Dogecoin and Ripple's respective Exchange-Traded Funds (ETFs) start trading, setting new records for trading volume
In a groundbreaking move for the cryptocurrency market, two new Exchange-Traded Funds (ETFs) have been launched, marking the first U.S.-listed funds to provide spot exposure to Dogecoin (DOGE) and Ripple (XRP). The DOJE and XRPR ETFs, introduced by REX-Osprey, are generating significant buzz in the industry.
Nate Geraci, a market expert, predicts a surge in demand for XRP ETFs, citing the success of CME futures and futures-based ETFs as a precedent. The XRPR ETF recorded an impressive trading volume of $24 million in just two hours of trading, five times more than any XRP futures ETF did on its first day.
Unlike traditional ETFs, these new funds will operate under the 40 Act and won't hold 100% spot. Some holdings will include other spot DOGE or XRP ETFs. The Securities and Exchange Commission (SEC) has yet to clarify if these applications still need to wait until the final deadline in October before they launch.
The DOJE, being the first-ever Dogecoin ETF, follows the recent launch of the REX-Osprey Solana staking ETF, which surpassed $275 million in assets under management (AuM). Eric Balchunas, a Bloomberg analyst, initially predicted $2.5 million for DOJE's first-day volume, but it recorded nearly $6 million in the first hour.
DOGE and XRP are among the altcoins that could potentially receive faster crypto ETF approval under the new SEC rule. The launch of these ETFs comes after the SEC's approval of generic listing standards, with more Dogecoin and XRP ETFs expected to follow.
The institutions that have filed applications for these ETFs include 21Shares, Bitwise, and Grayscale for Dogecoin ETFs. However, Grayscale’s Dogecoin ETF application from August 2025 was submitted not via the usual 19b-4 form but through a different process. The specific institutions for XRP 19b-4 filings are not clearly named in the sources.
There are currently three 33 Act filings for a DOGE ETF, while there are seven filings for an XRP ETF. The SEC has already approved Grayscale's GDLC, which offers investors spot exposure to XRP, although it is not a full-fledged XRP ETF.
Greg King, CEO and founder of REX Financial and Osprey Funds, commented on the launch, stating that the digital asset revolution is already underway. Despite the uncertainty surrounding the SEC's stance on these applications, Bloomberg analyst James Seyffart admits that he isn't 100% certain what will happen to these applications on the SEC's desk.
Nonetheless, the impressive trading volume recorded by these ETFs upon launch has been highlighted as impressive by analysts, signalling a promising future for the cryptocurrency ETF market.
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