XRP ETF breaks 2025 record, DOGE ETF hits top 5
XRPR and DOJE crypto ETFs launched with combined $55M trading volume, marking a successful debut following new US regulatory changes.
The REX-Osprey XRP ETF, trading under ticker XRPR, recorded $37.7 million in first-day volume. This represents the highest natural day-one dollar volume for any ETF launched in 2025. The REX-Osprey Dogecoin ETF, ticker DOJE, traded approximately $17 million, ranking as a top-five debut for the year.
Both funds are listed on Cboe BZX exchange and sponsored jointly by REX Shares and Osprey Funds. The products offer spot exposure to their respective cryptocurrencies through direct holdings and, when necessary, via foreign spot exchange-traded products. XRPR's initial portfolio includes both XRP tokens and the CoinShares Physical XRP ETP.
Trading activity started strong on launch day. XRPR reached $24 million in volume during its first 90 minutes of trading, while DOJE approached $6 million within the opening hour.
Senior ETF analyst Eric Balchunas tracking first-day flows described the volumes as "shockingly solid," noting that most ETFs trade under $1 million on their debut day. He also commented that the performance represents a positive indicator for upcoming Investment Company Act ETFs.
The fund launches occurred one day after US regulators approved generic exchange listing standards for certain commodity-based exchange-traded products, including those holding digital assets. These regulatory changes, adopted on September 17, create streamlined processes for qualifying products to enter the market.
The new listing standards eliminate previous case-by-case approval requirements for certain crypto-based investment products. Under the updated framework, products meeting specific criteria can list more efficiently on US exchanges.
Market observers expect additional cryptocurrency ETFs to launch over the next twelve months as sponsors take advantage of the simplified regulatory pathway. The September 17 rule changes apply to exchange-traded products holding various digital assets that meet commodity classification requirements.
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