Quick Breakdown
- XRP ETF hit $37.7M in day-one trading, the strongest ETF debut of 2025.
- Dogecoin ETF recorded $17M, placing it among the year’s top ETF launches.
- Despite 40 Act restrictions, investor demand proved stronger than expected.
Investors rushed into the first-ever Dogecoin and XRP exchange-traded funds (ETFs) in the United States, pushing trading volumes far beyond analyst predictions on their debut.
XRP ETF leads with record-breaking volume
The REX-Osprey XRP ETF (XRPR) surged out of the gate, recording $37.7 million in day-one trading volume according to data from Balchunas and Cboe. Bloomberg’s Eric Balchunas said it marked the biggest first-day performance of any ETF launched in 2025.
My over/under got destroyed in the first hour of trading as $DOJE already posting nearly $6m in volume. That\’s shockingly solid.. Most ETFs trade under $1m on Day One. https://t.co/wjAIowq7NW pic.twitter.com/7z22WIKPy0
— Eric Balchunas (@EricBalchunas) September 18, 2025
Balchunas had earlier noted that within just 90 minutes of opening, the fund had already generated $24 million in trades—five times more than XRP futures ETFs managed on their launch day.
“That is way more than I would have thought,”
he said.
“For context, it’s 5x more than any of the XRP futures ETFs did on Day One, and it’s only been 90min.”
Dogecoin ETF outshines expectations
The Dogecoin-tracking REX-Osprey DOGE ETF (DOJE) also defied forecasts. Balchunas initially expected a modest $2.5 million in trading but revised his outlook after the ETF hit nearly $6 million in its first hour. By the close of trading, DOJE ended the day with $17 million in volume—ranking among the top five ETF launches out of more than 700 this year.
Investor interest defies ETF structure concerns
Balchunas noted that both ETFs were registered under the Investment Company Act of 1940 (40 Act) rather than the Securities Act of 1933 (33 Act), which governs most crypto-related ETFs. Analysts had suggested this difference might dampen investor demand, but the debut numbers told a different story. XRPR and DOJE don’t directly hold crypto; instead, they invest through a Cayman Islands-based subsidiary and buy into overseas ETFs tied to XRP and DOGE.
The launches highlight rising demand for altcoin-based investment products as issuers continue filing proposals for ETFs linked to speculative tokens and novel strategies, such as staking. With the SEC recently approving updated ETF listing standards, more crypto funds could soon follow.
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