The long-awaited REX-Osprey XRP ETF ($XRPR) launched on September 18, 2025, and immediately drew strong demand, recording $37.7 million in trading volume on its first day.
In particular, this performance makes $XRPR the largest day-one “natural” dollar volume of any ETF debut in 2025, edging out the previous leader $IVES, and placing it ahead of hundreds of other new listings.
By comparison, the $DOJE ETF logged $17 million on launch day, which still ranked among the year’s top five out of over 710 ETF launches.
Bloomberg ETF analyst Eric Balchunas highlighted the milestone on X (formerly Twitter):
“$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 launches. Good sign for the onslaught of 33 Act ETFs coming soon.”
XRP exposure in the U.S. market
The strong debut signals pent-up demand for regulated XRP exposure in the U.S. market. Unlike spot ETFs that directly hold underlying assets, $XRPR operates under a Registered Investment Company (RIC) structure, holding a mix of XRP, cash, and Treasuries. This design allows investors to gain regulated XRP exposure without directly handling the tokens.
With XRP trading above $3 and a market cap over $181 billion, the ETF’s successful launch adds to the growing narrative of institutional adoption.
