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New U.S. ETFs for Dogecoin and XRP debut with $54.7 million in trading volume.
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XRP ETF leads with $37.7 million, the largest first day among all ETF launches in 2025.
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Dogecoin ETF reaches $17 million, far exceeding initial forecasts of $2.5 million.
The first U.S.-listed exchange-traded funds linked to Dogecoin and XRP launched Thursday with far stronger demand than anticipated, generating a combined $54.7 million in trading volume.
Bloomberg ETF analyst Eric Balchunas noted that most new ETFs average roughly $1 million on their first day.
“Not slow,” he wrote on X, calling the funds’ debuts “a good sign for the onslaught” of additional crypto ETFs awaiting regulatory approval.
Issuers have filed multiple proposals for crypto ETFs, including products tied to speculative altcoins and structures that incorporate mechanisms such as staking.
XRP ETF posts record opening
The REX-Osprey XRP ETF (XRPR) recorded $37.7 million in volume, according to Cboe data, marking the largest first day for an ETF launch in 2025.
Within the first 90 minutes of trading, XRPR had already attracted $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 a lot more than I expected,” Balchunas said, noting it was five times the debut volume of the XRP futures ETFs.
Dogecoin ETF outperforms forecasts
The REX-Osprey DOGE ETF (DOJE) also surprised, finishing the session with $17 million in trades.
Balchunas had initially projected only $2.5 million in volume, a level he described as “respectable but nothing special.”
Instead, DOJE’s performance places 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, which was the framework used for last year’s Bitcoin and Ether ETFs.
The “40 Act” route allows for faster approval—about 75 days versus roughly 240 days—but imposes restrictions on asset holdings.
XRPR and DOJE do not hold the cryptocurrencies directly.
Instead, they invest in a Cayman Islands subsidiary that owns digital assets, and they hold positions in European and Canadian exchange-traded products that track the coins’ prices.
The strong debut comes as issuers await approval for dozens of other 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 pending applications.