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New U.S.-listed ETFs for Dogecoin and XRP debuted with combined trading volume of $54.7 million.
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The XRP ETF led with $37.7 million, the largest day-one volume for any ETF launch in 2025.
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The Dogecoin ETF reached $17 million, far above initial projections of $2.5 million.
The first U.S.-listed exchange-traded funds tied to Dogecoin and XRP launched on Thursday, drawing much stronger demand than many had expected and producing a combined trading volume of $54.7 million.
Bloomberg ETF analyst Eric Balchunas noted that most new ETFs typically average around $1 million in day-one activity.
“No slouch,” he wrote on X, calling the funds’ debuts “a good sign for the onslaught” of crypto ETFs awaiting regulatory approval.
Issuers have filed for a range of cryptocurrency ETFs, including products focused on speculative altcoins and funds that incorporate mechanisms such as staking.
XRP ETF opens with record volume
The REX-Osprey XRP ETF (XRPR) registered $37.7 million in trading volume, according to Cboe data, marking the largest first-day total of 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
“This is a lot more than I would have thought,” Balchunas said, noting the figure was five times the debut volume of XRP futures ETFs.
Dogecoin ETF outperforms expectations
The REX-Osprey DOGE ETF (DOJE) also surprised investors, closing the session with $17 million in trading volume.
Balchunas had initially forecast only $2.5 million in volume for DOJE — a figure he described as “respectable but nothing special.” Instead, DOJE’s launch placed it among the top five ETF debuts out of more than 700 launches this year.
Structure and regulatory outlook
Both funds were launched under the Investment Company Act of 1940 rather than the Securities Act of 1933, the framework used for last year’s Bitcoin and Ether ETFs.
The “’40 Act” structure can allow for a faster approval timeline — roughly 75 days versus about 240 days — but it also imposes additional restrictions on issuers.
XRPR and DOJE do not hold cryptocurrencies directly.
Instead, each invests in a Cayman Islands subsidiary that holds digital assets, and they also hold shares of European and Canadian exchange-traded products that track the coins’ prices.
The strong early demand comes as issuers await approval for dozens of other crypto-linked ETFs, including altcoin-focused funds and products tied to staking strategies.
This week the Securities and Exchange Commission approved new ETF listing standards that could speed the pipeline of forthcoming filings.