First-Ever U.S. Spot XRP ETF Launches November 13 — What to Expect from XRPC on Nasdaq

• Nasdaq approved Canary Capital’s spot XRP ETF, and trading begins under the ticker XRPC.
• The ETF tracks the XRP-USD index and gives investors regulated exposure to XRP.

Nasdaq has formally certified the Canary Capital XRP ETF for trading, opening the door for the first single-token spot XRP fund to launch on a major U.S. exchange.

The approval finalises the regulatory pathway for the product, which begins trading under the ticker XRPC today. 

NEW: As of 5:30 PM ET, @CanaryFunds’ $XRP ETF is officially effective after @Nasdaq certified the listing, clearing $XRPC for launch tomorrow at market open. pic.twitter.com/h3hxVMDhWP

— Eleanor Terrett (@EleanorTerrett) November 12, 2025

Canary Capital’s fund tracks the XRP-USD CCIXber Reference Rate Index, allowing investors to access XRP price movements without holding the digital asset. The structure aligns with broader efforts to expand institutional pathways into crypto, especially as more asset managers build products tied to individual altcoins.

Eleanor Terrett, former FOX News correspondent, noted, “As of 5:30 PM ET, Canary Funds’ $XRP ETF is officially effective after Nasdaq certified the listing, clearing XRPC for launch on Thursday at market open.”

The certification followed a formal notice addressed to Eun Ah Choi, Nasdaq’s Global Head of Regulatory Operations. The letter, dated Nov. 10, 2025, confirmed that Nasdaq reviewed Canary’s Form S-1 filed on Oct. 15 and approved the ETF’s registration under Form 8-A. Choi signed the document on behalf of the exchange’s Listing Centre in Washington, D.C., confirming the ETF’s eligibility upon receipt of effective registration status.

Trading begins immediately after certification, allowing brokerages across the country to offer the ETF like any other equity product. Investors gain the ability to buy, sell, or hold exposure to XRP through traditional accounts, a shift that may broaden market participation. Moreover, the ETF operates under the Securities Act of 1933, which enables direct XRP custody inside the fund.

Canary Capital Emerges as a Lead Issuer

Canary’s approval follows the firm’s final Form 8-A submission to the SEC earlier in the week, clearing the last regulatory step before Nasdaq certification. CEO Steven McClurg welcomed the launch and acknowledged support from SEC leadership, citing efforts by Chair Paul Atkins and Commissioner Hester Peirce in advancing open financial markets.

Asset managers such as Franklin Templeton, Bitwise, and 21Shares are also progressing with their own filings, creating competition among issuers seeking early inflows. The broader trend reflects a shift toward regulated altcoin investment vehicles across U.S. markets.

Altcoin ETF Expansion Accelerates

The XRPC debut follows a wave of altcoin ETFs that recently entered the market. New products covering Solana, Litecoin, and Hedera attracted significant inflows, reinforcing appetite for regulated crypto instruments. Bitwise’s Solana ETF, for example, recorded $56 million in first-day volume and climbed to $72 million on day two.

XRP-related funds showed similar appetite even before today’s spot-based launch. REX-Osprey’s XRP futures ETF generated $24 million of volume within its first 90 minutes when it debuted in September, later surpassing $100 million in assets under management. 

XRP ETFs now occupy an increasingly visible position in the U.S. market. Eleven XRP-related ETFs appear on the DTCC eligibility list, including products by Bitwise, Franklin Templeton, CoinShares, and 21Shares. The SEC’s July 2025 guidance on crypto ETPs helped unlock a more predictable pathway for issuers, accelerating filings across the sector.