On the evening of September 18, Taiwan time, the Dogecoin (Dogecoin) spot ETF (code: DOJE) and Ripple (Ripple, XRP) spot ETF (code: XRPR) jointly launched by REX Shares and Osprey Funds officially debuted on the Chicago Board Options Exchange (CBOE) in the United States. This is the first time that Dogecoin and Ripple ETFs have been introduced to the U.S. market.

The opening performance exceeded expectations

According to data shared by Bloomberg analyst Eric Balchunas on the X platform, both ETFs had an impressive trading volume on their first day, far exceeding market expectations: DOJE's trading volume approached $6 million within the first hour of trading, while XRPR's trading volume soared to $24 million in just 90 minutes, equivalent to five times the first-day trading volume of the XRP futures ETF, demonstrating strong investor enthusiasm for these two products.

Rex XRP ETF (code: $XRPP) has reached a trading volume of $24 million. This far exceeds my expectations. In comparison, this is five times the trading volume of the XRP futures ETF on its first day, and only 90 minutes have passed.

My prediction was completely shattered in the first hour after trading started, with the trading volume of $DOJE approaching $6 million. This performance is remarkably robust. Most ETFs have trading volumes of only around $1 million on their first day.

What are DOJE and XRPR?

DOJE and XRPR are innovative financial products launched by REX-Osprey, designed to allow investors to participate directly in the investments of Dogecoin and XRP through traditional brokerage accounts, without the need to manage cryptocurrency wallets or open accounts on cryptocurrency exchanges.

Both ETFs operate under the framework of the Investment Company Act of 1940, holding at least 80% of physical DOGE or XRP through a subsidiary in the Cayman Islands, while the remaining portion may invest in other related ETFs, exchange-traded products (ETPs), or a small amount of derivatives (such as futures) to enhance liquidity and manage risk.

However, it is worth noting that DOJE and XRPR are not 'pure spot' ETFs. While at least 80% of the assets are directly held in Dogecoin or XRP, up to 20% of the assets may be allocated to other related ETPs or derivatives, which is different from a pure spot ETF that fully holds the underlying assets (such as a Bitcoin spot ETF). This structure helps to meet regulatory requirements and reduce operational risks, but may lead to slight deviations in price tracking from the actual cryptocurrencies.