TLDR
- XRP and Dogecoin ETFs debut on US markets with record-breaking $54.7 million combined trading volume
- XRPR ETF sees $37.7 million in trades, becoming 2025’s largest ETF launch by volume
- DOJE ETF generates $17 million, ranking among top five ETF debuts this year
- Both funds exceed typical $1 million first-day volumes by massive margins
- Success signals growing institutional demand for cryptocurrency ETF products beyond Bitcoin
Two new cryptocurrency exchange-traded funds tracking XRP and Dogecoin launched Thursday with exceptional trading volumes. The debut performance exceeded all analyst expectations for first-day activity.
REX Shares and Osprey Funds introduced their crypto ETFs to US markets Thursday morning. The products provide investors direct exposure to XRP and Dogecoin price movements through traditional brokerage accounts.
Bloomberg ETF analyst Eric Balchunas predicted modest opening volumes around $1 million per fund. This represents typical performance for new ETF launches across all sectors.
The crypto ETFs delivered dramatically different results. Combined trading reached $54.7 million, representing more than 50 times expected activity levels.
The XRP-focused fund trades under ticker XRPR on Cboe Global Markets. First-day volume reached $37.7 million, setting a new record for 2025 ETF debuts.
Trading activity began strong with $24 million in volume during the first 90 minutes. This early performance indicated sustained investor interest throughout the session.
Dogecoin ETF Performance Surprises Markets
The Dogecoin-tracking fund operates under ticker DOJE and generated $17 million in opening-day trades. This performance placed DOJE among the top five ETF launches of 2025.
Balchunas initially forecast $2.5 million in DOJE volume, which he considered respectable for a meme coin product. The fund reached $6 million within its first trading hour.
The analyst described results as “shockingly solid” given typical debut patterns. Most new ETFs struggle to reach $1 million in first-day activity.
Both products outperformed existing crypto futures ETFs that track the same underlying assets. XRPR volume exceeded XRP futures ETF debuts by five times.
The strong performance occurred despite structural differences from popular Bitcoin and Ethereum ETFs. XRPR and DOJE use Investment Company Act of 1940 registration.
This regulatory approach allows 75-day approval windows compared to 240 days under Securities Act of 1933. The faster timeline comes with certain operational restrictions.
Fund Structure and Market Access
Both ETFs cannot directly hold cryptocurrency tokens due to regulatory constraints. Instead, they invest through Cayman Islands subsidiaries that purchase underlying assets.
The funds also buy shares in European and Canadian exchange-traded products tracking XRP and Dogecoin. This approach provides price exposure while meeting compliance requirements.
XRP recently surpassed Citigroup in total market capitalization, reaching over $180 billion in value. Dogecoin maintains its position as the largest meme cryptocurrency by market cap.
The SEC approved new streamlined listing standards Wednesday for cryptocurrency ETFs. These changes could accelerate approval timelines for pending applications.
Multiple asset managers have filed applications for additional crypto ETF products. The successful Thursday launches may encourage more firms to enter this growing market segment.
Net inflow data for both funds will be released Friday, providing clearer pictures of actual investor deposits versus trading activity.
