XRP vs XRPC

XRPABitwise XRP ETF

XRPCBCanary XRP ETF

In short

XRP Bitwise won the naming fight: its spot fund trades under the coin's own ticker. Underneath it is plain plumbing, XRP in cold storage at Coinbase, priced off a CME CF reference rate, one all-in 0.34% fee.

XRPC The one that got to the XRP party first: Canary's fund listed on Nasdaq in November 2025 holding real XRP with regulated trust-company custodians, not futures. First-mover status comes with a first-mover price tag of 0.50% a year.

Stated mandate

XRP The Fund holds spot XRP to give investors indirect exposure to XRP through exchange-traded shares.

XRPC The Trust seeks to provide investors with exposure to the value of XRP held by the Trust, after deducting operating expenses and other liabilities.

Why people hold it

• XRP One unitary 0.34% sponsor fee, with the sponsor covering most routine operating expenses. That undercuts Canary's XRPC (0.50%) for the same spot XRP exposure.sec.gov
• Boring by design: spot XRP only, no derivatives or leverage, held in segregated cold storage at Coinbase Custody with BNY Mellon handling administration and transfer agency.sec.gov
• NAV is struck against the CME CF XRP-Dollar Reference Rate (New York Variant), which aggregates executed trade flow from major XRP platforms instead of leaning on one venue's print.sec.gov
• Actively traded since day one, and it sits in the upper tier of US spot crypto funds on trading quality.

• XRPC The first US spot XRP ETF to list, debuting on Nasdaq in November 2025. Its opening session drew the heaviest first-day volume of any 2025 ETF launch.nasdaq.com
• Holds actual XRP, custodied by Gemini Trust Company and BitGo Trust Company, rather than reaching for the price through futures or swaps.sec.gov
• Trades in the upper half of the spot-crypto ETF group on volume and spreads, so getting in and out has been less of a chore than in thinner single-token funds.

Worth knowing

• XRP One coin, one risk. Shares follow XRP and nothing else, and single-asset crypto moves are large in both directions.
• Not the cheapest ticket on the shelf: 21Shares' TOXR carries the same spot XRP exposure at 0.30%.
• Launched in November 2025, so the trading and tracking record is short, and the fund makes no distributions.

• XRPC At 0.50% a year, it costs more than same-asset rivals that arrived behind it: Bitwise's XRP charges 0.34% and 21Shares' TOXR charges 0.30%.
• One token, no income. There is nothing to clip while you wait; the fund's value tracks XRP's price less expenses, and XRP moves hard in both directions.
• Launched in late 2025, so the track record is short and the fund's behavior across a full market cycle is still unwritten.

Full XRP profile⁠

Full XRPC profile⁠