Rex-Osprey’s XRP ETF Beats IVES In Biggest 2025 ETF Launch

Rex-Osprey’s new XRP exchange-traded fund completed its debut session with $37.7 million in buying and selling quantity, edging out Wedbush’s Dan Ives AI fund (ticker: IVES) for the most important “pure” day-one greenback quantity of any 2025 ETF launch, in response to Bloomberg Intelligence’s Eric Balchunas. He added that the agency’s Dogecoin product (DOJE) closed at $17 million, a tally that will rank among the many high 5 debuts this 12 months out of roughly 710 launches.

“XRPR traded $37.7m on Day One, which edges out IVES for the largest day one (pure) $ quantity of any 2025 launch. $DOJE is not any slouch at $17m, which might be Top 5 for 12 months.. out of 710 launches. Good signal for the onslaught of 33 Act ETFs coming quickly..,” Balchunas wrote through X.

The early order circulate was putting. Within 90 minutes of the opening bell, the XRP fund had already crossed $24 million in turnover—“5x greater than any of the XRP futures ETFs did on Day One,” Balchunas famous. “SEMI-SHOCK: Rex XRP ETF is already at $24m in quantity.”

For Dogecoin, the primary hour wasn’t much less spectacular. “My over/underneath acquired destroyed within the first hour of buying and selling as DOJE already posting practically $6m in quantity. That’s shockingly strong.. Most ETFs commerce underneath $1m on Day One,” Balchunas famous through X.

Why The XRP And Dogecoin ETF Are Big Surprises

Both funds record on Cboe and commerce underneath the tickers XRPR and DOJE (Dogecoin). They are usually not structured just like the 1933 Act spot bitcoin and ether ETFs; as an alternative, they launched underneath the Investment Company Act of 1940, a framework that carries “stricter limits” and a unique publicity design.

Prior to each launches, Balchunas set the expectation bar fairly due to that: “The proven fact that’s it 40 Act and not 33 Act (and isn’t massive boy issuer) may diminish curiosity a bit relative to different crypto first evers. We’ll quickly discover out.”

Surpassing IVES issues as a result of the Dan Ives Wedbush AI Revolution ETF has been one in every of 2025’s breakout thematic launches. While Balchunas used “pure” to explain the report—his time period for natural first-day buying and selling quite than seeded prints—his comparability underscores that XRPR’s debut bested a broadly watched, high-velocity AI fund. Public supplies describe IVES as a June 2025 launch monitoring a Solactive AI index.

The sturdy openings land alongside a pivotal regulatory shift. On September 18, the SEC accepted generic itemizing requirements throughout main US exchanges for spot commodity ETPs, streamlining the trail for crypto merchandise past bitcoin and ether. In tandem, the company accepted Grayscale’s Digital Large Cap Fund to record, monitoring a CoinDesk index of 5 property. The transfer is broadly anticipated to catalyze a wave of further 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 shall be met w/ *important* demand, esp from monetary advisors. Will be *big* class.”

At press time, XRP traded at $3.04.