TL;DR
- XRP ETFs Record: The XRPR ETF stunned analysts with $37.7M in day-one volume, outperforming XRP futures fivefold and setting the highest launch total of 2025.
- DOGE ETF Momentum: DOJE defied expectations, reaching $17M in trades and ranking among the top five ETF launches this year out of more than 700 entries.
- SEC Acceleration: New SEC rules cut approval timelines to 75 days, paving the way for over 100 crypto ETFs to launch in the next 12 months.
REX-Osprey launched the first-ever U.S. spot ETFs for XRP and Dogecoin, drawing a staggering $54.7 million in day-one trading volume. The debut shattered expectations and signaled a seismic shift in investor appetite for regulated crypto exposure. Structured under the Investment Company Act of 1940, both ETFs bypassed traditional crypto custody hurdles while still tracking the underlying assets through offshore subsidiaries.
SEMI-SHOCK: Rex XRP ETF $XRPP is already at $24m in volume. That is way more than I would have thought. For context it's 5x more than any of the XRP futures ETFs did on Day One and it's only been 90min. pic.twitter.com/DKIDD6noZF
— Eric Balchunas (@EricBalchunas) September 18, 2025
XRP ETF Sets 2025 Record With $37.7M Volume
The REX-Osprey XRP ETF (XRPR) led the charge, racking up $37.7 million in trades on its first day. Bloomberg analyst Eric Balchunas called it the “biggest day one of any 2025 launch,” noting that most new ETFs average around $1 million. Within just 90 minutes, XRPR hit $24 million in volume, outperforming XRP futures fivefold.
Though the 40 Act structure prohibits direct crypto holdings, XRPR uses a Cayman Islands-based subsidiary to hold XRP-linked equity. As of launch, XRP traded at $3.03 with a market cap of $181.51 billion, despite a modest 0.95% intraday dip.
Dogecoin ETF Surprises With $17M in Trades
The REX-Osprey Doge ETF (DOJE) also stunned analysts. Initially projected to hit $2.5 million, DOJE surged to $6 million in its first hour and closed the day at $17 million. This placed it among the top five ETF launches of 2025 out of more than 700 entries. DOJE mirrors XRPR’s structure, using foreign subsidiaries to track Dogecoin’s price. At launch, DOGE traded at $0.2758 with a $41.65 billion market cap. The token had climbed 30% over the past month, though it dipped 0.86% intraday.
SEC Approval Timeline Fuels ETF Wave
The ETF launch coincides with the SEC’s revised listing standards, which cut approval timelines from 240 days to just 75. Analysts expect this regulatory shift to unleash over 100 new crypto ETFs in the next year. Balchunas described XRPR and DOJE’s success as a “good sign for the onslaught” of pending altcoin and staking-based funds. The strong debut may set a precedent for future digital asset ETFs seeking mainstream legitimacy.
A Milestone for Altcoin Integration
The REX-Osprey ETFs mark a turning point in crypto’s integration into traditional finance. With record-breaking volume and investor enthusiasm, XRP and Dogecoin have carved a path for altcoins to enter regulated markets. As issuers race to capitalize on the SEC’s streamlined process, the success of XRPR and DOJE could redefine ETF benchmarks in the digital asset space.
