Canary Capital XRP ETF (XRPC): The First Pure Spot ETF

Canary Capital made history on November 13, 2025, by launching the first pure spot XRP ETF in the United States. While REX-Osprey technically beat them to market, Canary's fund was the first built specifically as a spot ETF from day one—and it's currently winning the race to accumulate the most XRP.

Fund Overview

The First Mover Story

Canary Capital filed their S-1 registration on October 8, 2024—long before most competitors even announced XRP ETF plans. This early filing demonstrated a strategic bet that XRP would eventually get regulatory clarity.

Their patience paid off. When the SEC finally greenlit spot XRP ETFs in late 2025, Canary was first in line with all paperwork complete and ready to launch on Nasdaq.

What "Pure Spot" Means

Unlike hybrid products or converted trusts, Canary's ETF was designed from scratch as a spot vehicle. This means:

• Clean Structure: No legacy baggage from previous fund formats
• Optimized Creation/Redemption: Market makers can efficiently create and redeem shares
• Tighter Tracking: Minimal deviation from XRP's spot price

Leading the Holdings Race

Here's something remarkable: Canary Capital currently holds more XRP than any other ETF.

With approximately 146.1 million XRP in their vaults, Canary is leading the "Road to 1 Billion" race. They're more than double Bitwise's holdings and nearly triple REX-Osprey's position.

Why Are Investors Flocking to Canary?

1. First-Mover Trust: Early adopters tend to stick with the original
2. Nasdaq Listing: Some investors prefer Nasdaq over NYSE
3. BitGo Custody: Alternative to Coinbase for those seeking diversification
4. Aggressive Marketing: Strong retail investor outreach

Fees & Costs

At 0.50% annually, Canary sits in the middle of the fee spectrum:

• Higher than Bitwise (0.34%)
• Higher than Franklin Templeton (0.19%)
• Higher than Grayscale (0.35%)
• Lower than REX-Osprey (0.75%)

For a $10,000 investment, you'd pay $50/year in fees. Over 10 years, assuming 8% annual returns, the fee difference between Canary (0.50%) and Bitwise (0.34%) would cost you roughly $170 extra.

Is the Fee Premium Worth It?

For most long-term investors, probably not. The slight convenience of being "first" doesn't justify paying 50% more in annual fees. However, if you value BitGo custody or prefer Nasdaq, it might make sense.

BitGo Custody Solution

While most XRP ETFs use Coinbase as their custodian, Canary chose BitGo Trust Company. This decision has implications:

Advantages of BitGo

• Custodian Diversification: Not all eggs in the Coinbase basket
• Multi-Signature Security: BitGo pioneered institutional multi-sig custody
• $250M Insurance: Coverage against theft and security breaches
• Regulatory Compliance: State-regulated trust company with SOC 2 Type II certification

Potential Considerations

• Less Liquidity: Coinbase has more trading volume for large redemptions
• Smaller Ecosystem: BitGo's XRP infrastructure is less battle-tested than Coinbase's

Performance Analysis

Since launching on November 13, 2025, XRPC has demonstrated strong performance:

• Day 1 Volume: Exceeded expectations with significant institutional interest
• AUM Growth: Rapid accumulation of assets, now among the top XRP ETFs
• Tracking Accuracy: Minimal premium/discount to NAV
• Bid-Ask Spread: Competitive spreads thanks to active market makers

The fund has closely tracked XRP's price movements, which is exactly what you want from a spot ETF.

How to Buy XRPC

1. Open a brokerage account that has access to Nasdaq (most major brokerages do)
2. Search for "XRPC" in your trading platform
3. Verify it's the Canary Capital fund (full name: Canary Capital XRP ETF)
4. Place your order (market or limit)
5. Hold in taxable or tax-advantaged accounts

Trading hours are standard U.S. market hours: Monday-Friday, 9:30 AM - 4:00 PM Eastern.

Should You Choose Canary?

Choose Canary If:

• You want to support the first pure spot XRP ETF
• You prefer BitGo custody over Coinbase
• You specifically want a Nasdaq-listed fund
• You're bullish on Canary's long-term growth and market share

Consider Alternatives If:

• Fees are your primary concern (choose Bitwise or Franklin Templeton)
• You want the simplest ticker (choose Bitwise's "XRP")
• You prefer a larger, more established asset manager

The Bottom Line

Canary Capital's XRPC is a solid choice for XRP exposure. While not the cheapest option, its first-mover advantage, BitGo custody, and massive XRP holdings make it a legitimate contender. The fund has proven itself capable of accumulating significant assets and trading with tight spreads.

For cost-conscious long-term investors, Bitwise or Franklin Templeton offer better value. But if you value being part of the original spot XRP ETF or want custody diversification, Canary deserves consideration.

Track XRPC Live

Watch Canary Capital's position in the "Road to 1 Billion XRP" race on our live dashboard. See real-time volume rankings, holdings updates, and compare XRPC against all other XRP ETFs.

Explore other ETF options: Bitwise XRP ETF | Franklin Templeton XRP ETF | Grayscale XRP ETF

Related Reading

• What is an XRP ETF? - Complete beginner's guide
• How to Invest in XRP ETFs - Step-by-step instructions
• Understanding ETF Flows - Learn to read market signals
• XRP ETF Comparison - Compare all XRP ETFs

Disclaimer: This article is for educational purposes only and does not constitute investment advice. Past performance does not guarantee future results. Cryptocurrency investments carry significant risk. Always do your own research.