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Canary Capital has brought to market the first exchange-traded fund (ETF) offering spot exposure to XRP, expanding the crypto ETF landscape beyond bitcoin ether and solana .
XRP is modest over the last 24 hours at $2.46, but higher by 7.8% in the last week, strongly outperforming most major cryptocurrencies.
The fund, which will begin trading on the Nasdaq starting today under the ticker XRPC, is structured under the Investment Company Act of 1940 – a regulatory framework that requires the use of a qualified custodian to hold the underlying crypto assets.
Canary Capital, Bitwise, Franklin Templeton and 21Shares had all filed new documents for their XRP spot funds, with Canary Capital being the first to do so.
“XRP is one of the most established and widely used digital assets in the world, accessibility to XRP through an ETF will enable the next wave of adoption and growth in a critical blockchain system,” said Steven McClurg, CEO of Canary Capital, in a statement. “We believe that XRP will play a key role in the evolution of our global financial system.”
The fund allows traditional investors to access XRP and the reward generated by the network through a brokerage account without the need to directly manage the crypto asset.
XRP, which powers the Ripple payment network, operates on a consensus mechanism distinct from proof-of-stake blockchains such as Ethereum or Solana. However, the design of the ETF offers performance characteristics related to blockchain participation, positioning it as part of a new category of digital asset funds that add potential income with crypto exposure.
The new fund reflects a continuing evolution in the crypto ETF space, as issuers and regulators test new ways to package native blockchain features like staking or performance into regulated investment vehicles designed for broader market access.
