The most direct exchange-traded fund to offer spot exposure to the XRP token had a massive debut on Wall Street.
Canary Capital’s XRP ETF (ticker XRPC) began trading Thursday morning and generated $58 million in volume, the biggest debut for an ETF this year among nearly 900 ETF launches, according to Bloomberg senior ETF analyst Eric Balchunas. XRPC generated $26 million within the first hour of trading alone, Balchunas noted earlier in the day on X.
The previous high watermark was held by Bitwise’s Solana ETF (BSOL), which did about $57 million in day-one volume. In fact, it followed that up with a massive $72-million second day.
“The two of them are in league of own tho as 3rd place is over $20m away,” Balchunas said Thursday afternoon, referring to the blockbuster XRPC and BSOL launches this year.
In September, REX Shares launched an XRP ETF that mostly holds XRP directly and invests at least 40% of its assets into shares of other ETFs related to XRP. That fund (ticker XRPR) did $37.7 million in volume, the largest day-one launch of the year at that time. The REX-Osprey DOGE ETF saw $17 million in volume.
“The median opinion of a crypto asset does not determine an ETF’s success. You’d rather have 20% of people love an asset than 80% of people kinda vaguely like it,” Bitwise CIO Matt Hogan said in a post on X. “ETFs die from apathy, not disagreement.”
Dozens of crypto ETFs were gearing for the final Securities and Exchange Commission sign-off before the U.S. government shutdown on Oct. 1. The SEC released new guidance following the shutdown, outlining how companies can go public. With the government now reopened, there are a few different scenarios for those ETFs moving forward, The Block previously reported. Last week, the Depository Trust and Clearing Corporation (DTCC) listed five spot XRP ETFs under its “active and pre-launch” funds category.
Amid a broad crypto market rout, the price of XRP — the fourth largest cryptocurrency by market cap — held up pretty well in Thursday’s session, trading around $2.30 at publication time.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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