- First U.S. exchange-traded funds (ETFs) for Dogecoin and XRP began trading with higher-than-expected volumes.
- Combined trading volume on debut day reached $54.7 million, well above the typical new ETF averages.
- The REX-Osprey XRP ETF (XRPR) saw $37.7 million in trades, while the Dogecoin ETF (DOJE) finished at $17 million.
- Both ETFs are registered under the Investment Company Act of 1940 and do not directly hold cryptocurrency.
- Several more crypto-related ETFs are awaiting regulatory approval after recent SEC listing standard updates.
REX Shares and Osprey Funds launched the first U.S. exchange-traded funds (ETFs) tracking XRP and Dogecoin on Thursday. Investors traded a total of $54.7 million in these new funds, surpassing expectations for a debut day.
ETF analyst Eric Balchunas said that most new ETFs usually see only about $1 million in daily trading volume. The combination of $37.7 million in trading for the REX-Osprey XRP ETF (XRPR) and $17 million for the Dogecoin ETF (DOJE) reflected strong interest from investors. Balchunas called XRPR’s launch the “biggest day one” in terms of monetary volume for any ETF issued in 2025 so far, based on Cboe and his own reports.
“That is way more than I would have thought,” Balchunas said regarding the XRP ETF, noting it reached $24 million within just 90 minutes. For the Dogecoin ETF, he had expected $2.5 million in day-one trades, but volumes reached $6 million in the first hour and finished at $17 million by day’s end. “That’s shockingly solid. Most ETFs trade under $1m on Day One,” he added.
Both XRPR and DOJE are set up under the Investment Company Act of 1940, sometimes called the “40 Act,” rather than the more common Securities Act of 1933 (“33 Act”) used by most crypto ETFs. The 40 Act allows a faster approval process—usually 75 days compared to 240 days under the 33 Act—but imposes some limits, such as not allowing the funds to directly hold cryptocurrencies. Instead, these ETFs invest in a Cayman Islands-based subsidiary that holds the underlying crypto assets, and they also buy shares of foreign ETFs tracking XRP and Dogecoin in Europe and Canada.
The Securities and Exchange Commission (SEC) recently approved new listing standards that could accelerate the launch of future crypto ETFs. Dozens of new funds focused on altcoins or novel investment methods like staking are awaiting regulatory approval.
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