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New U.S. ETFs tied to Dogecoin and XRP debuted with combined trading volume of $54.7 million.
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The XRP ETF led with $37.7 million, marking the largest first-day volume among 2025 ETF launches.
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The Dogecoin ETF reached $17 million, far above initial estimates of $2.5 million.
The first U.S.-listed exchange-traded funds related to Dogecoin and XRP made their debut on Thursday, drawing substantially more demand than expected and recording total trading volume of $54.7 million.
Bloomberg ETF analyst Eric Balchunas noted that the average first-day activity for most new ETFs is roughly $1 billion.
“Not shabby,” he wrote on X, calling the funds’ debut a positive sign for the anticipated wave of crypto ETFs awaiting regulatory approval.
Issuers have filed multiple crypto ETF applications, including proposals tied to speculative altcoins and products that incorporate staking and related mechanisms.
XRP ETF sets record opening
According to data from the Chicago Board Options Exchange, the REX-Osprey XRP ETF (XRPR) traded $37.7 million, the largest first-day volume of any ETF launch in 2025.
XRPR accounted for $24 million of that volume within the first 90 minutes of trading.
$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 the figure is five times the first-day volume for XRP futures ETFs.
Dogecoin ETF outperforms expectations
The REX-Osprey DOGE ETF (DOJE) also surprised investors, finishing the day with $17 million in trading volume.
Balchunas had initially forecasted only $2.5 million in volume, calling that level “respectable but nothing special.”
Instead, DOJE’s performance placed it among the top five launches of the year so far, out of more than 700 ETF debuts.
Regulatory structure and outlook
Both funds were launched under the Investment Company Act of 1940 rather than the Securities Act of 1933 framework used by last year’s bitcoin and ether ETFs.
The “40 Act” pathway generally allows for a faster approval timeline—75 days versus 240 days—while imposing limits on holdings.
XRPR and DOJE do not directly hold cryptocurrencies.
Instead, they invest in a Cayman Islands subsidiary that holds digital assets and in shares of European and Canadian exchange-traded products that track token prices.
Following the strong start, issuers are awaiting approvals for several dozen additional crypto ETFs, including products focused on altcoins and funds tied to staking.
The U.S. Securities and Exchange Commission approved new listing standards for ETFs this week, a move that could accelerate the pipeline.