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The U.S. crypto investment market saw a major step forward this week as new exchange-traded funds tied to XRP and Dogecoin began trading. Managed by REX Shares and Osprey Funds, the products captured significant investor interest, drawing in a combined $54 million in volume on their first day.
The numbers went far beyond what analysts had expected, signaling that investors are increasingly open to gaining crypto exposure through traditional financial instruments.
XRP ETF leads with $37.7 million
The REX-Osprey XRP ETF (ticker: XRPR) took the lead with $37.7 million in trading activity on its debut day. According to Bloomberg analyst Eric Balchunas, this figure represents the strongest first-day performance of any ETF introduced in 2025.
For comparison, most new ETFs typically see around $1 million in daily turnover when they begin trading. By contrast, XRPR attracted nearly 38 times that amount, showing a clear demand for investment products linked to XRP.
Balchunas highlighted that within the first 90 minutes, XRPR had already surpassed $24 million in trades. That was five times more than all XRP futures ETFs combined managed on their opening days. “That is way more than I would have thought,” he noted.
The results show that interest in XRP remains strong, with many investors preferring the security and accessibility of ETFs over holding the token directly.
Dogecoin ETF exceeds expectations
The second product, the REX-Osprey Dogecoin ETF (DOJE), also delivered better-than-expected results. Before trading began, analysts predicted daily activity of around $2.5 million. Instead, DOJE finished the session with $17 million in trades.
In fact, the volume placed it among the top five ETF debuts in 2025, out of more than 700 new products listed this year. Balchunas admitted he had underestimated interest, noting that his initial prediction was “destroyed in the first hour” as DOJE neared $6 million within 60 minutes.
The strong showing reflects Dogecoin’s enduring popularity and growing recognition in traditional markets, even though many still consider it an unconventional asset.
Regulatory framework and structure
Both XRPR and DOJE were created under the Investment Company Act of 1940, also known as the “40 Act.” This framework provides a shorter approval window, typically 75 days, compared to the 240-day process of the Securities Act of 1933, which was used for Bitcoin and Ethereum ETFs in 2024.
However, the 40 Act also introduces limitations. The funds do not hold XRP or Dogecoin directly. Instead, they use a Cayman Islands-based subsidiary to manage their exposure. They can also purchase shares of overseas products from Europe and Canada that track the performance of XRP and Dogecoin.
This indirect structure allows the ETFs to closely mirror the assets’ prices while meeting regulatory standards.
Why this matters for crypto ETFs
The success of XRPR and DOJE suggests that demand for crypto-related ETFs extends beyond the two largest assets, Bitcoin and Ethereum. Analysts believe the results could support the case for more altcoin ETFs in the near future, including products tied to staking and other on-chain strategies.
Balchunas remarked that the trading levels are “a good sign for the wave” of other crypto ETFs that are currently waiting for regulatory clearance. Dozens of applications are pending, and the SEC’s updated listing rules could accelerate the process.
For issuers, the strong interest in XRP and Dogecoin funds proves that investors are willing to explore exposure to a broader range of cryptocurrencies through traditional financial products.
XRP and Dogecoin market context
XRP is currently priced around $3.03, securing its position as the third-largest cryptocurrency by market capitalization. Its community has been anticipating an ETF for years, and the trading results confirm that institutional-style products tied to XRP are in demand.
Dogecoin, trading near $0.27, is the eighth-largest cryptocurrency. Despite its playful origins, it continues to show resilience in the market. The DOJE fund’s early performance suggests that traders see value in having regulated access to the token.
These developments mirror what happened when gold ETFs were first introduced, significantly improving accessibility for investors who wanted exposure without directly managing the commodity. Crypto ETFs appear to be on a similar path, making digital assets more approachable for mainstream portfolios.
Looking ahead
The key question now is whether the trading volumes will remain high beyond the first week. Analysts caution that some ETFs experience heavy activity initially before volumes stabilize at lower levels. Sustained demand will be the true test of XRPR and DOJE’s success.
Still, the results mark a turning point for crypto ETFs in the U.S. Investors now have a regulated pathway to gain exposure to two of the most recognizable digital assets outside of Bitcoin and Ethereum.
As more applications move through the SEC, the success of XRP and Dogecoin ETFs could pave the way for a wider variety of funds tied to different aspects of the crypto ecosystem.
For now, the XRP ETF stands out as the strongest first-day performer of any ETF in 2025, underscoring just how much interest exists in expanding crypto investment options beyond the largest tokens.
