First XRP Spot ETF Opens for Trade With Canary Capital's XRPC
Canary Capital has launched the first exchange-traded fund (ETF) offering spot exposure to XRP, trading under the ticker XRPC on Nasdaq. Structured under the Investment Company Act of 1940, the fund allows traditional investors to access XRP and blockchain-generated rewards without directly managing crypto assets. This marks a significant development in the crypto ETF space, moving beyond Bitcoin, Ethereum, and Solana to offer new digital asset funds linking potential income with crypto exposure. Canary Capital's CEO highlighted XRP's critical role in the global financial system and its unique consensus mechanism compared to proof-of-stake blockchains.
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Launch of First Spot XRP ETF
Canary Capital has brought to market the first exchange-traded fund (ETF) offering spot exposure to XRP, expanding the crypto ETF landscape beyond bitcoin (BTC), ether (ETH), and solana (SOL). The new fund represents a significant step in broadening digital asset investment opportunities.
XRP Price Performance
XRP is trading at $2.46, having risen modestly over the past 24 hours, and is up 7.8% over the last week, outperforming most major cryptocurrencies. This price movement highlights XRP's growing momentum in the market.
Introduction of the XRPC ETF
The fund, trading on the Nasdaq under the ticker XRPC, is structured under the Investment Company Act of 1940. This regulatory framework mandates the use of a qualified custodian to hold the underlying crypto assets, ensuring a higher standard of security and compliance.
Competition in Spot XRP ETFs
Canary Capital leads the way among firms such as Bitwise, Franklin Templeton, and 21Shares, all of which have filed for their own spot XRP funds. By being the first to market, Canary Capital is setting a precedent in the field of crypto ETFs.
CEO's Vision for XRP Adoption
“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. He further emphasized that XRP will play a key role in the evolution of the global financial system.
Simplified Access and Rewards
The fund provides traditional investors access to XRP and network-generated rewards through a brokerage account, eliminating the need to directly manage crypto assets. This design caters to those seeking exposure to crypto without the complexities of direct ownership.
Unique Features of the ETF
XRP, powering the Ripple payment network, operates on a consensus mechanism distinct from proof-of-stake blockchains like Ethereum or Solana. The ETF includes yield features tied to blockchain participation, introducing a new category of funds that combine crypto exposure with income-generating potential.
Evolution of the Crypto ETF Market
This new fund reflects the ongoing evolution in the crypto ETF space, as issuers and regulators test innovative ways to integrate blockchain-native features, such as staking or yield, into regulated investment vehicles designed for wider market accessibility.