In a notable development for cryptocurrency investors, the Rex-Osprey XRP ETF and the DOJE ETF made their market debut on Thursday, signaling a significant step in the evolution of altcoin-focused exchange-traded funds. Analysts have expressed surprise at the robust trading volumes observed for both funds, amid a backdrop of fluctuating prices in the cryptocurrency market.
The XRP ETF, which is the first of its kind for U.S. investors, experienced a landmark launch, garnering nearly $38 million in inflows—making it the most successful ETF launch of the year so far. Investors eager to gain exposure to XRP quickly rushed to acquire shares, reflecting a strong pent-up demand for altcoin investments. Similarly, the DOJE ETF, which tracks Dogecoin, also had an impressive debut, attracting approximately $17 million in its first day of trading.
Bloomberg Senior ETF Analyst Eric Balchunas spoke to the significance of this launch, noting that the strong performance of both ETFs is an encouraging indicator for the multitude of altcoin-related funds awaiting approval from the Securities and Exchange Commission (SEC). His remarks on social media highlighted the potential for a wave of new investment products, especially following the SEC’s recent approval of new listing standards for commodity-based trusts, which may facilitate the introduction of additional cryptocurrency ETFs into the market.
Despite the successful launches, the prices of both XRP and Dogecoin saw declines shortly after the funds became available for trading. XRP’s price was recorded at $3.01, representing a decline of over 3% in a 24-hour period, while Dogecoin was priced at nearly $0.27, down about 6% during the same timeframe.
The phenomenon of increased interest in crypto ETFs follows a successful year for Bitcoin and Ethereum ETFs, which have collectively brought in substantial inflows—approximately $57 billion for BTC and around $14 billion for ETH. This has intensified issuers’ focus on creating additional crypto-focused investment products, with over 90 applications currently submitted to the SEC for funds based on various altcoins and combinations of tokens and strategies.
On their inaugural trading day, the XRP ETF recorded $37.7 million in volume, slightly surpassing the previous record held by another fund for a day one launch in 2025. Meanwhile, the DOJE ETF’s volume of $17 million ranks it among the top five for ETF launches this year out of 710 total. This strong performance is seen as a positive sign for the anticipated influx of 33 Act ETFs set to debut in the near future.
The Rex-Osprey ETFs provide a novel avenue for investment by allowing exposure to these two prominent altcoins through a subsidiary registered in the Cayman Islands. This structure marks a strategic choice, as the funds were launched under the Investment Company Act of 1940, differentiating them from other funds that operate under the Securities Act of 1933.
