Strong Debut for First Dogecoin and XRP ETFs
On their first trading day, the US’s inaugural Dogecoin and XRP Exchange-Traded Funds (ETFs) attracted significant investor interest, surpassing expected trading volumes. Analysts had anticipated roughly $1 million in daily trading for new ETFs, but these crypto funds managed to reach a noteworthy $54.7 million.
Asset managers Rex Stock and Osprey Funds introduced these ETFs, which track the prices of XRP, the third largest cryptocurrency, and Dogecoin, often labeled as the largest memecoin.
Bloomberg ETF analyst Eric Balchunas mentioned that this trading activity is a promising indication for other crypto-related ETFs currently awaiting regulatory approval. He noted that there are numerous applications for crypto ETFs linked to various new financial products, including speculative altcoins and staking options.
XRP ETF’s Impressive Volume
The Rex-Osprey XRP ETF (XRPR) recorded nearly $40 million in trading volume, with an impressive $37.7 million logged. According to Balchunas and data from Cboe, this marks one of the highest first-day volumes seen in quite some time.
Balchunas expressed that this was the most significant first-day volume in comparison to any ETF launched in 2025. He remarked that XRPR had a remarkable start, with an impressive $24 million traded within the first hour and a half. “That’s more than I expected,” he commented, adding that it was about five times more than any XRP futures ETF had managed on its first day.
DogeCoin ETF also Thriving
Earlier that day, Balchunas had predicted a $2.5 million trading volume for the Rex-Osprey Doge ETF (DOJE), which tracks Dogecoin. However, he later noted that his expectations were “blown away” in the ETF’s first hour, as trading approached $6 million.
Balchunas remarked, “It’s surprisingly solid,” noting that most ETFs typically see less than $1 million in trading on their debut.
By the end of the day, DOJE closed with a trading volume of $17 million, placing it among the top five of more than 700 ETF launches this year.
Investor Interest Unfazed by ETF Type
Rex and Osprey filed their ETFs under different securities laws than most existing crypto trading products. XRPR and DOJE are registered under the Investment Companies Act of 1940—often referred to as the “40 Act”—in contrast to last year’s Bitcoin and Ether funds, which were filed under the Securities Act of 1933, or the “33 Act.”
Balchunas pointed out that being registered under the “40 Act” could mean these funds might attract slightly different interest compared to other early crypto ETFs. This registration process allows for a quicker approval timeframe of 75 days, instead of the 240 days required under the “33 Act,” although with some limitations on the assets ETF can hold.
Instead of directly holding cryptocurrencies, XRPR and DOJE will invest in subsidiaries based in the Cayman Islands, as well as shares in forex trading products located in Europe and Canada, aiming to accurately track XRP and Dogecoin’s market prices.
With several crypto funds pending approval—including those related to XRP and Dogecoin—the Securities and Exchange Commission, which has the ability to expedite the process, recently approved new ETF listing standards.
