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New U.S. ETFs for Dogecoin and XRP launched with combined trading volume of $54.7 million.
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XRP ETF led with $37.7 million, the largest first-day total of any ETF launch in 2025.
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Dogecoin ETF reached $17 million, far exceeding initial projections of $2.5 million.
The first U.S.-listed exchange-traded funds tied to Dogecoin and XRP debuted Thursday with much higher demand than expected, producing a combined trading volume of $54.7 million.
Bloomberg ETF analyst Eric Balchunas noted that most new ETFs average about $1 million in first-day activity.
“No sluggishness,” he wrote on X, calling the funds’ debuts “a good sign for the onslaught” of pending crypto ETFs awaiting regulatory approval.
Issuers have filed dozens of applications for crypto ETFs, including proposals tied to speculative altcoins and products incorporating features 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 biggest first day for any ETF launch in 2025.
Within the first 90 minutes of trading, XRPR had already gathered $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 higher than the debut volume of XRP futures ETFs.
Dogecoin ETF exceeds forecasts
REX-Osprey DOGE ETF (DOJE) also surprised, finishing the session with $17 million in trades.
Balchunas had initially forecast only $2.5 million in volume, a level he described as “respectable but not particularly noteworthy.”
Instead, DOJE’s performance placed it among the top five ETF debuts out of more than 700 launches this year.
Regulatory structure and outlook
Both funds launched under the Investment Company Act of 1940 rather than the Securities Act of 1933, which was used for last year’s Bitcoin and Ether ETFs.
The “40 Act” framework allows for faster approval — 75 days compared with 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, along with stakes in European and Canadian exchange-traded products that track the coins’ prices.
The strong start arrives as issuers await approval for dozens of other crypto ETFs, including altcoin-focused products and funds linked to staking.
The Securities and Exchange Commission approved new ETF listing standards this week that could accelerate the pipeline.