XRP and DOGE ETF had a strong performance on their first trading day, with a total trading volume reaching 54.7 million USD, far exceeding market expectations.

The first US Spot ETFs tracking XRP and DOGE began trading on Thursday, breaking market expectations with an astonishing volume on their first day. Launched by REX Shares and Osprey Funds, these two products achieved a total trading volume of up to $54.7 million. Among them, the XRP ETF (XRPR) became the largest first-day debut for any ETF in 2025 with a trading volume of $37.7 million. Their successful issuance not only indicates strong demand from investors for altcoin assets but also paves the way for future Crypto Assets fund products.

Record-breaking first day volume: Exceeded analysts' expectations

The first US exchange-traded funds tracking XRP and DOGE began trading on Thursday, with both products exceeding analysts' expectations due to strong investor demand. REX Shares and Osprey Funds launched these two crypto ETFs on Thursday morning, which track the price movements of XRP and DOGE, respectively.

Bloomberg ETF analyst Eric Balchunas had predicted that the first-day trading volumes of these two products would not be large. Most new ETFs typically only see around $1 million in trading volume on their first day of trading. However, these two crypto funds collectively generated $54.7 million in trading volume. Balchunas described this performance as “impressive” for the debut of new ETFs.

Among them, the ETF tracking XRP is traded on the Cboe exchange under the code XRPR, recording a volume of 37.7 million USD on its first day. This makes XRPR the ETF with the largest first-day trading volume in 2025. The fund attracted a trading volume of 24 million USD within the first 90 minutes of trading, which is five times the first-day trading volume of existing XRP futures ETFs. Balchunas described its early performance as “much stronger than expected.”

Structural Differences: Fast Track Under the 1940 Act

The trading code for the DOGE ETF is DOJE, and its first-day trading volume reached 17 million USD, placing it among the top five of over 700 new ETFs launched this year. Balchunas initially estimated that DOJE's trading volume would be around 2.5 million USD, but the fund achieved a trading volume of 6 million USD in its first hour of operation. He described this performance as “remarkably solid,” contrasting sharply with the typical pattern of most new ETFs having a first-day trading volume of less than 1 million USD.

The successful issuance of these two ETFs occurred under different regulatory frameworks. XRPR and DOGE are both registered under the Investment Company Act of 1940, which is different from the existing Bitcoin and Ethereum ETFs that are governed by the Securities Act of 1933. The structure of the 1940 Act allows for a faster approval window, typically only requiring 75 days, whereas the traditional process takes 240 days.

However, the registration of the 1940 Act was accompanied by certain investment restrictions. Both funds cannot directly hold crypto assets but instead purchase the underlying tokens through subsidiaries established in the Cayman Islands. These ETFs will also acquire shares of foreign exchange-traded products from Europe and Canada. This structure allows the funds to track the prices of XRP and DOGE while meeting regulatory requirements.

Market Impact and Future Outlook

The successful debut of these two ETFs may encourage the issuance of more new products. Multiple issuers have submitted applications for other ETFs tracking various alts. Recently, the SEC approved new listing standards for crypto ETFs, and these changes may accelerate the application process for pending crypto assets funds.

The market capitalization of XRP has recently surpassed that of Citigroup, with a total value exceeding 180 billion USD. Meanwhile, DOGE, as the largest meme coin, has a market cap of approximately 40 billion USD.

Conclusion

REX and Osprey have successfully launched XRP and DOGE ETFs, marking an important milestone in the maturation of the cryptocurrency market. This not only reflects the mainstream recognition of XRP and DOGE as two major crypto assets but also clearly indicates that regulators and investors are becoming increasingly confident in a broader range of crypto asset categories. This event paves the way for other altcoin ETFs, signaling that more innovative crypto investment products may enter the traditional financial market in the future, further promoting the institutionalization and popularization of the crypto ecosystem.