SEC approved new ETF listing standards that could accelerate future crypto ETF approvals
The first United States-based Exchange-Traded Funds (ETFs) tracking XRP and Dogecoin exceeded market expectations on their debut trading day, reaching a combined volume of $54.7 million. This performance signals strong investor interest in cryptocurrency investment vehicles beyond the established Bitcoin and Ethereum funds.
Asset issuers REX Shares and Osprey Funds jointly launched these ETFs on Thursday, offering investors exposure to XRP, the third-largest cryptocurrency, and Dogecoin, the eighth-largest cryptocurrency and biggest memecoin by market capitalization.
Bloomberg ETF analyst Eric Balchunas highlighted the unusual success of these launches on social media platform X. He noted that most new ETFs typically see around $1 million in first-day trading volume, making the performance of these crypto funds particularly strong.
The REX-Osprey XRP ETF (XRPR) led the way with $37.7 million in trading volume. According to Balchunas, this represents the “biggest day one” in terms of monetary volume “of any 2025 launch.” The ETF showed strong momentum from the start, with Balchunas reporting it had already reached $24 million in volume within just 90 minutes of market opening.
Both ETFs were registered under the Investment Company Act of 1940, known as the “40 Act,” which differs from the Securities Act of 1933 (“33 Act”) used for previously launched Bitcoin and Ethereum ETFs. The 40 Act provides a faster approval window of 75 days compared to 240 days under the 33 Act but comes with certain restrictions.
Due to these regulatory requirements, XRPR and DOJE don’t directly hold cryptocurrencies. Instead, they invest in Cayman Islands-based subsidiaries that hold the digital assets. They also purchase shares in foreign exchange-traded products based in Europe and Canada that track XRP and DOGE prices.
Despite these structural differences, investor enthusiasm remained strong. Balchunas had initially predicted that the Dogecoin-tracking REX-Osprey DOGE ETF (DOJE) would see about $2.5 million in volume on its first day, which he considered “respectable but nothing too special.” This estimate was quickly surpassed, with the ETF reaching nearly $6 million in volume in its first hour of trading.
By the end of Thursday’s trading session, DOJE had accumulated $17 million in volume. This performance places it among the top five out of over 700 ETF launches this year, according to Balchunas.
The strong debut of these funds comes as dozens of crypto ETFs await regulatory approval to launch. Many pending funds, including others for XRP and Dogecoin, are in the pipeline as the cryptocurrency ETF market continues to expand.
In a move that could accelerate this growth, the Securities and Exchange Commission (SEC) approved new ETF listing standards on Wednesday. This regulatory development may speed up the approval process for future cryptocurrency-related investment products.
The early success of the XRP and Dogecoin ETFs suggests investor appetite for diverse cryptocurrency exposure through regulated investment vehicles. These products allow traditional investors to gain exposure to digital assets without directly holding cryptocurrencies.
XRP is currently trading at around $3.03, while Dogecoin is priced at approximately $0.28, according to the market data cited in the report. Both cryptocurrencies have seen increased interest as their ETF counterparts made their market debut.
The launch of these specialized cryptocurrency ETFs represents another step in the integration of digital assets into traditional financial markets. With additional crypto-related ETFs tied to various altcoins or featuring novel instruments such as staking awaiting approval, the market for cryptocurrency investment products continues to evolve.
