Investors rushed into the first U.S. exchange-traded funds tied to Dogecoin and XRP, with debut-day volumes far exceeding expectations.
Bloomberg ETF analyst Eric Balchunas noted on X that while most new ETFs average around $1 million in first-day trading, the two crypto funds were “no slouch,” recording a combined $54.7 million.
Launched Thursday by REX Shares and Osprey Funds, the products track XRP, the third-largest cryptocurrency, and Dogecoin, the top memecoin and eighth-largest token by market cap.
Balchunas said the strong showing bodes well for the wave of pending crypto ETF applications, many tied to speculative altcoins or novel features like staking.
The REX-Osprey XRP ETF (XRPR) led the way with $37.7 million in trading volume, marking the biggest day-one tally of any ETF launched in 2025, according to data from Balchunas and Cboe.
The REX-Osprey XRP ETF (XRPR) was an immediate standout, pulling in $24 million within its first 90 minutes on Thursday. Bloomberg ETF analyst Eric Balchunas called the performance “way more than I would have thought,” noting it was five times higher than the debut volumes of XRP futures ETFs. XRPR closed the day with $37.7 million in trades, the biggest opening day of any ETF launched in 2025.
The Dogecoin-tracking REX-Osprey ETF (DOJE) also beat forecasts. Balchunas had expected around $2.5 million in day-one volume, but that target was eclipsed within the first hour as trading neared $6 million. DOJE ultimately finished the session with $17 million in volume, ranking among the top five launches out of more than 700 ETFs this year.
Both funds are structured under the Investment Company Act of 1940 (“40 Act”), unlike most crypto ETFs that launched under the Securities Act of 1933 (“33 Act”). While the 40 Act allows for quicker approvals—roughly 75 days compared to 240—it restricts direct holdings. Instead, XRPR and DOJE gain exposure by investing in a Cayman Islands subsidiary that holds crypto and by buying shares of foreign exchange-traded products tied to XRP and Dogecoin.
The strong debuts come as dozens of crypto ETF applications remain pending. The SEC’s newly approved listing standards could accelerate approvals, setting the stage for more altcoin-linked products in the months ahead.
