Rex-Osprey’s new XRP exchange-traded fund finished its debut session with $37.7 million in trading volume, edging out Wedbush’s Dan Ives AI fund (ticker: IVES) for the largest “natural” day-one dollar volume of any 2025 ETF launch, according to Bloomberg Intelligence’s Eric Balchunas. He added that the firm’s Dogecoin product (DOJE) closed at $17 million, a tally that would rank among the top five debuts this year out of roughly 710 launches.
“XRPR traded $37.7m on Day One, which edges out IVES for the biggest day one (natural) $ volume of any 2025 launch. $DOJE is no slouch at $17m, which would be Top 5 for year.. out of 710 launches. Good sign for the onslaught of 33 Act ETFs coming soon..,” Balchunas wrote via X.
The early order flow was striking. Within 90 minutes of the opening bell, the XRP fund had already crossed $24 million in turnover—“5x more than any of the XRP futures ETFs did on Day One,” Balchunas noted. “SEMI-SHOCK: Rex XRP ETF is already at $24m in volume.”
For Dogecoin, the first hour wasn’t less spectacular. “My over/under got destroyed in the first hour of trading as DOJE already posting nearly $6m in volume. That’s shockingly solid.. Most ETFs trade under $1m on Day One,” Balchunas noted via X.
Why The XRP And Dogecoin ETF Are Big Surprises
Both funds list on Cboe and trade under the tickers XRPR and DOJE (Dogecoin). They are not structured like the 1933 Act spot bitcoin and ether ETFs; instead, they launched under the Investment Company Act of 1940, a framework that carries “stricter limits” and a different exposure design.
Prior to both launches, Balchunas set the expectation bar quite because of that: “The fact that’s it 40 Act and not 33 Act (and is not big boy issuer) could diminish interest a bit relative to other crypto first evers. We’ll soon find out.”
Surpassing IVES matters because the Dan Ives Wedbush AI Revolution ETF has been one of 2025’s breakout thematic launches. While Balchunas used “natural” to describe the record—his term for organic first-day trading rather than seeded prints—his comparison underscores that XRPR’s debut bested a widely watched, high-velocity AI fund. Public materials describe IVES as a June 2025 launch tracking a Solactive AI index.
The robust openings land alongside a pivotal regulatory shift. On September 18, the SEC approved generic listing standards across major US exchanges for spot commodity ETPs, streamlining the path for crypto products beyond bitcoin and ether. In tandem, the agency approved Grayscale’s Digital Large Cap Fund to list, tracking a CoinDesk index of five assets. The move is widely expected to catalyze a wave of additional crypto ETFs.
ETF strategist Nate Geraci flagged that an index-based, multi-asset spot crypto ETF was imminent: “Looks like first index-based spot crypto ETF launches tomorrow… Grayscale CoinDesk Crypto 5 ETF. Holds btc, eth, xrp, sol, & ada. IMO, index-based & actively managed spot crypto ETFs will be met w/ *significant* demand, esp from financial advisors. Will be *huge* category.”
At press time, XRP traded at $3.04.
Featured image created with DALL.E, chart from TradingView.com
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