The launch of Rex-Osprey’s XRP exchange-traded fund has made waves in the financial landscape, achieving a trading volume of $37.7 million on its inaugural day. This impressive figure surpasses the Wedbush AI fund (ticker: IVES), marking it as the top performer in terms of day-one dollar volume for any ETF debut in 2025, according to insights from Bloomberg’s Eric Balchunas. Additionally, Dogecoin’s ETF (DOJE) also displayed a robust performance with a closing volume of $17 million, placing it amongst the elite debuts this year.
“XRP ETF seasoned at $37.7 million during the first trading day, triumphing over IVES as the leader in debut performance. Dogecoin’s fund isn’t far behind at $17 million—ranking in the top five for the year among 710 new launches,” Balchunas shared via X.
The early trading activity painted a compelling picture. In just over an hour from market opening, the XRP ETF had already surpassed $24 million in trading volume, a staggering fivefold increase compared to any prior XRP futures ETF’s first day. “SEMI-SHOCK: The Rex XRP ETF is already setting remarkable volume records at $24 million,” remarked Balchunas.
Dogecoin’s initial hour of trading was equally impressive. “My initial expectations were exceeded, with $6 million in volume recorded almost immediately. This is a remarkable showing compared to most ETFs, which generally do not exceed $1 million on their opening day,” Balchunas conveyed via X.
What Makes the XRP and Dogecoin ETFs Remarkable?
The XRP and Dogecoin ETFs trade on Cboe, identified by their tickers XRPR and DOJE, respectively. These funds are structured differently, utilizing the Investment Company Act of 1940, a regulatory framework that enforces stricter limits than the traditional 1933 Act frameworks of spot bitcoin and ether ETFs.
Before the launches, Balchunas managed expectations given these structural differences: “The choice of the 40 Act over the 33 Act limits could impact overall interest relative to other significant cryptocurrency ETFs. We are on the edge of seeing the results.”
Exceeding the figures of IVES is noteworthy, as the Wedbush AI Revolution ETF has emerged as one of the hallmark thematic launches of 2025. Balchunas referred to XRPR’s performance as “natural” trading in contrast to any principal-seeded prints, underlining its dominance over a highly regarded AI fund. Public information indicates that IVES is a June 2025 launch designed to track a Solactive AI index.
The powerful debuts coincide with significant regulatory developments. On September 18, the SEC approved new listing standards for spot commodity exchange-traded products (ETPs) across major U.S. exchanges, paving the way for a wider array of cryptocurrency investments beyond just bitcoin and ether. This approval is expected to spur a surge in the launch of additional crypto ETFs.
ETF strategist Nate Geraci noted the imminent arrival of an index-based, multi-asset spot crypto ETF: “Looks like we’re on the cusp of launching the first index-based spot crypto ETF tomorrow… Grayscale CoinDesk Crypto 5 ETF, which includes BTC, ETH, XRP, SOL, and ADA. There will be significant demand for both index-based and actively managed crypto ETFs, especially from financial advisors. This will be a major category to watch.”
As of the latest updates, XRP is priced at $3.04.
