XRP and Dogecoin ETFs Debut with $55 Million in Trading Volume

Analyst described the results as “shockingly” strong.

On September 18, spot ETFs based on XRP and Dogecoin were launched in the US by REX Shares and Osprey Funds. The combined trading volume for these funds reached $55 million by the end of the debut session, noted Bloomberg analyst Eric Balchunas.

$XRPR traded $37.7m on Day One, which edges out $IVES for the biggest day one (natural) $ volume of any 2025 launch. $DOJE is no slouch at $17m, which would be Top 5 for year.. out of 710 launches. Good sign for the onslaught of 33 Act ETFs coming soon.. pic.twitter.com/JaQP9ekFIq

— Eric Balchunas (@EricBalchunas) September 18, 2025

“XRPR reached a volume of $37.7 million, surpassing IVES and becoming the leader among all 2025 launches. DOJE also performed strongly with $17 million, placing it in the top five out of 710 funds for the year,” he wrote.

According to the expert, the turnover of the spot XRP-ETF exceeded $24 million in the first 90 minutes—several times higher than the figures for futures-based exchange products on the asset. Balchunas described the results as “shockingly” strong, considering that on the first day, most instruments usually see trading volumes of less than $1 million.

Not the ‘Classic’ ETFs

Both products are not classic exchange-traded funds approved by the SEC, as they are registered under the Investment Company Act of 1940. This allows for a shorter application review period—75 days compared to 240 days under the 1933 Act, under which Bitcoin and Ethereum ETFs were launched.

The main feature is that XRPR and DOJE do not hold cryptocurrencies directly. They invest in a subsidiary of the issuers in the Cayman Islands, which manages the assets.

The new funds also purchase shares in foreign exchange-traded products from Europe and Canada that track the prices of XRP and Dogecoin.

The asset quotes did not respond to the success of the new ETFs. The meme coin’s rate fell by 1.6% over the past day. At the time of writing, the token is trading at $0.27.

XRP decreased by 1.4% over the past 24 hours—to $3.

Earlier, the SEC simplified the listing procedure for crypto ETFs. Analysts have predicted the launch of new investment products in the US “in the coming weeks and months.”