Rex-Osprey’s DOGE and XRP ETFs Make Strong Debut with $55M Trading Volume

Highlights:

• REX Shares and Osprey Funds attract strong investor interest in Dogecoin and XRP ETFs.
• XRPR posts $37.7M trades, while DOJE follows with a solid $17M debut performance.
• SEC’s new rules may speed crypto ETF approvals, cutting waiting times significantly.

Investors poured into the first U.S. exchange-traded funds (ETFs) linked to Dogecoin (DOGE) and XRP, and pushed trading volumes far above Wall Street expectations. The two ETFs, launched Thursday by REX Shares and Osprey Funds, together saw nearly $55 million in trades on their debut, marking a strong and notable start for altcoin-focused ETFs.

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Bloomberg ETF analyst Eric Balchunas said on X that most new ETFs usually see around $1 million in trading volume, but the newly launched crypto funds “were no slouch.” He added that these strong volumes are a “good sign for the onslaught” of crypto-related ETFs still waiting for regulatory approval. Issuers have filed dozens of new crypto ETFs, many tied to speculative altcoins or featuring innovative structures such as staking.

Rex-Osprey’s DOGE and XRP ETFs Smash Expectations in Historic Debuts

The REX-Osprey XRP ETF (ticker: XRPR) led the debut, posting $37.7 million in trading volume, a Bloomberg ETF analyst mentioned. He said it was the “biggest day one” for any ETF launched in 2025 so far. Remarkably, XRPR hit $24 million in trades within just 90 minutes, five times the first-day volume of any XRP futures ETF. XRP itself, the world’s third-largest cryptocurrency, is currently trading around $3.03, down 0.62% over the past 24 hours.

$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, which would be Top 5 for year.. out of 710 launches. Good sign for the onslaught of 33 Act ETFs coming soon.. pic.twitter.com/JaQP9ekFIq

— Eric Balchunas (@EricBalchunas) September 18, 2025

Meanwhile, the REX-Osprey Dogecoin ETF (ticker: DOJE) also exceeded expectations. Balchunas had initially forecasted $2.5 million in first-day volume, but DOJE closed Thursday with $17 million in trades, ranking it among the top five ETF debuts of the year. Dogecoin, the largest memecoin by market cap, is currently trading around $0.28, down 1.52% in the past 24 hours.

Setting the over/under on $DOJE volume on Day One at $2.5 million (which is respectable table but nothing too special). The fact that’s it 40 Act and not 33 Act (and is not big boy issuer) could diminish interest a bit relative to other crypto first evers. We’ll soon find out.

— Eric Balchunas (@EricBalchunas) September 18, 2025

Both ETFs are registered under the Investment Company Act of 1940, also known as the 40 Act, unlike Bitcoin and Ether ETFs launched under the Securities Act of 1933. While the 40 Act imposes stricter rules, it allows for faster regulatory approval. XRPR and DOJE don’t hold cryptocurrencies directly. Instead, they invest through a Cayman Islands-based subsidiary that does. They also purchase shares in foreign exchange-traded products from Europe and Canada, which track XRP and DOGE, aiming to mirror each asset’s price.

SEC Approves New Crypto ETF Rules to Speed Up Listings

Many crypto funds, including those for XRP and Dogecoin, are still waiting for approval. On Wednesday, the Securities and Exchange Commission introduced new ETF listing standards that could speed up the process. The SEC approved proposals from three exchanges, updating a rule for trading and listing commodity-based trust shares. This rule sets the conditions required for shares to be listed. This change could allow many crypto ETF applications to go live soon.

BOOM: SEC has approved the generic listings standards that will clear way for spot crypto ETFs to launch (without going through all this bs every time) under '33 Act so long as they have futures on Coinbase, which currently incl about 12-15 coins. pic.twitter.com/E9FXrniXRS

— Eric Balchunas (@EricBalchunas) September 17, 2025

Currently, exchanges must submit a 19b-4 form for crypto ETFs, which starts a review that can take up to 240 days. The new rules cut this time to around 75 days and let eligible crypto exchange-traded products trade without filing the 19b-4 form.

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