XRP and DOGE ETFs Make Waves: $54 Million Debut Volume Signals Altcoin ETF Momentum

Summary

The U.S. Securities and Exchange Commission (SEC) has approved ETF listing standards, paving the way for a surge in crypto exchange-traded funds (ETFs). On September 11, 2025, REX Shares and Osprey Funds launched the first U.S. ETFs tracking XRP and Dogecoin (DOGE), registered under the Investment Company Act of 1940. These ETFs, XRPR (XRP) and DOJE (DOGE), debuted with a combined $54.7 million in trading volume, far exceeding expectations and marking one of the strongest first-day performances for new ETFs in 2025. XRPR led with $37.7 million, while DOJE added $17 million, ranking among the top five launches of the year. Analysts like Bloomberg's Eric Balchunas hailed the volumes as a "good sign" for the influx of altcoin ETFs, including pending Solana and staking products. As Bitcoin trades at $107,820 amid U.S.-China trade tensions, this debut underscores growing institutional interest in crypto beyond BTC and ETH, potentially unlocking billions in inflows—but with risks of speculation and regulatory scrutiny looming.

Key Points

• Launch Details: XRPR and DOJE, the first U.S. ETFs tracking XRP ($3.07) and DOGE ($0.2794), launched on September 11, 2025, under the 1940 Act, using Cayman Islands subsidiaries and foreign ETPs for exposure rather than direct holdings.

• Debut Performance: Combined volume hit $54.7 million, with XRPR at $37.7 million ($24 million in the first 1.5 hours) and DOJE at $17 million. This surpassed Balchunas's $2.5 million expectation for DOJE and ranked it among the top five 2025 ETF debuts out of 700+.

• SEC Listing Standards: Approved on September 10, 2025, the standards streamline approvals to 60–75 days via Form S-1, up from 240 days, potentially accelerating 92 pending crypto ETFs like Solana and staking funds.

• Analyst Reactions: Balchunas called XRPR's debut the "biggest day one" in monetary volume for 2025 launches and DOJE's "shockingly solid," signaling demand for altcoin products. He noted the 40 Act's faster path despite limitations.

• Market Context: The launches follow Bitcoin and Ether ETF successes ($29.4 billion and $9.4 billion inflows, respectively) and align with the GENIUS Act's stablecoin clarity, but come amid Bitcoin’s dip and skepticism on altcoin seasons.

Critical Analysis

The XRPR and DOJE debuts are a resounding success, with $54.7 million in volume shattering expectations and validating the SEC’s listing standards as a catalyst for altcoin ETFs. Balchunas’s surprise at the performance highlights genuine demand, especially for XRP’s utility in payments and DOGE’s cultural cachet, potentially drawing $5–8 billion in inflows for similar products. The 40 Act’s workaround—using derivatives and foreign ETPs—proves regulatory creativity, accelerating launches amid 92 pending applications. However, the article’s optimism overlooks risks: the 1940 Act’s diversification rules limit direct holdings, potentially capping appeal for purists, and high fees (0.5–1%) could deter retail investors compared to spot ETFs. Altcoin season skepticism persists, as Bitfinex analysts note inflows may lag until riskier assets mature, and the GENIUS Act’s focus on stablecoins doesn’t fully address memecoin volatility. While a “good sign” for the onslaught of ETFs, the debuts risk amplifying speculation in a market with $40 billion in illicit flows and NPM-like attacks, underscoring the need for robust custody and transparency to sustain momentum.

Supporting Data

ETF	Launch Date	Debut Volume	Price at Launch	Source
XRPR (XRP)	September 11, 2025	$37.7 million ($24M in first 1.5 hours)	$3.07	Bloomberg (Balchunas)
DOJE (DOGE)	September 11, 2025	$17 million	$0.2794	Bloomberg (Balchunas)
Combined Volume	September 11, 2025	$54.7 million	N/A	Bloomberg (Balchunas)
Approval Timeline (Current vs. Proposed)	N/A	240 days vs. 60–75 days	N/A	SEC Rule 6c-11
Pending Crypto ETFs	N/A	92 (including Solana, staking)	N/A	Bloomberg Analysts
Bitcoin ETF Inflows (2024)	N/A	$29.4 billion	N/A	CCN
Ethereum ETF Inflows	N/A	$9.4 billion	N/A	CCN

Conclusion

The XRPR and DOJE debuts, with $54.7 million in volume, are a breakthrough for altcoin ETFs, validating the SEC’s listing standards and signaling strong demand beyond BTC and ETH. XRPR’s record day-one performance and DOJE’s top-five ranking highlight investor appetite, potentially accelerating 92 pending launches. Yet, skepticism on altcoin seasons and risks like high fees and speculation temper the hype. As Bitcoin dips and the GENIUS Act drives stablecoin growth, these ETFs could unlock billions, but success hinges on fundamentals and regulatory evolution. In a market of greed and fear, the debuts are a win—but altcoins must prove their mettle to sustain the surge.