Breaking: Canary Capital Debuts XRPC – First U.S. Spot XRP ETF Shakes Up Crypto Markets

The crypto ETF arms race just got hotter—Canary Capital drops a regulatory grenade with the first U.S. spot XRP exchange-traded fund. Wall Street’s usual suspects are scrambling to keep up.

Why it matters: After years of SEC saber-rattling, this move signals institutional validation for XRP—whether the old guard likes it or not. The ‘security’ debate just got a $2 trillion counterargument.

Between the lines: While traditional finance still argues about custody solutions, crypto-native firms are eating their lunch. XRPC’s launch proves the market votes with its wallet—paperwork be damned.

Bottom line: Another brick in the wall separating digital asset infrastructure from legacy systems. Watch for copycat filings within 48 hours—Wall Street hates missing a trend almost as much as it loves collecting fees.

Key Highlights

• Canary introduces XRPC, a spot ETF structured as a grantor trust holding real XRP.
• Form 8-A filing positions the fund for a near-term Nasdaq listing.
• XRPC targets XRP’s market value using CoinDesk’s CCIX benchmark and institutional-grade custody.

The race to list the first U.S. spot XRP exchange-traded fund has ended, with Canary Capital taking the lead. Following its FORM 8-A filing with the SEC, the firm’s new fund, the Canary XRP ETF (Nasdaq: XRPC), launched today.

The MOVE comes as XRP ETFs shift from speculation to near-term reality. Momentum has accelerated after several issuers, including Bitwise and 21Shares, updated or resubmitted filings this quarter.

XRP’s appeal for issuers is straightforward: it remains one of the few large-cap digital assets with an enterprise-focused use case, low-cost, cross-border settlement, that can be packaged into a regulated investment product.

Canary’s pitch: Direct XRP exposure

While futures-based or synthetic products offer indirect exposure, XRPC is structured as a grantor trust that holds actual XRP tokens in custody. This design mirrors the structure used by U.S. spot Bitcoin ETFs, a format that investors already understand.

U.S. Bank will handle cash custody and administration, while Gemini Trust and BitGo Trust serve as digital asset custodians. 

The ETF will benchmark its net asset value to the CoinDesk XRP CCIX New York Rate, a 60-minute time-weighted price reflecting liquidity from major exchanges. Shares are created and redeemed in 10,000-share “Baskets,” enabling authorized participants to deliver cash or XRP directly to the trust.

Introducing XRPC — the Canary XRP ETF

– Provides exposure to the native token of the XRP Ledger
– Built to reflect network performance across payments and liquidity protocols
– Backed by XRP’s established utility in cross-border value transfer
– Designed for efficiency, speed,… pic.twitter.com/8G0GRpcTgg

XRPC enters the market with the following launch metrics:

• Ticker: XRPC
• Exchange: CBOE
• Inception: November 13, 2025
• Sponsor Fee: 0.50%
• Digital Custodians: BitGo Trust, Gemini Trust
• Initial NAV: $25.00
• Net Assets: $5.25 million

The trust is not registered under the Investment Company Act of 1940 and does not operate as a commodity pool, placing it within the same regulatory lane as spot bitcoin ETFs.

Why XRPC matters for the XRP ecosystem

The launch taps into years of anticipation for a regulated XRP investment vehicle. Industry analysts argue that XRP, despite its long-standing focus on cross-border settlement and banking rails, has been one of the few major assets without a U.S. spot ETF wrapper.

XRPC also arrives as interest in tokenized settlement infrastructure is rising. The XRP Ledger, marketed by Canary as a “framework for global payments”, has seen renewed enterprise attention as financial institutions test blockchain-enabled value transfer.

Market reaction to ETF launch 

Before the ETF’s debut, XRP traded around $2.40–$2.45, with a 53% jump in intraday volume, according to CoinMarketCap.

Investors will be watching how XRPC trades against broader XRP liquidity during volatile periods, whether rival issuers speed up their filings in a repeat of the Bitcoin ETF cluster launch, and how institutions react to an asset with a complex legal past but a long-standing role in payments infrastructure.

Now launched, XRPC is the first U.S. spot XRP ETF, giving traditional markets a clearer way to track XRP’s price.

Also read: Franklin Templeton Nears Launch of Spot XRP ETF