Nasdaq, Inc. began trading its first U.S. spot XRP ETF, XRPC, on Thursday, November 13, 2025. The fund, sponsored by Canary Capital and managed by Canary Funds, offers investors direct exposure to the cryptocurrency XRP through a regulated exchange‑listed vehicle.
The ETF’s debut was marked by robust trading activity: $26 million of shares changed hands in the first 30 minutes, and total first‑day volume climbed to between $55 million and $58 million. Net inflows into the fund reached $245 million, a figure that far exceeded the initial analyst estimate of $17 million. The surge reflects pent‑up demand for regulated XRP exposure, the clarity of the SEC’s approval process, and the growing appetite of institutional investors for digital‑asset products.
While the ETF attracted strong inflows, XRP itself experienced a 2.7% dip to $2.28 on launch day, a classic “sell‑the‑news” reaction. The market capitalization of XRP was already in the $141‑$147 billion range in the days leading up to the launch; there was no evidence of a $10 billion inflow on the launch day that pushed the cap to $150 billion. The price decline illustrates how traders often liquidate positions once the anticipated event materializes.
XRPC carries a 0.50% annual management fee and is held in custody by Gemini Trust Company and BitGo Trust Company. The fund tracks the CoinDesk XRP CCIXber Reference Rate Index, providing investors with a physically settled, derivative‑free exposure to XRP that complies with U.S. securities regulations.
The launch aligns with Nasdaq’s broader strategy to deepen its footprint in the crypto market. By adding a regulated spot ETF, Nasdaq expands beyond its traditional exchange and data services, tapping into a new revenue stream and positioning itself against competitors such as Bitwise, Franklin Templeton, 21Shares, and CoinShares, all of whom have pending XRP ETF applications.
Market reaction to the launch was mixed: the ETF’s strong volume and inflows signaled confidence in regulated crypto products, while the XRP price dip underscored short‑term sell‑the‑news dynamics. Analysts noted that the ETF’s performance could accelerate institutional adoption of XRP and reinforce Nasdaq’s role as a leading digital‑asset platform.
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