- XRP ETF recorded $37.7M in first-day trades, the strongest ETF debut of 2025.
- Dogecoin ETF posted $17M in day-one volume, ranking top five among 700 ETF launches.
- SEC’s new listing standards cut ETF approval timelines, paving the way for more crypto funds.
The cryptocurrency market witnessed a surge in activity after the first spot exchange-traded funds (ETFs) for XRP and Dogecoin launched with volumes rarely seen in traditional ETF debuts. Their performance has highlighted growing investor interest in crypto assets outside Bitcoin and Ethereum, marking a potential shift in how investors diversify exposure in regulated markets.
XRP and Dogecoin ETFs Surpass Expectations
Rex-Osprey, a partnership between REX Shares and Osprey Funds, introduced the first U.S.-listed spot ETFs for XRP and Dogecoin. On their opening day, the funds posted trading volumes that ranked among the best ETF debuts of 2025.
The REX-Osprey XRP ETF recorded $37.7 million in first-day trading. According to Bloomberg analyst Eric Balchunas, this set the highest day-one volume for any ETF launched this year. Within 90 minutes of opening, the XRP ETF exceeded $24 million in trades, five times more than XRP futures ETFs.
The Dogecoin ETF also performed strongly, with $17 million in opening day trades, positioning itself in the top five ETF launches of 2025 out of more than 700 entries. During the first hour alone, the Dogecoin ETF saw nearly $6 million in trades, far above the $1 million typical of new ETFs.
Balchunas called the activity remarkable, noting that both funds had exceeded expectations. He previously estimated Dogecoin ETF volumes at $2.5 million for its opening day. The actual results were several times higher.
New Standards Encourage More Crypto ETFs
The strong debut of XRP and Dogecoin ETFs came the same week the U.S. Securities and Exchange Commission (SEC) approved new listing standards for digital asset products. The policy permits exchanges like Cboe, Nasdaq, and NYSE to list spot commodity ETFs without lengthy case-by-case approvals if they satisfy generic requirements.
This change reduces approval timelines from 240 days to about 75 days. Analysts expect more ETF launches in the coming months. Several spot XRP ETF applications, including those from Grayscale, 21Shares, CoinShares, Canary Capital, and Bitwise, are awaiting review. Decisions are expected by October 19, 2025.
The Grayscale CoinDesk Crypto 5 ETF, which includes XRP alongside Bitcoin, Ethereum, Solana, and Cardano, also commenced, adding its trading activity around XRP and expanding investor access to multiple assets within a single vehicle.
The XRP and the Dogecoin ETFs are both organized under the Investment Company Act of 1940. This model regulates the U.S. mutual funds and ETFs to protect against fraud and conflict of interest. According to filings, XRPR charges an expense ratio of 0.75%, while DOJE charges 1.50%. Each fund allocates most assets directly to the underlying token, with at least 40 percent invested in other crypto ETFs or products.
Rex-Osprey CEO Greg King described ETFs as access vehicles for investors, pointing out that exposure to popular tokens within regulated structures represents the next step in mainstream adoption.
Related: Eric Balchunas Highlights SEC Shift as Catalyst for Crypto ETFs
Implications for Market Diversification
The big opening volumes indicate an increasing interest in the non-Bitcoin and non-Ethereum crypto investments. Investors seem to be keen to invest in assets such as XRP, known for cross-border payments, and Dogecoin, the first memecoin to have global recognition.
Institutional players also appear active in early trades, according to analysts. High volume during the opening hours was likely due to market-maker participation, which indicated interest beyond retail enthusiasm.
The launches raise questions about how multi-asset spot ETFs could change liquidity patterns in digital assets. They may also prompt regulators to refine oversight as more tokens become accessible through regulated funds.
The XRP and Dogecoin ETFs add momentum to the broader wave of crypto financial products hitting U.S. markets this year. Under the new framework by the SEC, investors can expect faster product launches, expanded exposure options, and heightened competition among the issuers.
