Canary’s spot XRP Exchange-Traded Fund (ETF) has surpassed most of the experts’ predictions, and it is currently on track to see a record-breaking debut after registering strong institutional demand on its first day.

First Spot XRP ETF Begins Trading

On Thursday, the first single-token XRP spot ETF began trading on Nasdaq, smashing the initial performance expectations of multiple experts after clearing the last regulatory hurdles this week.

Following the launch of Canary Capital’s spot XRP ETF (XRPC), the investment management firm asserted its conviction that “XRP Ledger represents a leading framework for global payments — purpose-built for interoperability and real-world settlement.”

Notably, Canary Capital recently completed its 8-A filing for its XRPC ETF with the US Securities and Exchange Commission (SEC) and received the stock exchange’s green light on Wednesday afternoon.

The Thursday launch comes amid the end of the US Government shutdown, which officially lasted 43 days and was forecasted to delay the long-awaited Altcoin ETFs until its conclusion.

For context, the SEC was expected to approve multiple crypto-based investment products between early October and November, after the regulatory agency postponed the decision deadline in Q3 and released new generic listing standards for the products.

However, the second wave of crypto-based investment products arrived despite the government setback, with the first set of ETFs launching over two weeks ago. On October 28, Canary Capital’s spot Litecoin and Hedera ETFs and Bitwise’s Solana Staking ETF (BSOL) began trading after filing 8-A forms with the SEC.

As crypto journalist Eleanor Terret explained, the launch was possible because an open government wasn’t required to continue the process, and the 8-A filings are “just as important” as the S-1 forms, since they register ETF shares under the Securities Exchange Act of 1934.

Canary’s XRPC To Challenge BSOL’s Debut

Ahead of the launch, multiple experts predicted that Canary’s spot XRP ETF could see strong demand and reach between $15 million and $35 million in volume on its first day. Senior ETF analyst at Bloomberg, Eric Balchunas, initially suggested that the investment product could hit $17 million in volume.

Following the first half-hour, the XRP ETF saw $26 million in volume, the analyst noted, breaking past his original expectations. As a result, Balchunas suggested that the XRPC had a “good shot” at surpassing BSOL’s first-day volume and becoming the biggest ETF launch of 2025.

As reported by NewsBTC, Bitwise’s SOL Staking ETF recorded an impressive volume of $10 million in the first 30 minutes of trading, which surged to $33 million by the half-day mark. The investment product closed its first day with around $57 million in volume, beating all other launches of this year.

In the afternoon, analyst James Seyffart noted that Canary’s XRP ETF had recorded around $46 million in volume by the half-day mark, with a few more hours of trading ahead. The analyst initially suggested that  XRPC could see around $34 million in volume on day one.

“This is almost guaranteed to be near the top of the list for 2025 launches and still has a shot at beating $BSOL for the top spot,” Seyffart concluded.

As of this writing, XRP trades at $2.30, a 3.3% decline in the daily timeframe.