Daniel Walker
The latest crypto exchange-traded funds (ETFs) officially debuted on Thursday, marking a milestone for the digital asset market. The REX-Osprey XRP ETF (XRPR) recorded an impressive $37.7 million in first-day trading volume, the largest day-one volume of any ETF launch in 2025, according to Bloomberg. Meanwhile, the REX-Osprey DOGE ETF (DOJE) generated nearly $17 million, placing it within the top five ETF launches of the year.
Bloomberg Intelligence Senior ETF Analyst Eric Balchunas commented on X that the strong debut is a positive sign for the wave of new ETFs expected under the Securities Act of 1933, the same framework used for spot Bitcoin and Ethereum ETFs.
Unlike many other funds, Rex Shares and Osprey registered their products under the Investment Company Act of 1940, which governs pooled investment vehicles. These ETFs are required to hold the underlying crypto assets directly, but their filings also allow for exposure through foreign spot ETFs or similar instruments if needed.
XRP and DOGE ETFs Outperform Expectations
The XRP ETF reached $24 million in volume within its first 90 minutes, five times higher than any XRP futures ETF had achieved on launch, according to Balchunas. The DOGE ETF also showed strength, with nearly $6 million in trades during its first hour. โThatโs shockingly solid… most ETFs trade under $1 million on Day One,โ Balchunas added.
SEC Approval Could Fuel ETF Boom
The timing of the launch came just one day after the U.S. Securities and Exchange Commission (SEC) approved new exchange listing standards designed to speed up crypto ETF approvals. Balchunas noted thereโs a โgood chanceโ that more than 100 crypto ETFs could hit the market in the next year.
Market Prices Remain Stable
Despite the excitement around the launches, XRPโs price held steady at $3.08, while Dogecoin dipped 0.5% to $0.28, according to PRIMEโs market data.
