On Thursday, the United States welcomed its first exchange-traded funds (ETFs) linked to Dogecoin and XRP, creating a significant stir in the financial sector. With a combined trading volume of $54.7 million on their debut day, both ETFs exceeded expectations and hinted at a promising future for cryptocurrency investment vehicles.
Record Opening for the XRP ETF
The REX-Osprey XRP ETF (XRPR) led the charge with an impressive trading volume of $37.7 million, making it the highest-performing ETF launch day of 2025. Notably, within the first 90 minutes of trading, XRPR accounted for $24 million in transactions.
$XRPR traded $37.7m on Day One, which edges out $IVES for the biggest day one (natural) $ volume of any 2025 launch. $DOJE is no slouch at $17m, making it a Top 5 year launch out of 710. Good sign for the onslaught of 33 Act ETFs coming soon.. pic.twitter.com/JaQP9ekFIq
— Eric Balchunas (@EricBalchunas) September 18, 2025
“This is far beyond what I had anticipated,” stated Balchunas, highlighting that this volume was five times greater than initial trading levels seen with previous XRP ETFs.
Dogecoin ETF Surpasses Expectations
The REX-Osprey DOGE ETF (DOJE) also registered robust activity, concluding its first trading session with a volume of $17 million—significantly surpassing initial forecasts of $2.5 million.
Balchunas commented that while a $2.5 million volume would have been “respectable but nothing too special,” DOJE exceeded those projections, placing it among the top five ETF launches this year out of over 700 total.
Regulatory Structure and Outlook
Both ETFs were introduced under the Investment Company Act of 1940, rather than the Securities Act of 1933 typically associated with Bitcoin and Ether ETFs. This framework allows for a faster approval process—75 days compared to 240—albeit with restrictions on holdings.
Rather than directly acquiring cryptocurrencies, XRPR and DOJE invest in a Cayman Islands subsidiary that manages digital assets, along with shares in European and Canadian ETFs that track the price movements of these currencies.
The successful launch of these ETFs comes at a critical time, with issuers awaiting approval for a number of other cryptocurrency ETFs, including those focused on speculative altcoins and staking mechanisms. The Securities and Exchange Commission has recently approved new listing standards for ETFs, potentially accelerating the approval process in the future.
