Canary Capital Group LLC announced that its Canary XRP ETF (Nasdaq: XRPC) has surpassed $336 million in assets under management, making it the largest spot XRP exchange-traded fund in the United States, outpacing all competing products. The milestone follows a record-breaking debut that signaled surging institutional demand for regulated crypto exposure.
Record-Breaking Growth: $59 Million First-Day Volume
According to Canary Capital, as of November 26, 2025, XRPC had accumulated over $336 million in AUM, leading the U.S. spot XRP ETF market. The fund launched earlier in November with a first-day trading volume of $59 million, the highest first-day volume of any ETF launched in 2025. Steven McClurg, CEO and founder of Canary Capital, stated: "What we’re seeing with XRPC is more than early adoption, it’s validation of where investor demand is heading. That’s a clear signal that investors are choosing XRPC as a preferred vehicle for exposure to one of the most foundational digital assets."
Competing Issuers Enter the Fray
Several other major asset managers have launched spot XRP ETFs, including Bitwise (ticker: XRP), Grayscale (GXRP), and Franklin Templeton (XRPZ), intensifying the race for market share. These products offer investors a regulated, exchange-listed avenue to gain exposure to XRP, the native digital asset of the XRP Ledger, without the operational complexities of direct custody.
Verification of Institutional Demand
The strong inflows into XRPC helped push Canary Capital's entire suite of ETFs beyond $400 million in assets, reflecting heightened institutional appetite for crypto instruments that fit within established regulatory frameworks. Market observers believe that increased participation through listed structures could improve liquidity and integrate blockchain assets more deeply into traditional portfolios. Advocates argue that ETFs like XRPC provide clear pricing, operational simplicity, and risk-managed access to blockchain networks, countering skepticism related to market volatility and regulatory uncertainty.