Two newly launched spot exchange-traded funds (ETFs) tied to XRP and Dogecoin made an explosive entrance into U.S. markets on Thursday, racking up a combined $54.7 million in trading activity within their first day.
The REX-Osprey XRP ETF (XRPR), listed on the Cboe exchange, dominated the debut with $37.7 million in volume, according to Bloomberg’s senior ETF analyst Eric Balchunas. This makes XRPR the biggest ETF launch of 2025 so far, overtaking the Wedbush AI Revolution ETF (IVES), which previously held the crown. The surge highlights growing investor appetite for crypto products beyond the established leaders, Bitcoin (BTC) and Ethereum (ETH).
The launch comes at a time when XRP’s market cap has overtaken that of Citigroup, underscoring its expanding role in global payments. Ripple, the company behind XRP, has also applied for a U.S. banking license—another sign of its ambitions to integrate more deeply into traditional finance.
Meanwhile, the REX-Osprey Dogecoin ETF (DOJE) posted $17 million in first-day trades, securing a spot among the year’s top five ETF rollouts. DOJE’s reception is particularly striking, given Dogecoin’s origins as a meme-driven asset.
These strong openings follow recent changes by the Securities and Exchange Commission (SEC), which has shortened the approval window for crypto ETFs from roughly 240 days to just 75, paving the way for faster launches.
Net inflow figures for both funds are expected to be published later Friday, but the initial trading volumes already signal major interest in crypto ETFs tied to assets outside the top two digital currencies.
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