Canary XRP ETF Gets Green Light: XRPC to Debut on Nasdaq Nov 13

Introduction

The Nasdaq has confirmed that the Canary XRP ETF will begin trading on 13 November 2025 under the ticker symbol XRPC, marking the first spot XRP ETF in U.S. history. The listing follows Canary Capital’s Form 8-A filing received by the SEC on 10 November, which triggered automatic approval, per Bloomberg ETF analyst Eric Balchunas. The ETF will list on the Nasdaq Global Market with a 0.50% management fee and track the XRP-USD CCIXber Reference Rate Index. Service providers include U.S. Bancorp Fund Services (transfer agent/administrator) and Gemini Trust Company and BitGo Trust Company (custody). (AMBCrypto).

Industry watchers view the Nasdaq listing as a major regulatory milestone for Ripple and a pivotal moment for XRP market access, opening a path for institutional and retail investors to gain XRP exposure via traditional brokerage accounts—without needing to use crypto exchanges. Despite the landmark approval, XRP’s price showed little immediate reaction at the time of reporting, hovering around $2.40 with a modest ~1% decline. SEO keywords: XRP ETF, spot XRP ETF, Nasdaq listing, XRP price, Ripple, crypto custody, Gemini Trust, BitGo, U.S. SEC approval, Canary Capital.

The launch also invites comparisons to Solana’s recent ETF debut. Bitwise’s Solana Staking ETF (BSOL) attracted $531 million in net assets in its first week, with about $70 million on day one and seven straight days of inflows—outperforming competing crypto ETFs even as Bitcoin and Ethereum products saw outflows. Some analysts speculate the XRP ETF could potentially deliver twice Solana’s early gains, supported by XRP’s roughly $143 billion market cap and pent-up demand.

Background

The Canary XRP ETF has received its official listing notice from Nasdaq and is scheduled to begin trading on November 13, 2025, under the ticker symbol XRPC. This marks the first spot XRP exchange-traded fund (ETF) in U.S. history—an important milestone for Ripple’s ecosystem and for investors seeking regulated access to XRP through traditional brokerage accounts. According to the listing details, the fund will be listed on the Nasdaq Global Market with a 0.50% management fee and will track the XRP-USD CCIXber Reference Rate Index. U.S. Bancorp Fund Services will serve as transfer agent and administrator, while custody will be handled by Gemini Trust Company and BitGo Trust Company. The SEC received Canary Capital’s Form 8-A on November 10, which enabled automatic registration of the listed securities, and the listing was later confirmed by Nasdaq and noted by ETF analysts.

What is a spot crypto ETF and why does it matter?

A spot crypto ETF is a regulated investment vehicle that aims to track the current (spot) price of a cryptocurrency by holding the underlying asset (or using structures that closely mirror it), rather than using futures contracts. Investors can buy and sell ETF shares on stock exchanges with standard brokerage accounts, without managing wallets, private keys, or crypto exchange accounts. This structure has already expanded access to Bitcoin and Ethereum, with U.S. spot Bitcoin ETFs launching in January 2024 and U.S. spot Ethereum ETFs following in 2025. Multiple sources, including BlackRock, Fidelity, and independent research like Bloomberg Intelligence, have chronicled how spot ETFs can deepen market liquidity, improve price discovery, and broaden institutional participation.

For XRP specifically, a spot ETF offers new on-ramps for institutional buyers constrained by mandate or compliance rules. It also provides retail investors a familiar format for gaining XRP exposure in tax-advantaged accounts like IRAs or 401(k)s (subject to plan rules). While ETFs don’t eliminate market risk, they package crypto exposure within established market infrastructure—exchange trading, regulated custodians, and daily NAV reporting.

Key details and service providers

• Ticker and venue: XRPC on Nasdaq Global Market

• Fee: 0.50% management fee

• Index: XRP-USD CCIXber Reference Rate Index

• Transfer agent/administrator: U.S. Bancorp Fund Services

• Custody: Gemini Trust Company; BitGo Trust Company

• Regulatory filing: Form 8-A submitted to the U.S. SEC (see EDGAR). For general background on Form 8-A, consult the SEC’s guide to registering securities on a national exchange.

These providers are known within digital asset markets. Gemini and BitGo are long-standing crypto custodians that emphasize security practices such as cold storage, multi-signature controls, SOC audits, and insurance arrangements. While specific policies vary, their public documentation outlines security frameworks and risk management. See: Gemini Trust and BitGo.

How this compares to Solana’s recent ETF debut

The launch naturally invites comparisons to other spot crypto ETFs. In late October, Bitwise’s Solana Staking ETF (BSOL) drew notable early interest, with over $500 million in assets within its first week and seven consecutive days of inflows, according to reporting by AMBCrypto and industry trackers. While different assets and structures make direct comparisons imperfect, early AUM and flow patterns offer a benchmark for initial demand. Market analysts have speculated that XRP’s larger market capitalization and deep global trading footprint could translate into strong day-one and week-one flows for XRPC, though actual performance will depend on broader market conditions, liquidity, and investor risk appetite.

For context on ETF flow dynamics:

• Crypto ETF flows can be volatile and sensitive to macro factors, regulatory headlines, and underlying asset price momentum.

• Early inflows often reflect pent-up demand; sustained growth depends on continued adoption by wealth platforms, RIAs, and institutional allocators.

• Independent data providers like CoinShares and Bloomberg publish weekly and monthly flow reports that can help investors track sentiment across crypto-themed funds.

XRP, Ripple, and the regulatory backdrop

XRP is a digital asset used within the Ripple ecosystem for cross-border payments and liquidity management. The XRP Ledger (XRPL) is an open-source, decentralized blockchain focused on fast settlement and low fees. Ripple, the company, has faced a years-long legal saga with the U.S. SEC; however, various court rulings and evolving market structure have gradually clarified aspects of XRP’s status in secondary market trading. For background, see court order coverage from reputable outlets (e.g., Reuters) and Ripple’s own disclosures (Ripple).

An XRP spot ETF doesn’t resolve every regulatory question, but it does signal increasing comfort by exchanges, custodians, and administrators with listing and operating regulated XRP products under U.S. securities law. As always, investors should distinguish between:

• The XRP token and its use on XRPL

• Ripple Labs, the company

• ETF issuers and their service providers

• Regulatory permissions specific to the ETF’s structure and disclosures

What investors should watch

• Day-one trading: Bid-ask spreads, trading volume, and creation/redemption activity can indicate market-maker readiness and investor interest.

• AUM and flows: Weekly inflows/outflows will reveal the durability of demand.

• Tracking difference: Compare ETF performance to the reference index to assess efficiency after fees and frictions.

• Custody and operations: Review issuer documents for details on storage, insurance, and counterparty risk.

• Broader crypto market: Bitcoin and Ethereum moves, macro risk sentiment, and regulatory headlines can influence XRP ETF flows.

Risks and considerations

• Market volatility: XRP is historically volatile; ETF shares will reflect that risk.

• Regulatory risk: Future regulatory actions or policies could affect trading, custody, or index methodology.

• Liquidity and spreads: Especially in the first days, spreads may be wider until market makers stabilize inventory and hedging.

• Tracking and fees: Management fees and operational costs can result in performance that lags spot XRP over time.

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