REX-Osprey XRP & DOGE ETFs Shatter Debut Volume Records

The REX-Osprey Exchange Traded Fund (ETF) launch on September 18th delivered a seismic shock to financial markets, with both the XRP-tracking XRPR and Dogecoin-focused DOJE ETFs shattering all expectations for first-day trading volume. The XRPR ETF generated an astonishing $24 million in volume within just its first hour and a half of trading on the Cboe BZX Exchange, a figure that Bloomberg ETF analyst Eric Balchunas noted was approximately five times higher than any previous XRP futures ETF debut.

The DOJE ETF similarly defied projections, with Balchunas initially estimating a modest $2.5 million in daily volume but witnessing nearly $6 million in trading activity within the first hour alone. This performance stands in stark contrast to typical ETF launches, where most products see less than $1 million in volume on their opening day. Balchunas characterized the results as “shockingly solid,” highlighting the exceptional investor interest in these novel financial instruments.

What sets the REX-Osprey ETFs apart from most crypto-linked investment products is their unique regulatory structure. Unlike conventional crypto ETFs, these products were submitted under the Investment Company Act of 1940, a federal law specifically designed to protect investors from conflicts of interest and fraud. This ’40 Act framework provides enhanced safeguards for investors while still offering exposure to popular digital assets like XRP and Dogecoin.

Greg King, CEO of the issuing company, emphasized this distinction in his statement, noting that investors view ETFs as tools for trading and access while highlighting the company’s pride in offering exposure to digital assets within the protections of the U.S. regulatory framework. The XRPR fund follows the same legal model as the REX-Osprey Solana Staking ETF launched in June, which was the first U.S. fund to track SOL prices while also offering staking rewards to investors.

The successful debut of the REX-Osprey ETFs coincided with significant regulatory developments from the U.S. Securities and Exchange Commission (SEC). On the same day, the SEC approved Grayscale’s Digital Large-Cap Fund (GDLC), the first multi-asset crypto ETF that provides exposure to the CoinDesk Large Cap Select Index. This approval followed a previous stay order that had delayed the fund’s debut, signaling a potential shift in regulatory stance.

Additionally, the SEC adopted generic registration standards that streamline the ETF listing process for issuers by removing the lengthy 19(b) filing requirement. These concurrent developments suggest a maturing regulatory environment for crypto investment products, potentially opening the door for more innovative offerings that bridge traditional finance with digital assets. The overwhelming response to the REX-Osprey ETFs demonstrates that investor appetite for regulated crypto exposure remains robust, particularly when combined with the protective measures of established investment frameworks.