XRP and Dogecoin ETF Debuts Expanded U.S. Crypto Access

REX-Osprey’s XRP ETF and DOGE ETF began trading on Cboe BZX on September 18, 2025, opening the first U.S.-listed exchange-traded products marketed as providing spot exposure to XRP and Dogecoin. The funds, trading as XRPR and DOJE, moved two large non-bitcoin cryptoassets into brokerage-account wrappers on the same session.

Cboe’s new-issue notice and product circular fix the chronology: both securities commenced trading on September 18. REX-Osprey, a collaboration between REX Financial and Osprey Funds, described DOJE as the first Dogecoin ETF and XRPR as the first U.S.-listed ETF offering spot XRP exposure. The milestone broadened the U.S. crypto-fund market beyond bitcoin and ether, but the word “spot” required qualification.

A different route to crypto exposure

The September 12 prospectus filed with the Securities and Exchange Commission registered each fund as a non-diversified series of ETF Opportunities Trust under the Investment Company Act of 1940. That differed from the commodity-trust structure associated with U.S. spot bitcoin and ether products.

Each fund sought one-times performance of its reference asset before fees and expenses. Under normal market conditions, each was required to put at least 80% of net assets, plus investment-purpose borrowings, into the reference asset or instruments providing exposure to it. The filing said each fund intended to hold a majority of assets directly in XRP or DOGE, while investing at least 40% in other ETFs and exchange-traded products, including eligible products listed in Canada or Europe. Exposure could also run through a wholly owned Cayman Islands subsidiary.

Those overlapping rules meant XRPR and DOJE were not simple vaults holding only one token. Their returns could diverge from XRP or DOGE because of management fees, acquired-fund expenses, trading costs, premiums or discounts and the mix of underlying instruments. The prospectus listed annual management fees of 0.75% for XRPR and 1.50% for DOJE. REX-Osprey also warned that buying either fund was not equivalent to owning the cryptoasset directly.

The first session showed demand, not validation

Contemporaneous reporting indicated a strong launch. The Block, citing Bloomberg data after the September 18 session, reported $37.7 million of day-one trading volume for XRPR and about $17 million for DOJE. The approximately $54.7 million combined figure is a sum of those reported instrument totals, covering the debut session only. It measures secondary-market turnover, not net investor inflows, assets under management or direct purchases of XRP and DOGE, and Coinburn did not independently reconstruct consolidated-tape trades.

The launch mattered institutionally because it gave brokerage and advisory platforms exchange-listed access to two assets with very different narratives: XRP was associated with the XRP Ledger and cross-border payments, while Dogecoin originated as a meme-inspired cryptocurrency. Packaging both under the 1940 Act demonstrated that issuers were using fund architecture—not only token characteristics—to expand regulated crypto access.

Timing added another layer. On September 17, 2025, the SEC approved generic exchange-listing standards for qualifying commodity-based trust shares. That was a separate event and did not convert XRPR or DOJE into single-asset commodity trusts. Instead, the September 18 debuts illustrated a transitional market in which the 1940 Act route and a newly streamlined exchange-listing framework could coexist.

The verified development was therefore access, not regulatory endorsement of XRP or DOGE themselves. The SEC prospectus stated that neither the SEC nor the Commodity Futures Trading Commission had approved or disapproved the securities or passed on the prospectus’s accuracy. One day of volume established interest in the wrappers; it did not establish long-term liquidity, tracking quality or institutional adoption.