XRP and Dogecoin ETFs Launch to Record-Breaking Day, Trading $54.7M
The U.S. witnessed a significant milestone in cryptocurrency investment on Thursday with the debut of exchange-traded funds (ETFs) for XRP and Dogecoin. These new offerings from REX Shares and Osprey Funds garnered substantial investor interest, collectively trading $54.7 million on their first day. This strong performance signals a growing appetite for crypto-assets beyond Bitcoin and Ethereum.
Key Takeaways
- The REX-Osprey XRP ETF (XRPR) and the REX-Osprey Dogecoin ETF (DOJE) launched on the Cboe BZX exchange.
- Combined, the ETFs achieved $54.7 million in day-one trading volume, significantly exceeding initial expectations.
- The XRP ETF alone recorded $37.7 million in volume, setting a new record for ETF launches in 2025.
- The Dogecoin ETF contributed $17 million, placing it among the top five ETF debuts of the year.
- These launches follow a streamlined SEC approval process for crypto ETFs.
Record-Breaking Debut for XRP ETF
The REX-Osprey XRP ETF (XRPR) immediately captured investor attention, trading $37.7 million on its opening day. This figure not only surpassed typical ETF launch volumes but also set a new record for any ETF debut in 2025, according to Bloomberg senior ETF analyst Eric Balchunas. This performance outshone previous record holders, indicating a strong demand for investment vehicles tied to cryptocurrencies other than the major players like Bitcoin and Ether.
Dogecoin ETF Also Exceeds Expectations
Similarly, the REX-Osprey Dogecoin ETF (DOJE) demonstrated robust performance, generating $17 million in trading volume on its first day. This volume was considerably higher than anticipated, with Balchunas noting it was "shockingly solid" and placing DOJE among the top five ETF launches of the year. The success of the Dogecoin ETF is particularly noteworthy given Dogecoin's origins as a meme coin, suggesting a broader acceptance of diverse digital assets within the investment landscape.
Regulatory Environment and ETF Structure
The successful launch of these ETFs is partly attributed to a new, more efficient listing standard approved by the Securities and Exchange Commission (SEC), which has reduced approval times. Both XRPR and DOJE are structured under the Investment Company Act of 1940 (the "40 Act"), which allows for faster approvals but imposes certain limitations on holdings. Instead of directly holding the cryptocurrencies, these ETFs utilize a Cayman Islands-based subsidiary and invest in foreign ETFs to gain exposure to XRP and Dogecoin prices. This approach offers investors a regulated avenue to participate in the crypto market without the complexities of direct custody and storage.
Broader Implications for Crypto ETFs
The strong performance of the XRP and Dogecoin ETFs is seen as a positive indicator for the future of crypto-related ETFs. With numerous other altcoin-focused ETFs awaiting regulatory approval, these successful debuts suggest a potentially significant wave of new crypto investment products entering the market. The increased accessibility and investor confidence demonstrated by these launches could pave the way for further innovation and adoption in the digital asset investment space.