- Spot ETFs for XRP and Dogecoin launched in the U.S. with high trading volumes.
- The REX-Osprey XRP ETF (XRPR) recorded $37.7 million in first-day trades, the year’s biggest ETF debut.
- The REX-Osprey Dogecoin ETF (DOJE) posted $17 million in opening day volume, among the top five releases in 2024.
- Launches follow new U.S. SEC rules shortening crypto ETF approval to about 75 days.
- Ripple, which backs XRP, recently applied for a U.S. banking license and XRP’s value has surpassed that of Citigroup.
The first spot exchange-traded funds (ETFs) tied to the cryptocurrencies XRP and Dogecoin began trading in the United States on Thursday. The launches attracted considerable interest from investors, signaling demand for ETF products beyond Bitcoin and Ethereum.
The REX-Osprey XRP ETF, listed on the CBOE as XRPR, generated $37.7 million in trading volume on its first day, according to Bloomberg analyst Eric Balchunas. This figure made it the highest-volume ETF debut in the country so far in 2024, surpassing previous records set by equity-based ETFs.
The REX-Osprey Dogecoin ETF, under the ticker DOJE, saw $17 million in trades at its launch. That volume positioned DOJE within the top five ETF launches of the year. Both funds’ high activity reflects growing interest among U.S. investors in alternative digital asset products.
The ETFs’ arrival follows a recent decision by the U.S. Securities and Exchange Commission (SEC) to approve a new, streamlined listing process for cryptocurrency-based ETFs. This update reduced the usual approval time from 240 days to about 75 days, encouraging issuers to broaden their offerings beyond established cryptocurrencies.
Recent data show that XRP’s market capitalization has overtaken that of major U.S. bank Citigroup. In addition, Ripple, the company behind XRP and focused on global payments, has applied for a U.S. banking license. Net inflow data for the new ETFs is expected to be released shortly.
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