Cryptocurrency Exchange REX-Osprey Achieves Trading Milestones with the Introductions of Dogecoin and XRP Spot ETFs
In a significant move for the cryptocurrency market, REX-Osprey has announced the launch of two Exchange-Traded Funds (ETFs) – DOJE (Dogecoin ETF) and XRPR (XRP ETF) – marking the first ETF funds in the United States to provide spot exposure to DOGE and XRP cryptocurrencies.
The DOJE ETF, which is the first Dogecoin ETF ever, comes as there is no futures-based fund for the popular meme coin. The XRPR ETF, on the other hand, follows in the footsteps of REX-Osprey's Solana SOL staking ETF, which was the first ETF with spot exposure to SOL while providing returns from on-chain staking. The Solana SOL staking ETF currently manages assets totaling more than $275 million.
Nate Geraci, a market watcher, highlighted the launch of these ETFs through a post on the X platform. The SEC has also approved a Grayscale product called GDLC, although GDLC is not a pure XRP ETF, the fund includes XRP in its portfolio and gives investors spot exposure.
Part of the fund's portfolio content includes other spot DOGE or XRP ETFs, which are designed to give investors indirect exposure to the altcoins. However, the DOJE ETF and XRPR ETF offer direct exposure, a significant departure from previous offerings.
The launch of these Dogecoin and XRP ETFs comes after the US Securities and Exchange Commission approved generic listing standards for crypto assets. This decision is expected to pave the way for more such ETFs to launch soon.
Under these new SEC rules, DOGE and XRP are among the altcoins that are likely to get ETF approval sooner. However, it is unclear whether the pending SEC filings will have to wait until the final deadline in October before they can be launched. As of September 2025, there are no publicly available records or credible reports indicating that any investment firms in the United States have yet launched ETFs for Dogecoin and Ripple that allow direct exposure to these cryptocurrencies.
The DOJE ETF recorded nearly $6 million in volume within the first hour of trading, far exceeding the initial prediction. Eric Balchunas, an analyst from Bloomberg, who initially predicted that the trading volume of the DOJE ETF on its launch day would only reach around $2.5 million, called this impressive. The XRP ETF recorded a trading volume of $24 million in just the first two hours, five times greater than the volume achieved by any XRP futures ETF on their first day of trading.
These developments are a testament to the growing interest and acceptance of cryptocurrencies in the traditional financial market. As more ETFs are launched, investors will have more opportunities to diversify their portfolios and gain exposure to the cryptocurrency market. However, it is important to note that these ETFs, like any investment, come with their own risks and should be carefully considered.
It is also worth noting that these ETFs were released under the Investment Company Act of 1940 (40 Act) regulations and do not fully hold spot assets. This means that the ETFs may not provide the same level of direct exposure to the underlying cryptocurrencies as some might expect.
Bloomberg analyst James Seyffart notes that in the future, forms 19b-4 like this will likely no longer be necessary. It is unclear what will happen to the applications still pending on the SEC's desk.
In conclusion, the launch of the DOJE and XRPR ETFs is a significant step forward for the cryptocurrency market. As more ETFs are launched and regulations evolve, we can expect to see more opportunities for investors to gain exposure to the cryptocurrency market in a more traditional and regulated manner.
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