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New U.S. ETFs for Dogecoin and XRP launched with $54.7 million in trading volume
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The XRP ETF led with $37.7 million, marking the largest first day for an ETF launch in 2025
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The Dogecoin ETF reached $17 million, well above the initial $2.5 million estimate
Exchange-traded funds (ETFs) listed on a major U.S. exchange tied to Dogecoin and XRP opened trading on Thursday with far stronger demand than expected, posting a combined first-day volume of $54.7 million.
Eric Balchunas, an ETF analyst at Bloomberg, observed that most new ETFs average around $1 million in first-day activity.
“Not shabby,” he wrote on X, calling the launches a “good sign for the onslaught” of crypto ETFs awaiting regulatory approval.
Issuers have filed numerous applications for crypto ETFs, including products tied to speculative altcoins and those that incorporate mechanisms such as staking.
XRP ETF posts record first day
REX-Osprey XRP ETF (XRPR) recorded $37.7 million in trading volume, according to Cboe data, making it the largest first day for an ETF launch in 2025.
Within the first 90 minutes of trading, XRPR had already traded $24 million.
$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 more than I expected,” Balchunas said, noting the figure is about five times the opening volume for the XRP futures ETFs.
Dogecoin ETF exceeds expectations
REX-Osprey DOGE ETF (DOJE) also surprised, finishing the session with $17 million in trading.
Balchunas had initially forecast roughly $2.5 million, a level he described as “respectable but not particularly noteworthy.”
DOJE’s performance places it among the top five first-day ETF launches out of more than 700 this year.
Structure and regulatory trends
Both funds launched under the Investment Company Act of 1940 rather than the Securities Act of 1933 used by last year’s Bitcoin and Ether ETFs.
The “’40 Act” framework can allow for faster approval timelines — roughly 75 days versus 240 days — but imposes limits on holdings.
XRPR and DOJE do not hold the cryptocurrencies directly.
Instead, they invest in Cayman Islands subsidiaries that hold the digital assets, along with stakes in European and Canadian exchange-traded products that track the coins’ prices.
The strong openings come as issuers await approvals for dozens more crypto ETF filings, including products focused on other altcoins and funds linked to staking.
This week, the Securities and Exchange Commission approved new ETF listing standards that could accelerate the approval pipeline.