Overview

• REX Shares and Osprey Funds launched XRPR and DOJE on Cboe BZX, delivering about $37.7 million and $17 million in day-one volume, respectively, for roughly $54.7 million combined.
• XRPR logged about $24 million in its first 90 minutes of trading, while DOJE neared $6 million in its first hour, far above the typical ~$1 million for new ETFs.
• Bloomberg’s Eric Balchunas called the debuts unusually strong and a good sign for an incoming wave of 1933 Act spot crypto ETFs.
• The funds are registered under the Investment Company Act of 1940 and gain exposure via Cayman subsidiaries and foreign ETPs rather than directly holding the tokens.
• The SEC approved generic listing standards a day earlier that could speed additional spot crypto ETF launches, even as XRP and DOGE prices were flat to modestly lower on launch day.