Crypto ETFs Serve as a Link Connecting Meme Coins with Institutional Investment Portfolios

The United States saw its cryptocurrency exchange-traded fund (ETF) market grow on September 18, 2025, with the launch of the first ETFs granting access to

and (DOGE). Shares and Osprey Funds introduced these ETFs, which began trading on the Cboe BZX exchange under the symbols DOJE and , respectively. These offerings are modeled after the Rex-Osprey Solana ETF that debuted in July 2025, highlighting a continued trend of providing institutional-grade access to alternative digital assets. DOJE, which tracks Dogecoin, does not operate like a standard spot ETF; instead, it utilizes a Cayman Islands-based subsidiary to gain market exposure through derivatives and futures. XRPR, on the other hand, directly holds XRP along with investments in non-U.S. spot ETFs to broaden its reach.

The design of the DOJE ETF illustrates the intricate regulatory and operational issues involved with directly holding cryptocurrencies. By making use of derivatives and a separate subsidiary, the fund sidesteps the need for direct custody of

, which ranks as the eighth-largest crypto by total market cap. XRPR focuses on XRP, the third-largest cryptocurrency, which functions on the XRP Ledger—an infrastructure aimed at facilitating institutional financial operations. James Seyffart, an analyst at Bloomberg Intelligence, explained that XRPR takes a hybrid approach by combining direct XRP ownership with positions in overseas ETFs, thus diversifying its portfolio. Both funds are designed for investors looking to gain indirect exposure to the volatile crypto sector while avoiding the complexities of managing private keys or handling direct custody.

The rollout of these ETFs coincides with broader trends in the U.S. crypto ETF sector. Earlier approvals of spot ETFs for

and in early 2024 created new channels for diversified digital asset investment, attracting more institutional players to the space. Although XRP and DOGE are not as established as Bitcoin and Ethereum, they have captured substantial interest among retail investors. XRP’s role in cross-border payments and DOGE’s popularity as a meme coin illustrate their unique market positions, which these new ETFs seek to leverage. Nevertheless, the use of derivatives and indirect exposure in these funds introduces additional complexity when compared to pure spot ETFs, potentially impacting how closely they track their underlying assets.

Industry experts point out that these ETFs are strategically significant for opening up the crypto market to more institutional investors. By providing a regulated investment alternative that doesn’t require direct crypto custody, DOJE and XRPR help lower the entry threshold for large-scale investors who might otherwise avoid direct involvement with cryptocurrencies. This approach is in line with the cautious stance of the Securities and Exchange Commission (SEC), which has favored structured financial products over direct token holdings in ETF structures. The market’s response to these new funds could play a role in shaping future regulatory policies, particularly if demand and trading volumes prove strong.

The launch of ETFs tied to XRP and DOGE highlights the shifting role of ETFs in mainstreaming crypto investments. While Bitcoin and Ethereum products continue to lead the market, the addition of these alternative tokens demonstrates an evolving landscape that is increasingly receptive to a broader array of risk profiles. For both XRP and DOGE, these ETFs serve as a link between speculative retail interest and advanced institutional strategies. The future performance of these funds is expected to influence both regulation and market trends in the U.S. crypto space for the foreseeable future.