REX-Osprey Spot Dogecoin and XRP ETFs Launch With Record Trading Volume

REX Shares and Osprey Funds have announced the official launch of their Dogecoin and XRP ETFs. These funds will be the first in the U.S. to offer institutional investors spot exposure to these altcoins. These funds already recorded millions of dollars in trading volume upon launch, which Bloomberg analyst Eric Balchunas highlighted as impressive.

REX-Osprey Dogecoin and XRP ETFs Officially Launch

In a press release, REX-Osprey unveiled the launch of the DOJE and XRPR ETFs, which will be the first U.S.-listed funds to provide investors with spot exposure to DOGE and XRP.

The asset managers noted that DOJE marks the first-ever Dogecoin ETF, as there is yet to be a futures-based fund for the top meme coin. As Bloomberg analyst Eric Balchunas pointed out, it will also be the first U.S. fund to provide exposure to an asset that doesn’t exactly have any utility.

As CoinGape earlier reported, these Dogecoin and XRP ETFs are launching under the 40 Act and won’t hold 100% spot. Some of these funds’ holdings will include other spot DOGE or XRP ETFs, which will help provide investors with exposure to these altcoins.

Commenting on the launch of these funds, Greg King, CEO and founder of REX Financial and Osprey Funds, said that the digital asset revolution is already underway and that they are proud to be able to offer exposure to some of the most popular digital assets under the 40 Act ETF regime.

Notably, the launch of these Dogecoin and XRP ETFs follows the launch of the REX-Osprey Solana staking ETF, which was the first to offer spot SOL exposure with on-chain staking rewards. The fund has surpassed $275 million in assets under management (AuM).

Market expert Nate Geraci also highlighted the launch of the DOJE and XRPR ETFs in an X post. Geraci has, before now, predicted that the XRP ETFs will record significant demand based on the success that the CME futures and futures-based ETFs have enjoyed so far.

Meanwhile, it is worth mentioning that the SEC already approved Grayscale’s GDLC, which, although not a full-fledged XRP ETF, will hold the altcoin and offer investors spot exposure.

Trading Performance Upon Launch

Balchunas predicted that the DOJE volume today will be around $2.5 million. He explained that the fact that it is a 40 Act fund, rather than a 33 Act or a big issuer, could diminish interest somewhat relative to other crypto ETFs on their first day of launch. He expects a smaller volume for the XRP ETF because there are already other 40 Act XRP funds.

However, the Bloomberg analyst got his prediction wrong as DOJE posted almost $6 million in volume in the first hour of trading. Balchunas remarked that it is “shockingly solid” as most ETFs trade under $1 million on Day One.

Meanwhile, the XRP ETF recorded $24 million in trading volume in just about two hours of trading. Balchunas remarked that this was way more than he would have imagined. The Bloomberg analyst noted that this was 5 times more than any of the XRP futures ETFs did on Day One.

More DOGE and XRP Funds On The Way

More Dogecoin and XRP ETFs are set to launch following the SEC’s approval of the generic listing standards. DOGE and XRP are among the altcoins that could get faster crypto ETF approval under the new SEC rule.

Meanwhile, there are currently three 33 Act filings for a DOGE ETF, while there are seven filings for an XRP ETF. However, the SEC hasn’t clarified if these applications still need to wait until the final deadline in October before they launch.

When asked about these 19b-4 filings under the 33 Act, Bloomberg analyst James Seyffart admitted that he isn’t 100% certain what will happen to these applications on the SEC’s desk. However, these 19b-4s will not be needed in the future.