Overview

• The REX‑Osprey XRP ETF (XRPR) finished its first session with $37.7 million in trading, the largest day‑one dollar volume for any 2025 ETF launch, according to Bloomberg’s Eric Balchunas.
• The Dogecoin fund (DOJE) closed day one at roughly $17 million in volume after nearly $6 million changed hands in its first hour, placing it among the year’s top five ETF debuts.
• Early order flow was concentrated, with XRPR reaching about $24 million in its first 90 minutes on Cboe BZX, far above typical inaugural ETF activity.
• Both funds were registered under the Investment Company Act of 1940 and gain exposure via Cayman Islands subsidiaries and shares of European and Canadian ETPs rather than holding tokens directly.
• XRP and DOGE prices were little changed or slightly lower around launch, as the SEC’s freshly approved generic listing standards set expectations for a broader pipeline of spot crypto ETFs.