Cardano (ADA) Price Prediction: Canary Capital and 21Shares Join Grayscale in Spot ETF Race to SEC openPR.com
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- Canary Capital launched its spot XRP ETF, XRPC, on 13 November.
- The ETF recorded $58 million in trading volume on day one.
- The listing was approved under Section 8(a) of the Securities Act without objections.
While most of the crypto market was digesting a sharp 3.5% decline on 13 November, Canary Capital’s XRP ETF surged to the top of the Nasdaq, recording the highest first-day trading volume of any fund launched in 2025.
The spot product, listed under the ticker XRPC, registered $58 million in trading activity on its debut, overtaking all previous launches this year.
Despite Bitcoin falling below $99,000 and a broader market slump, the appetite for regulated XRP exposure proved unshaken.
By 9:30 am EST, $26 million in volume had already been clocked.
Trading accelerated rapidly, with over $36 million executed by mid-morning.
Robinhood alone facilitated $500,000 in trades within the first five minutes.
Canary takes the lead in the 2025 ETF competition
XRPC overtook Bitwise’s BSOL ETF, which had previously led the 2025 pack with a $57 million opening day last month.
Both products now sit well ahead of the remaining 900-plus ETFs launched this year.
Bloomberg analyst Eric Balchunas highlighted that the third-most traded ETF debut trails by more than $20 million, underscoring how rare such volume has become in new fund launches.
The listing was certified by Nasdaq on 12 November under Section 8(a) of the Securities Act.
Its approval came without delays due to the absence of pushback during the review period, allowing Canary to activate the launch immediately and avoid the bottlenecks many other issuers face.
XRPC offers direct access to XRP price action
Unlike derivative-based funds or futures products, XRPC holds physical XRP and tracks the CME CF XRP-USD Reference Rate (New York Variant) in real time.
The ETF carries an annual fee of 0.50%. Custody is managed by Gemini Trust Company and BitGo Trust, both of which specialise in secure digital asset storage for institutional clients.
Canary Capital Group, headquartered in Tennessee, already operates ETFs tied to Bitcoin, Ethereum and HBAR.
The firm has positioned XRPC as a compliance-friendly solution for institutions looking to tap into XRP’s role in global payments infrastructure without managing wallet keys or custody operations directly.
Payment-focused crypto tokens see renewed demand
The launch of XRPC also highlights a broader trend in digital asset markets.
Utility tokens such as XRP and HBAR are attracting increasing institutional attention.
Earlier this month, Canary’s HBAR ETF raised $70 million within its first week.
Analysts suggest this reflects rising demand for crypto assets linked to real-world use cases like payments and settlements.
However, XRP’s performance is not immune to broader crypto cycles.
With a correlation to Bitcoin of nearly 40%, its price is often influenced by macro trends and volatility in the wider market.
This makes the ETF’s debut performance even more notable, as it succeeded in generating exceptional demand despite overall bearish sentiment.
The strong launch of XRPC suggests investors are still actively seeking structured exposure to crypto assets that offer functional value.
- Canary’s fund is set to be the sixth single-crypto ETF if it launches.
- The fund’s official website has gone live ahead of the anticipated debut.
- Past ETFs launched during the government shutdown used automatic effectiveness rules.
The cryptocurrency market is poised for a new addition with the likely debut of the first spot XRP exchange-traded fund, issued by Canary Capital.
On Wednesday, Nasdaq confirmed it had accepted the Form 8-A filing for the Canary XRP ETF, under the ticker XRPC, signalling formal readiness to list the asset.
While the announcement stirred excitement among ETF watchers, the fund still lacks the US Securities and Exchange Commission’s final approval to begin trading.
This has left its launch in limbo, even as industry observers anticipate a possible debut on Thursday.
Canary’s ETF becomes the sixth single-asset crypto fund to reach this milestone following earlier approvals for Bitcoin, Ether, Solana, Litecoin and Hedera.
However, this fund’s progression highlights a more complex regulatory backdrop, influenced by recent shifts in SEC processes during the US government shutdown.
Certification clears Nasdaq listing, but trading awaits
Nasdaq formally notified the SEC that it had received and filed the Form 8-A for Canary’s XRP ETF.
Bloomberg’s ETF analyst Eric Balchunas shared the update on X, stating that “The official listing notice for XRPC has arrived from Nasdaq.”
Despite this progress, the ETF has not yet received the green light to commence trading. The letter issued by Nasdaq confirmed approval of the listing but did not equate to SEC authorisation.
Observers have clarified that the letter is a procedural step and part of the process to join the registrant’s request for the fund to become effective.
Some in the crypto community highlighted the difference, noting that the Nasdaq letter does not declare the fund effective but only acknowledges the listing certification.
The SEC has not issued an effectiveness order, which means trading cannot begin until that step is completed.
Canary’s XRP fund joins crypto ETF roster
Following the Nasdaq filing, Canary Capital launched its official website for the ETF.
Nate Geraci, president of NovaDius Wealth Management, posted about the development, signalling that Canary was likely to be the first to market with an XRP-backed ETF.
If approved, the XRPC ETF will join the growing roster of single-asset crypto ETFs now available to investors. These include Bitcoin, Ether, Solana, Litecoin and Hedera.
Eleanor Terrett of Crypto America also indicated on X that Nasdaq had cleared XRPC for a market open launch, which further raised expectations for an imminent debut. However, the fund cannot proceed to trading without confirmation from the SEC.
ETF timing reflects shutdown-related procedure shifts
Canary’s ETF launch coincides with the recent end of the longest US government shutdown in history.
