Newly launched ETFs for Dogecoin and XRP in the U.S. have surpassed expectations, generating a remarkable $54.7 million in trading volume on their first day. The XRP ETF led the charge with $37.7 million, marking a significant milestone in the cryptocurrency investment landscape.
Record Opening for XRP ETF
The REX-Osprey XRP ETF (XRPR) achieved $37.7 million in trading volume, according to data from CBOE, making it the most successful ETF launch of 2025. Within the first 90 minutes of trading, XRPR saw $24 million in transactions.
Eric Balchunas, an ETF analyst at Bloomberg, noted this staggering figure, highlighting that it surpassed previous expectations significantly. “This is much more than I anticipated,” Balchunas remarked, observing that the opening day volume was five times higher than that of prior XRP futures ETFs.
Dogecoin ETF Exceeds Forecasts
Meanwhile, the REX-Osprey DOGE ETF (DOJE) surprised market observers by closing the session with $17 million in transactions, far exceeding initial forecasts of $2.5 million, which Balchunas described as “respectable but not particularly remarkable.”
This impressive performance places DOJE among the top five ETF launches this year, out of more than 700 initiated to date, indicating strong investor interest.
Regulatory Framework and Future Prospects
Both ETFs were launched under the Investment Company Act of 1940, contrasting with the Securities Act of 1933 framework that last year’s Bitcoin and Ether ETFs followed. This “40 Act” structure allows for a quicker approval process—75 days compared to 240 days—but comes with certain restrictions on holdings.
Neither XRPR nor DOJE directly holds cryptocurrencies; instead, they invest in a subsidiary based in the Cayman Islands that manages digital assets, along with stakes in European and Canadian ETFs that track cryptocurrency prices.
This strong debut happens as various issuers await approval for numerous other cryptocurrency ETFs, including those focused on altcoins and staking-related funds. The Securities and Exchange Commission recently approved new listing standards for ETFs, which may further expedite the approval process for these products.
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