TLDR
- XRP & Dogecoin ETFs smash debut with $54.7M volume, redefining crypto ETF launches.
- New XRP and Dogecoin ETFs hit record $54.7M day-one volume in U.S. markets.
- Crypto ETFs XRPR & DOJE debut strong, pulling $54.7M in first-day trading.
- XRP’s XRPR ETF leads 2025 with $37.7M, Dogecoin’s DOJE hits $17M debut.
- Record-breaking $54.7M debut: XRP & Dogecoin ETFs spark ETF market shift.
Two new crypto ETFs delivered record-setting performances on their first day of trading in the U.S. market. The XRP-focused XRPR and Dogecoin-backed DOJE ETFs collectively registered $54.7 million in volume. Their success marks a key moment for crypto ETF growth in 2025.
The strong day-one figures come as crypto ETF launches become more frequent under evolving regulatory frameworks. Despite their structure under the Investment Company Act of 1940, both ETFs gained wide attention. Their volume levels now set the standard for upcoming crypto ETF launches.
XRP ETF Leads 2025 with Record Volume
XRPR, the XRP-tracking crypto ETF from REX Shares and Osprey Funds, topped $37.7 million in debut trading. This makes it the largest day-one volume for any 2025 ETF launch, surpassing previous leader IVES. The ETF gained momentum quickly, hitting $24 million in volume within 90 minutes.
This launch outperformed all prior XRP futures-based ETFs by more than five times in early trading. The XRPR fund offers indirect exposure by investing in a Cayman Islands-based subsidiary holding XRP-linked assets. It also includes positions in XRP-focused ETFs listed in Europe and Canada.
Unlike 33 Act ETFs such as Bitcoin and Ether funds, XRPR operates under the 40 Act. This allowed a quicker 75-day review process, though it limits direct crypto holdings. Still, the structure didn’t affect early demand, as XRPR broke performance expectations from the start.
Dogecoin ETF Impresses with Strong Debut
The DOJE crypto ETF, tracking Dogecoin, was also launched under the same 40 Act framework. On its first trading day, it reached $17 million in volume, placing it in the top five among more than 700 ETFs launched this year. This figure greatly exceeded expectations of only $2.5 million.
DOJE surged past projections within the first hour of trading, registering close to $6 million. It replicates Dogecoin prices using a mix of foreign funds and a Cayman-based vehicle. Although indirect, this exposure model resonated well with the market.
The ETF’s structure allowed a faster launch, contributing to the strong interest. Despite concerns around regulatory restrictions, the fund’s day-one performance proves robust demand for crypto ETF products. It positions DOJE among the year’s most notable ETF debuts.
Implications for Future Crypto ETF Approvals
These two high-profile launches reflect a growing appetite for diversified crypto ETF offerings. Their performance signals confidence in spot-crypto exposure models, even when structured under the more restrictive 40 Act. The results may guide issuers toward faster 40 Act filings.
The SEC recently approved new listing standards. These developments could accelerate the approval of pending crypto ETF applications, including several tied to altcoins and staking strategies. XRPR and DOJE now serve as test cases for what’s possible under the current framework.
The combined $54.7 million volume confirms that well-structured crypto ETF products can succeed regardless of format. As 2025 progresses, more issuers are expected to adopt similar strategies. This momentum could define a new era for crypto ETF evolution in U.S. markets.
