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New U.S. ETFs for Dogecoin and XRP debut with $54.7M in trading volume.
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XRP ETF leads with $37.7M, the largest first-day volume of any ETF launch in 2025.
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Dogecoin ETF hits $17M, far above initial forecasts of $2.5M.
The first U.S.-listed funds tied to Dogecoin and XRP launched on Thursday with much stronger demand than anticipated, generating a combined trading volume of $54.7 million.
Bloomberg ETF analyst Eric Balchunas noted that most new ETFs typically see about $1 million in first-day activity on average.
“Not sluggish,” he wrote on X, calling the funds’ debut “a good sign for the onslaught” of pending crypto ETFs awaiting regulatory approval.
Issuers have filed applications for numerous crypto ETFs, including proposals tied to speculative altcoins and products that incorporate mechanisms such as staking.
XRP ETF posts record opening
REX-Osprey XRP ETF (XRPR) recorded $37.7 million in volume according to Cboe data, marking the largest first day for any ETF launch in 2025.
Within its first 90 minutes of trading, XRPR had already recorded $24 million in volume.
$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
“That’s a lot more than I would have thought,” Balchunas said, noting the figure is about five times higher than the debut volume of XRP futures ETFs.
Dogecoin ETF outperforms forecasts
REX-Osprey DOGE ETF (DOJE) also surprised, finishing the session with $17 million in trading.
Balchunas had initially expected only $2.5 million in volume, a level he described as “respectable, but not anything special.”
Instead, DOJE’s performance places it among the top five ETF debuts out of more than 700 launches so far this year.
Regulatory structure and outlook
Both funds launched under the Investment Company Act of 1940 rather than the Securities Act of 1933 used for last year’s Bitcoin and Ether ETFs.
The “40 Act” framework permits a faster approval timeline—75 days versus 240—but imposes restrictions on holdings.
XRPR and DOJE do not hold crypto directly.
Instead, they invest in a Cayman Islands subsidiary that holds digital assets alongside shares of European and Canadian exchange-traded products that track the coins’ prices.
The strong start arrives as issuers await approval for dozens of additional crypto ETFs, including altcoin-focused products and funds tied to staking.
This week the Securities and Exchange Commission approved new ETF listing standards that could accelerate the pipeline of applications.