Investors rushed into the first U.S. exchange-traded funds (ETFs) tied to Dogecoin and XRP, driving trading volumes far above Wall Street forecasts. The two funds, launched Thursday by REX Shares and Osprey Funds, together saw nearly $55 million in trades on their debut, a blockbuster start for altcoin ETFs.
The REX-Osprey XRP ETF (ticker: XRPR) led the charge, recording $37.7 million in trading volume, according to Bloomberg ETF analyst Eric Balchunas. He noted it was the “biggest day one” of any ETF launched in 2025 so far.
Within just 90 minutes, XRPR had already clocked $24 million in trades, five times more than any XRP futures ETF had achieved on its first day. XRP itself is the world’s third-largest cryptocurrency, currently trading around $3.06, down 1.64% in the last 24 hours.
Dogecoin ETF also surprises
Meanwhile, the REX-Osprey Dogecoin ETF (ticker: DOJE) also smashed expectations. Balchunas initially predicted $2.5 million in first-day volume, but DOJE closed Thursday with $17 million in trades, placing it among the top five ETF debuts of the year. Dogecoin, the largest memecoin by market cap, is priced at about $0.28, down 1.78% in the last 24 hours.
Both funds are registered under the Investment Company Act of 1940 (40 Act), unlike Bitcoin and Ether ETFs launched under the 1933 Act. While the 40 Act has stricter rules, it allows faster approval. The ETFs do not hold crypto directly but gain exposure through offshore subsidiaries and foreign exchange-traded products.
Analysts say the strong debut signals growing appetite for crypto ETFs beyond Bitcoin and Ether. Balchunas called it a “good sign” for the altcoins and staking-focused funds waiting for regulatory approval.
With the U.S. Securities and Exchange Commission (SEC) recently approving new listing standards to speed up ETF launches, more crypto assets could soon join XRP and Dogecoin in the spotlight.
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