XRP has become the latest cryptocurrency to receive a spot exchange-traded fund wrapper, joining bitcoin and ether — which launched ETFs in 2024 — and solana, which entered the market just weeks earlier.

Canary Capital has introduced the first-ever spot XRP ETF, adding a new asset class to the expanding crypto ETF ecosystem that until now has centered primarily on bitcoin, ether and solana. The new fund provides direct XRP exposure and will trade on the Nasdaq beginning today under the ticker XRPC.

XRP has posted modest gains in the past 24 hours, rising to $2.46, and is up 7.8% over the past week, outperforming most large-cap cryptocurrencies.

Structured under the Investment Company Act of 1940, XRPC is required to use a qualified custodian to safeguard its underlying XRP holdings. Canary Capital, Bitwise, Franklin Templeton and 21Shares each filed applications for spot XRP ETFs, with Canary winning the race to market.

“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. “We believe XRP will play a key role in the evolution of our global financial system.”

The product gives traditional investors a regulated gateway to XRP and the rewards generated by network activity, all through a standard brokerage account—eliminating the need to hold or secure crypto directly.

XRP underpins the Ripple payment network, using a unique consensus mechanism that differs from proof-of-stake systems like Ethereum and Solana. Even so, the ETF incorporates yield-oriented features tied to blockchain participation, placing it within a growing class of digital asset funds that blend income opportunities with crypto market exposure.

The launch of XRPC underscores the next phase in crypto ETF development, as issuers and regulators continue experimenting with ways to integrate blockchain-native economics—such as staking and network rewards—into fully regulated investment vehicles designed for mainstream investors.