On Wednesday, President Donald Trump signed legislation that officially reopened government operations.
During the shutdown, ETFs for Solana, Litecoin and Hedera began trading under automatic effectiveness provisions.
These mechanisms allowed trading to begin without active SEC approval during periods when regulatory processes were delayed.
This approach was not used in earlier launches of Bitcoin and Ether ETFs, which both started trading only after formal authorisation from the regulator.
It remains unclear which approach the XRPC fund will follow.
Without a current effectiveness order, Canary’s ETF may be subject to additional delays, unless it qualifies under the same automatic provisions used during the shutdown period.
Launch window narrows as market watches SEC decision
Although Nasdaq has certified the listing and Canary’s infrastructure appears ready, the fate of the XRPC ETF ultimately depends on the SEC.
Canary’s website launch and market interest reflect growing anticipation, but trading cannot begin until regulators give their final approval.
Although Nasdaq certified the listing and Canary Capital launched its website, the fund did not begin trading immediately after 28 October, the initially anticipated date.
Without a final effectiveness order from the SEC, the ETF remains in limbo. Until that regulatory step is completed, XRPC cannot begin trading, and the market continues to await confirmation.
Canary Capital filed formal paperwork on Monday that could let an XRP-backed ETF start trading on Nasdaq within days. According to the filing, Canary submitted a Form 8-A to the US Securities and Exchange Commission on November 10, 2025, a move that registers the fund’s shares under the Exchange Act and begins a regulatory clock that can lead to a listing if no objections are raised.
Nasdaq Listing Moves Into Final Steps
Based on reports, the shares are expected to trade under the ticker XRPC once Nasdaq completes its listing approval and the regulatory waiting period runs its course. The S-1 prospectus filed earlier says the trust’s shares are expected to be listed for trading subject to notice of issuance on the Nasdaq Stock Market.
Market players say a key legal mechanism is now in motion. Canary removed a delaying amendment from its S-1, which triggers a 20-day countdown to automatic effectiveness unless the SEC acts. That change has led some issuers to target a November 13 listing date, though final sign-off by Nasdaq and any SEC comments could shift that plan.
CEO Steven McClurg at Canary Capital on XRPETF.. #XRP pic.twitter.com/2UnDKdvc4R
— RIZ..
(@RizXRP) November 10, 2025
Canary Capital CEO Steven McClurg said the XRP ETF could potentially double the gains Solana saw in its first week. He pointed to strong interest in XRP, reflected in its market capitalization and trading activity.
Fund Details And Fees
Reports have disclosed some of the fund’s basic terms. The Canary product lists a management fee of 0.50% and names custodians that are already familiar in crypto ETF work, including Gemini Trust Company and BitGo Trust Company.
The trust also names US Bank as the cash custodian and US Bancorp Fund Services in an administrative role, according to market write-ups.
The background numbers help frame the potential scale. According to earlier SEC filings, as of October 8, 2025, the aggregate market value of XRP was about $173 billion, which placed XRP among the top five digital assets by market cap at that date.
That size is one reason multiple issuers have pushed to bring XRP into ETF wrappers. At the time of writing, XRP’s market cap stood at a little over $146 billion.
Market Reaction And What To Watch
Price action already reacted. Reports show XRP moved sharply higher around news of the filings, with some outlets noting intraday gains as large as 8% on the rumor and filing flow.
Traders will look for actual listing notices and early volume numbers once trading starts. However, when this report was made, the altcoin has shed 3.5% in the last 24 hours.
Featured image from Unsplash, chart from TradingView
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Canary Capital filed the first S-1 registration statement for a TRUMP memecoin exchange-traded fund (ETF) with the SEC on Aug. 26.
The “Canary Trump Coin ETF” filing marks a departure from earlier mutual fund approaches, utilizing Form S-1 under the 1933 Securities Act rather than the N-1A investment company registration form used by competitors Tuttle Capital and Rex Osprey.
Form S-1 registration statements enable corporations to register ETFs that track the spot prices of underlying assets, whereas N-1A forms apply to investment companies establishing mutual funds.
The distinction positions Canary’s product as a traditional ETF structure rather than an investment company vehicle. The corporate registration framework enables traditional ETF mechanics while ensuring regulatory compliance with established securities laws.
Rex Osprey filed initial N-1A statements for a TRUMP ETF in January, followed by Tuttle Capital’s proposals for leveraged funds featuring multiple memecoins, including TRUMP and MELANIA tokens. Tuttle amended its applications in July, targeting a potential launch date on July 16.
Latest ETF move
Canary incorporated the “Canary Trump Coin ETF” entity in Delaware on Aug. 13, according to state records, signaling preparation for the formal SEC filing two weeks later.
The Delaware incorporation typically precedes the launch of ETFs, demonstrating institutional commitment to the product structure.
The TRUMP coin ETF filing marks the latest move in Canary Capital’s broader crypto ETF strategy.
The firm submitted plans for a Canary American-Made Crypto ETF on Aug. 25, targeting digital assets with domestic ties.
The proposed fund tracks the Made-in-America Blockchain Index, focusing on cryptocurrencies developed in the US, tokens minted domestically, and networks with US-based operations.
CoinGecko estimates that US-origin crypto assets represent a market value exceeding $520 billion, including projects such as XRP, Solana, Cardano, Chainlink, Stellar, Avalanche, Hedera, and Sui.
The American-Made ETF aims to generate additional income through network validation processes, including staking and transaction verification.