XRP and Dogecoin ETFs Launch with Record-Breaking $54.7 Million First-Day Volume

TLDR

• REX-Osprey XRP and Dogecoin ETFs launched Thursday with combined $54.7 million trading volume on debut day
• XRP ETF (XRPR) recorded $37.7 million volume, marking largest debut of any 2025 ETF launch
• Dogecoin ETF (DOJE) generated $17 million volume, placing it among top five ETF debuts this year
• Both ETFs far exceeded analyst expectations of typical $1 million first-day trading volumes
• ETFs registered under 40 Act structure with 75-day approval window versus traditional 240-day process

The first exchange-traded funds tracking XRP and Dogecoin began trading Thursday in the United States. Both products exceeded analyst expectations with strong investor demand.

REX Shares and Osprey Funds launched the two crypto ETFs on Thursday morning. The products track the price movements of XRP and Dogecoin respectively.

Bloomberg ETF analyst Eric Balchunas had predicted modest trading volumes for the debuts. Most new ETFs see around $1 million in first-day trading activity.

Instead, the crypto funds generated combined volume of $54.7 million. Balchunas called the performance impressive for new ETF launches.

The XRP-tracking ETF trades under ticker XRPR on Cboe exchange. It recorded $37.7 million in trading volume on its first day.

This made XRPR the largest debut by volume of any ETF launched in 2025. The fund attracted $24 million in trades within its first 90 minutes of trading.

The trading activity was five times higher than existing XRP futures ETFs saw on their debut days. Balchunas described the early performance as stronger than expected.

Strong Performance Across Both Products

The Dogecoin ETF trades under ticker DOJE and generated $17 million in first-day volume. This placed it among the top five ETF debuts out of over 700 launches this year.

Balchunas initially expected DOJE to see around $2.5 million in trading volume. The fund reached $6 million in trades within its first hour of operation.

The analyst called the performance “shockingly solid” given typical debut patterns. Most ETFs trade less than $1 million on their first day of operation.

Both ETFs outperformed the previous 2025 record holder for debut volume. The Wedbush AI Revolution ETF had held that distinction before Thursday.

The strong debuts occurred despite both products using different regulatory structures. XRPR and DOJE registered under the Investment Company Act of 1940.

This differs from existing Bitcoin and Ethereum ETFs that launched under Securities Act of 1933 rules. The 40 Act structure allows faster 75-day approval windows.

Structural Differences and Market Access

The 40 Act registration comes with certain investment limitations compared to traditional crypto ETFs. Both funds cannot directly hold cryptocurrency assets.

Instead, XRPR and DOJE invest through Cayman Islands subsidiaries that purchase the underlying tokens. The ETFs also buy shares in foreign exchange-traded products from Europe and Canada.

This structure allows the funds to track XRP and Dogecoin prices while meeting regulatory requirements. The approach represents a compromise between market access and compliance.

XRP recently surpassed Citigroup in market capitalization, reaching over $180 billion in total value. Dogecoin remains the largest memecoin by market cap at approximately $40 billion.

The Securities and Exchange Commission approved new ETF listing standards Wednesday. These changes could accelerate approval processes for pending cryptocurrency fund applications.

Multiple issuers have filed applications for additional crypto ETFs covering various alternative cryptocurrencies. The successful Thursday debuts may encourage more product launches in coming months.

First-day net inflow figures for both ETFs are expected to be released Friday morning.

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