On their first day of trading, investors rushed into the Dogecoin and XRP exchange-traded funds in the US, exceeding analysts’ volume predictions.
Bloomberg ETF analyst Eric Balchunas stated on X that typical new ETFs average around $1 million in trading volume, but these new crypto funds demonstrated robust performance, amassing a total of $54.7 million in trades for the day.
On Thursday, asset issuers REX Shares and Osprey Funds launched ETFs that track the prices of the third-largest cryptocurrency, XRP (XRP), and the eighth-largest cryptocurrency and leading memecoin, Dogecoin (DOGE).
Balchunas remarked that the high trading volumes indicate a “good sign for the influx” of other crypto-related ETFs seeking regulatory clearance for launch. Numerous issuers have submitted applications for crypto ETFs linked to speculative altcoins or innovative instruments like staking.
XRP ETF trades near $40 million
The REX-Osprey XRP ETF (XRPR), which tracks XRP, achieved $37.7 million in volume, according to data from Balchunas and Cboe.
He noted it had the “biggest day one” in monetary volume for any launch in 2025.
XRPR rapidly gained traction, as Balchunas previously noted that the ETF recorded $24 million in volume during its first hour and a half of trading.
“That is significantly higher than I anticipated,” he commented. “For context, it’s five times more than what any of the XRP futures ETFs achieved on their first day, and it’s only been 90 minutes.”
Dogecoin ETF also performs well
Earlier on Thursday, Balchunas had projected that the Dogecoin-tracking REX-Osprey DOGE ETF (DOJE) would achieve $2.5 million in daily volume, which he considered respectable but “not extraordinary.”
He subsequently remarked that this expectation was “shattered in the first hour of trading” as the ETF approached $6 million in volume.
“That’s surprisingly solid,” he noted. “Most ETFs trade under $1 million on their first day.”
DOJE concluded trading on Thursday with $17 million in total volume, which Balchunas highlighted would position it among the top five of over 700 ETF launches this year.
ETF types didn’t dissuade investors
REX and Osprey registered their two ETFs under a different securities law compared to most existing crypto-linked exchange-traded products.
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XRPR and DOJE are registered under the Investment Company Act of 1940, known as the “40 Act,” while popular Bitcoin (BTC) and Ether (ETH) funds launched last year fell under the Securities Act of 1933, or the “33 Act.”
Balchunas mentioned early on Thursday that registering both ETFs under the 40 Act might “slightly diminish interest compared to other pioneering crypto ETFs.”
The 40 Act provides a quicker approval timeframe of 75 days versus 240 days under the 33 Act, albeit with certain restrictions on the ETF’s holdings.
XRPR and DOJE do not directly hold crypto; instead, they invest in a subsidiary based in the Cayman Islands that does. They also acquire shares in foreign exchange-traded products from Europe and Canada tracking XRP and DOGE to aim for price tracking.
A variety of pending crypto funds, including those for XRP and Dogecoin, are still awaiting approval, and the Securities and Exchange Commission recently approved ETF listing standards that could expedite the approval process.
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