XRP, DOJE ETFs post $54m debut, among 2025’s top launches

Two long-awaited crypto ETFs, DOJE and XRPR, recently made their U.S. debut, drawing strong investor interest and marking a milestone for the market.

In a historic milestone for crypto adoption, REX Shares and Osprey Funds’ newly launched spot ETFs for Dogecoin and Ripple in the U.S. have outperformed expectations. The new products, $DOJE and $XRPR, recorded more than $54 million in first-day trading volume, ranking among the year’s strongest ETF launches.

Dogecoin and XRP ETF shatter expectations

Despite skepticism ahead of launch, both ETFs drew strong investor demand. Bloomberg ETF analyst Eric Balchunas, who had projected modest volumes, noted that the results far exceeded expectations.

Before the debut, Balchunas had set an over/under benchmark of $2.5 million for the Dogecoin (DOGE) ETF’s first-day volume, citing its structure under the Investment Company Act of 1940 (40 Act) instead of the more common Securities Act of 1933 (33 Act), as well as its smaller issuer profile.

DOJE ETF surpassed that figure within the first hour, reaching nearly $6 million. By the end of the day, it had recorded $17 million in total volume, placing it among the top five of more than 710 ETF launches this year, an outstanding debut by industry standards.

Meanwhile, $XRPR, which offers spot exposure to XRP, stunned even further. The Ripple-based ETF recorded a day-one volume of $37.7 million, beating out $IVES to become the biggest natural debut of any ETF in 2025 in terms of volume. 

It also outperformed all XRP (XRP) futures-based ETFs launched before now. Balchunas reported that $24 million of that volume was recorded in just the first 90 minutes of trading. This volume is five times more than any futures-based XRP ETF managed on debut.

ETF structure did not deter demand for XRP and DOJE ETF

One of the interesting parts of these launches is the legal structure. Both the XRP and DOJE ETFs were filed under the 40 Act, a move that raised questions ahead of launch. 

Traditionally, major crypto ETFs like Bitcoin (BTC) and Ethereum (ETH) spot funds have been filed under the 33 Act, which requires 240 days for approval. In contrast, the 40 Act offers a 75-day review window but comes with stricter constraints on fund composition.

Despite these limitations, the strong performances of $DOJE and $XRPR indicate that investors are willing to embrace this regulatory framework if it means faster market access. Their success could encourage more issuers to pursue 40 Act filings for future spot crypto ETFs.

Looking ahead, momentum in the ETF space may accelerate even further. Just a day before $DOJE and $XRPR’s debut, the U.S. Securities and Exchange Commission (SEC) approved generic listing standards that could fast-track over 90 pending spot crypto ETFs. 

These new rules would allow issuers to launch under the 33 Act, bypassing the prolonged approval process. However, these tokens must have existing futures on Coinbase. Industry leaders praised the move as a much-needed step, stating it could eliminate regulatory red tape and unlock a new wave of innovation in the ETF space.