The first U.S. spot ETFs for XRP and Dogecoin launched on Thursday, September 18, 2025, with the Rex-Osprey XRP ETF (XRPR) generating nearly $38 million in trading volume—the highest debut for any ETF in 2025—while the Dogecoin ETF (DOJE) saw a strong $17 million in volume, ranking it among the top five ETF launches this year.
Analysts, including Bloomberg's Eric Balchunas, noted that the substantial demand signals robust investor appetite for altcoin exposure. Despite the successful ETF launches, both XRP and Dogecoin experienced price declines over the following 24 hours: XRP dropped over 3% to $3.01, and Dogecoin fell 6% to approximately $0.27.
In a parallel development, Rex-Osprey filed with the SEC on Thursday for a leveraged version of the DOJE ETF, named the REX DOJE Growth & Income ETF. This product aims to provide 105-150% daily leveraged exposure to DOJE's price returns and intends to distribute weekly income to holders. The filing explicitly warns that the fund is "not suitable for all investors" due to its risky structure, which could lead to losses even if the underlying ETF gains over multiple days.
The new leveraged ETF would combine leveraged long positions in DOJE, a covered call strategy for income generation, and investments in short-term treasuries. Rex-Osprey has prior experience with leveraged ETFs, though this marks its first such product in the cryptocurrency space.
The SEC recently approved new generic listing standards for commodity-based trusts, potentially streamlining future crypto ETF approvals. Over 90 applications for altcoin and multi-token ETFs are currently under review by the regulator.
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