The debut of XRP-based exchange-traded funds (ETFs) marks a turning point in crypto finance. Brad Garlinghouse argues this isn’t just about more retail traders. Rather, it’s the gateway for institutions that have long avoided holding crypto directly.
SMQKE, in a post on X, spotlighted Garlinghouse’s comments — and the impact may be much bigger than many realize.
The Institutional Pivot
Garlinghouse sees ETFs as more than a new product — he calls them a bridge. According to him, these vehicles shift XRP from speculative retail trading to serious institutional adoption. He said that many potential investors avoid custody risks and regulatory pain points.
But with ETFs, they can gain exposure without hauling around private keys or managing wallets themselves. SMQKE’s post captures this reasoning in stark, compelling terms.
Remember, Brad Garlinghouse explained that XRP ETFs represent “the transition from speculative retail trading to institutional adoption.”
Listen closely.
pic.twitter.com/GxSs30t2vK
— SMQKE (@SMQKEDQG) November 14, 2025
Regulatory Breakthroughs & ETF Launch
Regulation has paved the way. In September 2025, the U.S. Securities and Exchange Commission approved new rules letting exchanges adopt generic listing standards for spot crypto ETFs.
This significantly lowered the barriers for products tied to altcoins. Canary Capital seized this moment. It filed Form 8-A with the SEC — triggering an auto-effective registration process. Nasdaq officially certified the XRPC ETF on November 12, 2025, clearing the last regulatory hurdle.
Market Reaction & Demand
The market response has been electric. When XRPC began trading on November 13, Canary’s ETF pulled in around $26 million within 30 minutes. By the close of the day, volume soared to $58 million — the strongest debut of any ETF in 2025. That beat out Bitwise’s spot Solana ETF by a slim margin.
Price Action & Underlying Trends
Despite the high-volume ETF launch, XRP’s price barely budged. This suggests that while institutional appetite is strong, broader market sentiment remains cautious. Analysts note that demand for regulated exposure via ETFs may reflect a different kind of investor — one that’s less speculative and more strategic.
Long-Term Implications
If Garlinghouse is right, these ETFs could reshape the future of XRP. Institutional inflows could bring more stability, liquidity, and legitimacy. At the same time, navigating custody, compliance, and trading infrastructure will be essential. For Garlinghouse, the ETF phase isn’t just about growth — it’s about maturation.
As SMQKE’s post underscores, Garlinghouse’s message is clear: XRP’s journey into the mainstream has begun in earnest. And for Ripple, this may be just one of the most important milestones yet.