First DOGE and XRP ETFs See Strong US Debut

The first U.S. spot ETFs for Dogecoin and XRP launched with millions in early trading, signaling rising institutional demand for altcoins.

The U.S. market for cryptocurrency exchange-traded funds (ETFs) expanded this week with the debut of the REX-Osprey DOGE ETF (CBOE: DOJE) and the REX-Osprey XRP ETF (CBOE: XRPR), offering investors direct exposure to Dogecoin (DOGE) and Ripple (XRP) for the first time. The launch, which took place on September 18 on the Cboe BZX exchange in Chicago, saw explosive early demand as the fund recorded millions in trading volume within its first hour—more than initial projections.

A Milestone for Dogecoin in Regulated Markets

The ETFs were introduced through a collaboration between REX Shares and Osprey Funds, two firms with a track record in crypto investment products. Alongside DOJE, the partners also launched the REX-Osprey XRP ETF, granting investors spot exposure to Ripple’s XRP.

While Bitcoin and Ethereum have dominated the ETF narrative since their approvals earlier this year, the arrival of DOGE and XRP funds marks a significant diversification in regulated crypto markets. For Dogecoin—a cryptocurrency long dismissed as a meme coin—its inclusion in a U.S.-listed ETF represents a leap into mainstream financial infrastructure.

The DOJE prospectus revealed that the fund directly holds Dogecoin and has the flexibility to invest in other crypto ETFs and derivatives. Notably, the ETF is registered under the Investment Company Act of 1940, rather than the Securities Act of 1933 used by most crypto ETFs. This distinction enables a more actively managed structure. The fund’s exposure is offered through a Cayman Islands subsidiary, setting it apart from traditional spot crypto ETFs.

Trading Performance Beats Analyst Expectations

Market observers were quick to highlight DOJE’s strong debut. Bloomberg Senior ETF Analyst Eric Balchunas admitted that his forecast of $2.5 million in first-day trading was quickly outpaced:

“My over/under got destroyed in the first hour of trading as DOJE already posted nearly $6M in volume,” Balchunas wrote on X, calling the early performance “shockingly solid.”

Most new ETFs typically record under $1 million in debut-day trading. While XRPR also impressed, generating $24 million in trading volume within its first two hours, far surpassing earlier futures-based XRP ETFs.

Together, the launches underline a growing appetite for alternative crypto assets among institutional investors who previously focused on Bitcoin and Ethereum.

Growing Institutional and Corporate Interest in DOGE

The timing of DOJE’s launch coincides with broader momentum around Dogecoin. CleanCore Solutions, a publicly listed cleaning and disinfecting company, disclosed recently that it added additional DOGE to its treasury, bringing total holdings to 500 million DOGE, targeting to 1 billion withing 30 days.

CleanCore has also partnered with the Dogecoin Foundation’s commercial arm, the House of Doge, signaling ambitions to accumulate up to 5% of Dogecoin’s circulating supply—approximately 7.5 billion DOGE, worth over $2 billion at current market prices.

At press time, Dogecoin was trading around $0.28, marking a 34% gain over the past month. Analysts suggest that ETF exposure and corporate adoption could further reinforce Dogecoin’s position as more than just a retail-driven asset.

Competitive Landscape: More DOGE and Altcoin ETFs Ahead

The arrival of DOJE may not remain unique for long. As reported earlier, Grayscale has already filed with the SEC for its own Dogecoin spot ETF under the ticker GDOG, with a potential approval expected by mid-October. Bitwise has also entered the race, alongside filings for other altcoins including Solana (SOL) and XRP.

Regulatory decisions on these applications are expected by October 17, with analysts predicting high odds of approval given recent SEC actions.

The REX-Osprey XRPR fund’s strong debut may further support the case for additional altcoin ETFs, demonstrating that investor demand extends beyond Bitcoin and Ethereum.

SEC Expands Framework for Spot Crypto Funds

The U.S. Securities and Exchange Commission (SEC) has played a decisive role in opening the ETF market to crypto. After resisting for years, the regulator approved spot Bitcoin ETFs in January 2024, leading to an influx of over $57 billion in assets, according to SoSoValue. Ethereum ETFs followed in July 2024, led by BlackRock and other major asset managers.

Momentum accelerated in 2025, with REX and Osprey introducing the first Solana ETF in July, combining spot exposure with staking rewards. The fund has since amassed $275 million in assets under management and recently converted to a Regulated Investment Company (RIC) structure for tax efficiency.

On September 18, the SEC went further by approving new listing standards for major exchanges including Nasdaq, Cboe BZX, and NYSE Arca. The change removes the need for case-by-case reviews of spot crypto ETFs, creating a standardized framework for commodity-based trust shares.

Under the new rules, the timeline from filing to launch could shrink to just 75 days, compared to up to 240 days previously. Bloomberg ETF analyst James Seyffart described the update as the “crypto ETP framework we’ve been waiting for,” anticipating a flood of new fund launches.

What Comes Next for Dogecoin and Crypto ETFs

With DOJE’s stronger-than-expected start, analysts argue that Dogecoin has crossed a psychological threshold, moving beyond its reputation as a speculative meme asset. Institutional vehicles like ETFs provide regulated, liquid access, which could broaden its investor base and reduce volatility over time.

Meanwhile, the SEC’s expanded framework sets the stage for rapid diversification of crypto ETFs, from Solana and XRP to other altcoins with strong liquidity and community support.

As both corporate treasuries and institutional investors continue to explore exposure, Dogecoin’s ETF debut may be remembered as the moment the once-joking cryptocurrency fully entered the mainstream.