP relative to the total market capitalization of the token.
While the ETF is still small compared to the broader XRP market, this ratio demonstrates its current limited impact on overall token pricing. However, sustained inflows could amplify its influence over the medium to long term, making XRPC a potentially significant participant in the XRP market in the future.
Is XRPC the First XRP ETF in the U.S.?
The Canary XRP ETF is described as a spot ETF solely focused on XRP, marking an important milestone in U.S. ETF offerings. However, investors should consult official regulatory filings to confirm its position as the very first XRP ETF approved in the United States.
Implications for the XRP Market
Given its current NAV and limited weighting relative to total XRP market capitalization, the ETF’s initial launch has a modest impact on overall token value. Nonetheless, the strong second-day inflow of $243 million signals growing investor interest, which could translate into more meaningful market influence if the trend continues.
Tracking XRPC Performance
Investors can monitor XRPC’s trading price through Nasdaq’s order books, while the fund’s NAV is regularly published by the fund manager. Market data platforms also provide ongoing updates, making it easy for investors to stay informed about the fund’s performance and capital flows.
Conclusion
The launch of the Canary XRP ETF marks a significant step for regulated XRP investment products in the U.S., providing investors with a new, flexible way to access the token. While the initial fund size remains relatively modest, early trading patterns suggest strong potential for growth, and the ETF could increasingly become a key avenue for both retail and institutional investors seeking exposure to XRP.
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