Ripple and Dogecoin ETFs See Strong Debut With $54.7M in Trading Volume

REX Shares and Osprey Funds launched two new cryptocurrency exchange-traded funds (ETFs) on Thursday, drawing significant investor interest despite their unconventional structure. The XRP-focused XRPR and Dogecoin-tracking DOJE ETFs amassed a combined $54.7 million in first-day trading volume, far surpassing expectations and signaling growing demand for alternative crypto investment vehicles in the U.S. market.

XRPR leads with record-setting volume

The REX-Osprey XRP ETF (ticker: XRPR) opened trading with a strong showing, reaching $24 million in volume within the first 90 minutes and ending the day at $37.7 million. According to Bloomberg ETF analyst Eric Balchunas, this makes XRPR the top ETF debut of 2025, outpacing all previous launches this year, including the AI-focused IVES ETF.

Balchunas noted that XRPR’s volume was five times higher than any XRP futures ETF had achieved on its first day, highlighting unexpected strength in investor demand for exposure to the payments-oriented cryptocurrency.

SEMI-SHOCK: Rex XRP ETF $XRPP is already at $24m in volume. That is way more than I would have thought. For context it’s 5x more than any of the XRP futures ETFs did on Day One and it’s only been 90min. pic.twitter.com/DKIDD6noZF

— Eric Balchunas (@EricBalchunas) September 18, 2025

DOJE impresses with top-five debut

The Dogecoin ETF (ticker: DOJE) also exceeded expectations. Balchunas had predicted around $2.5 million in first-day volume, but DOJE hit nearly $6 million within the first hour and closed the day with $17 million traded. This performance places DOJE among the top five ETF launches in 2025, a notable achievement for a fund tracking a meme-based asset.

Dogecoin’s reputation as a joke cryptocurrency did not deter traders, with DOJE’s strong debut reflecting continued interest in speculative altcoins among retail and institutional investors alike.

Structure and regulation

Both XRPR and DOJE were launched under the Investment Company Act of 1940, a departure from most previous crypto-tied ETFs, which were registered under the Securities Act of 1933. While the 1940 Act offers a faster 75-day approval window, it imposes stricter limitations on holdings.

Neither ETF holds XRP or DOGE directly. Instead, they gain exposure through a Cayman Islands-based subsidiary and by investing in foreign ETFs tracking the respective cryptocurrencies. This indirect structure may explain the muted price response from the underlying tokens, which continued trading sideways despite the ETFs’ strong performance.

The launches came just a day after the U.S. Securities and Exchange Commission approved streamlined listing standards for crypto ETFs, potentially accelerating the approval process for similar products in the pipeline.