Rex-Osprey XRP Spot ETF Sets Record Debut in 2025

• XRP ETF raises $37,7 million at launch
• Dogecoin ETF DOJE closes with $17 million
• Products utilize the Cayman Islands' unique regulatory framework

The Rex-Osprey XRP ETF (XRPR) posted the strongest debut of any exchange-traded fund launched in the United States in 2025. On its first day of trading, the product reached $37,7 million in natural volume, making it the most traded ETF on its launch day this year, according to data released by Bloomberg Intelligence analyst Eric Balchunas.

$XRPR traded $37.7m on Day One, which edges out $IVES for the biggest day one (natural) $ volume of any 2025 launch. $DOJE is no slouch at $17m, which would be Top 5 for year.. out of 710 launches. Good sign for the onslaught of 33 Act ETFs coming soon.. pic.twitter.com/JaQP9ekFIq

— Eric Balchunas (@EricBalchunas) September 18, 2025

The significant movement began in the early hours. Within just 90 minutes of opening, XRPR had already surpassed $24 million in trading, five times more than any cryptocurrency futures ETF launched in the same period in 2025. For Balchunas, the positive reception is indicative of investor appetite for new, regulated forms of exposure to altcoins.

“This is a good sign for the upcoming Act 33 ETF onslaught”

, he said.

The performance wasn't limited to the XRP fund. The Dogecoin ETF (DOJE), also from Rex-Osprey, moved nearly $6 million in the first hour and closed the session with $17 million in total volume, ranking among the five largest ETF debuts of the year.

Unlike the Bitcoin and Ethereum ETFs previously approved under the 1933 Act, the new products were structured through subsidiaries in the Cayman Islands and registered under the Investment Company Act of 1940. This alternative regulatory model shows that issuers are exploring new avenues to facilitate altcoin-based cryptocurrency ETFs.

Despite the euphoria in secondary markets, the underlying tokens didn't follow suit. XRP fell 3% in 24 hours, trading at $3,02, remaining stuck in the $3-$3,15 range. Dogecoin, meanwhile, fell 2% to $0,2735, after briefly reaching a seven-month high of $0,2879 during the ETF's debut.

The disparity between enthusiasm for new ETFs and pressure on asset prices demonstrates how regulated financial instruments can follow different logics than the direct demand for cryptocurrencies.