XRP and DOGE Spot ETFs Launch Big, Pull in $54.7 Million on Day One

Market Context

The strong debut reflects growing appetite for crypto exposure via regulated ETF structures. Earlier launches this year have tended to favor equity and Bitcoin/ETH-based ETFs, making this performance especially notable for altcoin ETFs. The 1940 Act framework is becoming more widely used, albeit with constraints (e.g. indirect holdings), offering a regulatory path that balances investor access with compliance. 

Technical Details 

• Volume & Performance:
  • XRPR (REX-Osprey XRP ETF) traded ~$37.7 million on day one. 
  • DOJE (Dogecoin ETF) clocked roughly $17 million. 
• Structure: Both funds are registered under the U.S. Investment Company Act of 1940 and rely on offshore holdings (Cayman Islands), or on foreign ETFs/products to replicate exposure to XRP/DOGE. 
• Comparisons & Milestones: This launch surpasses the debut volume of many altcoin or non-Bitcoin/ETH ETFs in 2025. For example, XRPR beat IVES (Wedbush AI Revolution ETF) to become the best day-one volume for any ETF this year. 

Analyst Perspectives 

Analysts view this debut as an encouraging signal that investor interest in altcoin exposure via regulated products is growing. However, they warn that early enthusiasm doesn’t always translate into sustained performance. Key risks include regulatory headwinds, price volatility of the underlying tokens (XRP, DOGE), and whether the ETFs can maintain strong inflows. Some caution that the 1940 Act structure’s limitations—such as indirect ownership—could dampen returns or appeal for certain investors.

Global Impact Note

This event could influence how altcoin ETFs are structured and marketed internationally. Strong performance in regulated U.S. altcoin ETFs may encourage other jurisdictions to adopt or expand similar frameworks, potentially increasing global institutional crypto adoption. It also underscores how assets beyond Bitcoin and Ethereum are gaining regulatory legitimacy in investment vehicles.