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The much-anticipated launch of the XRP and DOGE ETF has delivered one of the strongest debuts of 2025, underscoring growing mainstream interest in digital asset investment products. On their first day of trading in the United States, the spot exchange-traded funds for Ripple (XRPR) and Dogecoin (DOJE) posted a combined trading volume of $54 million, according to data from their issuers, REX Shares and Osprey Funds.
The XRP and DOGE ETF debut marks a watershed moment for the market. XRPR recorded $37.7 million in volume, while DOJE added another $17 million, making them among the year’s top-performing ETF launches.
“Both ETFs exceeded expectations and set the tone for what could be one of the most active years for crypto-linked funds,” — Eric Balchunas, Senior ETF Analyst, Bloomberg.
Skepticism surrounded the launch of the XRP and DOGE ETF, particularly Dogecoin’s fund. Before trading began, Balchunas had set an “over/under” estimate of just $2.5 million for DOJE’s first-day volume, citing its structure under the Investment Company Act of 1940 (40 Act) and its relatively small issuer profile.
The DOGE ETF, however, crossed $6 million in trades within its first hour and closed the day at $17 million. This performance placed it among the top five ETF debuts out of more than 700 launches in 2025, a remarkable outcome given its niche focus.
The Ripple-based XRPR ETF proved even more impressive. Recording $37.7 million on day one, it outperformed every previously launched XRP futures-based ETF. Of that amount, $24 million was traded in just the first 90 minutes, according to Bloomberg data. Balchunas called it “the biggest natural debut of any ETF in 2025.”
One of the most closely watched aspects of the XRP and DOGE ETF launch was its regulatory framework. Both products were filed under the 40 Act, which requires a shorter 75-day approval period compared to the 240-day timeline under the Securities Act of 1933 (33 Act). However, the 40 Act imposes stricter requirements on fund composition and operations.
Industry observers had questioned whether these constraints would dampen investor interest. Instead, the strong debut volumes suggest that market participants are willing to accept the trade-offs if it means faster access to new crypto products.
“Despite structural limitations, the debut of XRPR and DOJE shows investors are ready to embrace the 40 Act model when it accelerates market entry,” — REX Shares and Osprey Funds, in a joint statement.
The successful launch of the XRP and DOGE ETF is expected to influence future filings and market strategies. Just one day before their debut, the U.S. Securities and Exchange Commission (SEC) approved generic listing standards that could streamline the path for more than 90 pending spot crypto ETFs.
Under the new rules, issuers will be able to register funds under the 33 Act, bypassing lengthy approval processes, provided the underlying tokens have active futures markets on Coinbase. Market participants believe this will unlock a wave of innovation and broaden access to regulated crypto products.
With the XRP and DOGE ETF setting a strong precedent, analysts anticipate more issuers will pursue both 40 Act and 33 Act filings, aiming to capture investor demand for regulated exposure to digital assets.
The momentum also reinforces the growing importance of altcoins in ETF markets, beyond the dominance of Bitcoin and Ethereum products. For retail and institutional investors alike, the XRP and DOGE ETF provides a regulated entry point into two of the most widely traded cryptocurrencies.
