Investors showed significant enthusiasm for the debut of the first U.S. exchange-traded funds (ETFs) focused on Dogecoin (DOGE) and XRP (XRP) as trading volumes far exceeded early expectations. Bloomberg ETF analyst Eric Balchunas remarked on social media platform X that typical new ETFs usually experience around $1 million in trading volume, but these new cryptocurrency-based funds amassed an impressive total of $54.7 million in trade on their initial day.
The ETFs, launched collaboratively by asset managers REX Shares and Osprey Funds, aim to track the performance of XRP, the third-largest cryptocurrency, and Dogecoin, the eighth-largest and most prominent meme coin. Balchunas described the trading performance as a promising indicator for the upcoming wave of crypto ETFs currently awaiting regulatory approval.
The REX-Osprey XRP ETF (XRPR) dominated the trading landscape, generating around $37.7 million in volume. Balchunas highlighted that this figure marked “the biggest day one” for any fund launched in 2025 in terms of monetary volume. Almost immediately after its launch, XRPR reported approximately $24 million in trades within the first hour and a half. Balchunas noted that this was significantly higher than the day-one volumes seen by previous XRP futures ETFs.
The Dogecoin-tracking REX-Osprey DOGE ETF (DOJE) also managed to outperform expectations. Initially projected to achieve a trading volume of approximately $2.5 million for the day, the ETF’s performance was remarkable, nearing $6 million within its first hour. Ultimately, DOJE concluded the trading day with around $17 million in volume, placing it among the top five launches of over 700 ETFs this year, according to Balchunas.
Both XRPR and DOJE are distinct in their regulatory approach, being filed under the Investment Company Act of 1940, known as the “40 Act.” This contrasts with the Securities Act of 1933, or the “33 Act,” under which many existing crypto-linked exchange-traded products were introduced. The regulatory framework of the 40 Act provides a faster approval timeline of 75 days, in comparison to the 240 days required under the 33 Act. However, this faster process does come with limitations regarding the assets the ETFs can hold.
Instead of directly holding cryptocurrencies, XRPR and DOJE invest in a subsidiary based in the Cayman Islands that does. They also acquire shares in foreign exchange-traded products in Europe and Canada to track the price movements of XRP and DOGE.
The success of these ETFs on their launch day is a significant development in the cryptocurrency landscape, raising hopes for other pending crypto funds, including those focused on XRP and Dogecoin. The recent approval of ETF listing standards by the Securities and Exchange Commission may further expedite the process for upcoming cryptocurrency funds. Investors remain closely watchful as this sector continues to evolve rapidly.
