When it comes to new investment products hitting Wall Street, most don’t make much noise. But two fresh funds, offering direct access to XRP and Dogecoin, certainly grabbed attention. They launched with a bang on Thursday, pulling in record trading volumes that left other new ETFs from 2025 in the dust.
The companies behind these funds, REX Shares and Osprey Funds, listed them on the Cboe BZX exchange. Their strong showing proves investors are hungry for digital assets beyond just Bitcoin and Ethereum. These aren’t the usual suspects, which makes their debut even more notable.
The REX-Osprey XRP ETF, known by its ticker XRPR, ended its first day with a stunning $37.7 million in trades. This made it the biggest ETF launch by volume for day one in all of 2025. It sailed past 710 other ETFs that debuted this year, according to market data shared on X by Bloomberg analyst Eric Balchunas. XRPR gives investors direct exposure to XRP, which is the third-largest cryptocurrency. XRP is tied to Ripple and is mostly used for payments between countries. The fund pulled in $24 million in its first 90 minutes alone. That’s five times more than any previous XRP futures ETF launch.
Meanwhile, the REX-Osprey DOGE ETF, using the ticker DOJE, broke new ground. It’s the first ETF dedicated to a memecoin. This fund racked up about $17 million in volume, placing it among the top five debuts for the year. Together, both ETFs saw a combined volume of $54.7 million. Balchunas called this number “surprisingly solid,” especially since most ETFs struggle to hit even $1 million on their first day.
More Crypto ETFs on the Horizon
Balchunas pointed out that XRPR even outperformed the Wedbush AI ETF (IVES) in terms of “natural volume” on its first day. He also noted that DOJE’s performance was “nothing to scoff at.” He sees these strong results as a “good sign” for the wave of new ETFs that will soon come under the Securities Act of 1933. This is the same rule used for Bitcoin and Ethereum ETFs.
These new XRP and Dogecoin ETFs followed different rules. They were registered under the Investment Company Act of 1940. This means they must hold the actual cryptocurrencies. However, their paperwork allows them to use other ETFs and derivatives if needed. This timing is perfect. The U.S. Securities and Exchange Commission (SEC) recently approved new listing rules. These rules speed up the approval process for crypto ETFs, cutting the waiting time from 240 days to about 75 days. Balchunas believes there are “good chances” that over 100 crypto-linked ETFs could launch in the next year.
XRP and DOGE See Mixed Reactions
The market buzzed with excitement about these launches. On Thursday, major cryptocurrencies saw gains, with Bitcoin climbing past $117,600. However, the initial boost didn’t last. The market cooled off shortly after.
XRP stayed steady around $3.08 during the launch. But by Friday morning (ET), it pulled back to $3.02, showing a 3.3% loss over 24 hours, according to CoinGecko. DOGE, on the other hand, jumped over 7% on Thursday. It hit a local high of $0.2874 before settling back to $0.2706 when this article was put together.
Despite the mixed short-term price movements, this early success shows a growing interest in alternative cryptocurrencies. It’s worth noting that XRP’s market value, over $180 billion, has even surpassed that of banking giant Citigroup, as reported by CoinDesk. Dogecoin, famous for its meme origins and ties to figures like Elon Musk, has set a new standard. Being the first memecoin with a spot ETF could lead to many more unique products in the crypto space. We’ll get a clearer picture of how much long-term interest these funds have once the first day’s net investor flows are fully reported this Friday. This debut doesn’t just show that the crypto market is growing up and fitting into traditional finance. It also stands to draw in more big institutional players, helping these digital assets become more common.