Overview

• REX Shares and Osprey Funds listed the first U.S. ETFs tied to XRP and Dogecoin on Cboe BZX under tickers XRPR and DOJE.
• Day-one volume reached about $37.7 million for XRPR and roughly $17 million for DOJE, placing both among 2025’s strongest ETF launches and surprising analysts.
• Both funds use Investment Company Act of 1940 structures with Cayman subsidiaries to obtain crypto exposure, differing from the 1933 Act approach used by spot Bitcoin and Ether ETFs.
• Reports differ on DOJE’s exact exposure method, with some citing direct DOGE holdings and others pointing to derivatives via an offshore subsidiary, a detail investors are watching in filings.
• Heavy ETF trading did not translate into immediate token gains, with XRP and Dogecoin prices roughly flat to slightly lower, as the SEC’s new generic listing standards raise expectations for more crypto ETF approvals.