XRP’s XPRC ETF Smashes 2025 Records With Biggest Day-One Debut on Wall Street

The Canary’s XRP ETF (XRPC) launched with a “hot start,” recording over US$58 million in volume, making it the biggest ETF debut of the year.
The initial trading activity far exceeded analyst expectations; for instance, it cleared one analyst’s full-day forecast of US$17 million shortly after the open.
XRPC is the second US XRP-focused ETF to market and launched amid a wave of new crypto ETFs awaiting approval.

Hot start for Canary’s XRP ETF this Thursday, recording over US$58 million (AU$88 million), the biggest debut for an ETF this year and far more trading activity in its first 30 minutes than analysts expected for the entire session.

Bloomberg Senior ETF Analyst Eric Balchunas said on X that the Canary XRP ETF, trading under the ticker XRPC, had already cleared his full-day volume forecast of US$17 million (about AU$25.5 million) shortly after the open.

But in just one hour, the ETF had amassed US$26 million (about AU$39 million), according to Bloomberg data, prompting Balchunas to suggest it could be one of the strongest ETF debuts on record.

Congrats to $XRPC for $58m in Day One volume, the most of any ETF launched this year (out of 900), BARELY edging out $BSOL‘s $57m. The two of them are in league of own tho as 3rd place is over $20m away. pic.twitter.com/MjsOeceeNb
— Eric Balchunas (@EricBalchunas) November 13, 2025

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Canary’s XRP ETF Smashes Records

XRPC is the second US XRP-focused ETF to hit the market. In September, REX Shares rolled out XRPR, which holds XRP directly while allocating at least 40% of assets to other XRP-related ETFs.

XRPR saw first-day trading of about US$37.7 million (around AU$56.6 million). An earlier REX-Osprey DOGE ETF recorded roughly US$17 million (about AU$25.5 million) in debut volume.

Canary’s launch comes as a wave of other crypto ETFs waits in the pipeline. Many issuers were seeking final SEC approval before the U.S. government shutdown on October 1.

After the shutdown ended, the SEC issued updated listing guidance, and the Depository Trust and Clearing Corporation (DTCC) recently placed five spot XRP ETFs in its “active and pre-launch” category.

Despite the ETF’s successful launch, XRP didn’t budge one bit. The coin is down 2% daily, trading at US$2.33 (AU$3.5). Most of the crypto market is in negative territory today, with Bitcoin dropping below US$100K (AU$153K) this week.