XRP ETF Enters Nasdaq…"Institutional Money 'Move' Expected"

A spot exchange-traded fund (ETF) based on XRP will be officially listed on Nasdaq on the 13th, U.S. local time. The industry is watching whether this ETF listing can stimulate inflows from institutional investors.

According to Nasdaq and Binance, Canary Capital's "Canary XRP ETF" (ticker XRPC) will begin trading on Nasdaq from today. The fund is linked to the value of XRP assets and is valued based on final net asset value (NAV·Net Asset Value) after deducting expenses such as management fees and liabilities. Custody of XRPC will be handled by Gemini Trust Company and BitGo Trust Company, and pricing will be based on CoinDesk's XRP CCIX Verge Index.

The industry notes that Ripple, a representative altcoin, is the first case of an altcoin being listed as an ETF following the Bitcoin and Ethereum spot ETFs. In particular, there are expectations that inflows of institutional funds could inject new momentum into the XRP market. As of 6:30 p.m. that day, Ripple was trading at 3,733 won on Upbit, up 3.64% from the previous day.

In addition to Canary Capital, major global asset managers such as Franklin Templeton, 21Shares, Bitwise, and CoinShares have each registered XRP spot ETF-related tickers with the Depository Trust & Clearing Corporation (DTCC). Steven McClurg, CEO of Canary Capital, explained, "The first week's trading volume of the XRP spot ETF will be twice that of the recently listed Solana (Solana) ETF," adding, "XRP's market capitalization and trading volume are the background for that."

Reporter Minjae Lee tobemj@wowtv.co.kr