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

Rex-Osprey’s new XRP exchange-traded fund finished its debut session with $37.7 million in trading volume, edging out Wedbush’s Dan Ives AI fund (ticker: IVES) for the largest “natural” day-one dollar volume of any 2025 ETF launch, according to Bloomberg Intelligence’s Eric ￰0￱ added that the firm’s Dogecoin product (DOJE) closed at $17 million, a tally that would rank among the top five debuts this year out of roughly 710 launches. “XRPR traded $37.7m on Day One, which edges out IVES for the biggest day one (natural) $ volume of any 2025 launch. $DOJE is no slouch at $17m, which would be Top 5 for year.. out of 710 ￰1￱ sign for the onslaught of 33 Act ETFs coming soon..,” Balchunas wrote via ￰2￱ early order flow was ￰3￱ 90 minutes of the opening bell, the XRP fund had already crossed $24 million in turnover—“5x more than any of the XRP futures ETFs did on Day One,” Balchunas noted.

“SEMI-SHOCK: Rex XRP ETF is already at $24m in volume.” For Dogecoin, the first hour wasn’t less spectacular. “My over/under got destroyed in the first hour of trading as DOJE already posting nearly $6m in volume. That’s shockingly solid.. Most ETFs trade under $1m on Day One,” Balchunas noted via ￰4￱ The XRP And Dogecoin ETF Are Big Surprises Both funds list on Cboe and trade under the tickers XRPR and DOJE (Dogecoin) .

They are not structured like the 1933 Act spot bitcoin and ether ETFs; instead, they launched under the Investment Company Act of 1940, a framework that carries “stricter limits” and a different exposure ￰5￱ to both launches, Balchunas set the expectation bar quite because of that: “The fact that’s it 40 Act and not 33 Act (and is not big boy issuer) could diminish interest a bit relative to other crypto first evers. We’ll soon find out.” Surpassing IVES matters because the Dan Ives Wedbush AI Revolution ETF has been one of 2025’s breakout thematic ￰6￱ Balchunas used “natural” to describe the record—his term for organic first-day trading rather than seeded prints—his comparison underscores that XRPR’s debut bested a widely watched, high-velocity AI ￰7￱ materials describe IVES as a June 2025 launch tracking a Solactive AI ￰8￱ robust openings land alongside a pivotal regulatory ￰9￱ September 18, the SEC approved generic listing standards across major US exchanges for spot commodity ETPs, streamlining the path for crypto products beyond bitcoin and ￰10￱ tandem, the agency approved Grayscale’s Digital Large Cap Fund to list, tracking a CoinDesk index of five ￰11￱ move is widely expected to catalyze a wave of additional crypto ￰12￱ 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 ￰13￱ btc, eth, xrp, sol, & ada.

IMO, index-based & actively managed spot crypto ETFs will be met w/ *significant* demand, esp from financial ￰14￱ be *huge* category.” At press time, XRP traded at $3.04.