Key Points:
REX-Osprey’s XRP (XRPR) and Dogecoin (DOJE) ETFs saw $54.7M in debut trading volume.
XRP ETF led with $37.7M, the largest day-one volume for any 2025 ETF launch.
DOGE ETF logged $17M, ranking in the top five ETF launches this year.
Strong demand signals momentum for pending crypto ETF approvals.
XRP and Dogecoin ETFs Off to Strong Start
The first-ever U.S.-listed XRP and Dogecoin ETFs drew in heavy trading volumes on launch day, far surpassing analyst expectations. Together, the funds saw $54.7 million in trades, according to Bloomberg ETF analyst Eric Balchunas.
Most ETFs typically see just around $1 million in volume on their first day, making these crypto funds “no slouch,” Balchunas wrote on X.
XRP ETF Dominates With Record Opening
The REX-Osprey XRP ETF (XRPR) recorded $37.7 million in trading volume on Thursday, the largest day-one volume of any ETF launched in 2025.
Within just 90 minutes of trading, XRPR had already generated $24 million in activity — five times more than any XRP futures ETF achieved on its debut.
“That is way more than I would have thought,” Balchunas said, calling it the standout performer of the day.
Dogecoin ETF Exceeds Forecasts
The REX-Osprey Dogecoin ETF (DOJE) also surprised analysts, closing its debut session with $17 million in trading volume.
Balchunas had initially projected just $2.5 million in first-day activity but noted that the ETF “destroyed” expectations, finishing among the top five ETF launches this year out of more than 700.
Structure and Regulatory Path
Unlike Bitcoin and Ether ETFs, which launched under the Securities Act of 1933, XRPR and DOJE are registered under the Investment Company Act of 1940.
While the “40 Act” allows faster approval (75 days vs. 240 days), it limits what the funds can hold. Both ETFs achieve exposure through a Cayman Islands-based subsidiary and by purchasing shares in foreign ETFs tied to XRP and DOGE.
Despite structural differences, Thursday’s debut suggests strong retail and institutional appetite for altcoin ETFs. With the SEC’s recent approval of unified ETF listing standards, dozens of similar crypto products may now move closer to market.
