Nasdaq is poised to achieve another milestone in the digital asset space as the first pure-play spot XRP exchange-traded fund (ETF) is scheduled to begin trading on November 13, 2025. Issued by Canary Capital Group LLC under the ticker XRPC, the fund is widely seen as a pivotal step in bringing XRP into mainstream investing, expanding institutional participation, and deepening liquidity within regulated U.S. markets.
Pure-Play Structure: No Derivatives, No Leverage
According to the Form 8-A filing submitted to the U.S. Securities and Exchange Commission (SEC) on November 10, XRPC is designed as a pure-play product that holds XRP directly, with no exposure to derivatives, leverage, or futures contracts. The fund's net asset value will track the Coindesk XRP CCIXber 60m New York Rate, a benchmark that aggregates transaction data from major XRP trading platforms. Custody of the XRP holdings will be split between Gemini Trust Company and Bitgo Trust Company, while U.S. Bancorp Fund Services and Paralel Distributors LLC will handle administration and compliance functions.
Key Distinction: 33 Act vs. 40 Act ETFs
Bloomberg ETF analyst Eric Balchunas confirmed the listing via social media platform X, stating, “The official listing notice for $XRPC has arrived from Nasdaq. Looks like tomorrow is ON for the launch.” Eleanor Terrett of Crypto in America clarified the critical difference between XRPC and the earlier Rex Osprey XRP ETF: While Rex Osprey's product was launched first under the Investment Company Act of 1940 ('40 Act) and offers only partial spot XRP exposure with less favorable tax treatment, XRPC is the first pure-play spot XRP ETF registered under the Securities Act of 1933 (33 Act), holding 100% XRP and no other assets. This structure provides cleaner, more efficient exposure for institutional investors.
Market Implications and Outlook
Market analysts expect the XRPC debut to significantly boost XRP liquidity, lower the barrier to entry for institutional players, and accelerate the integration of digital assets into the U.S. regulated financial ecosystem. With spot ETFs for Bitcoin, Ethereum, and Solana already trading, the arrival of a pure-play XRP ETF further expands the digital asset ETF category, offering investors a more diversified and compliant tool for portfolio allocation. Investors should note that while the pure-play structure eliminates derivative risks, XRP itself remains a highly volatile asset; thorough risk assessment is advised before investing.