A newly launched exchange-traded fund (ETF) tied to XRP has drawn significant market attention after recording over $38 million in trading volume on its very first day, marking the largest natural ETF debut of 2025 so far.
According to Bloomberg ETF analyst Eric Balchunas, the XRPR ETF issued by REX-Osprey outperformed the Dan IVES Wedbush AI Revolution ETF (IVES) – a fund focused on semiconductors and artificial intelligence – to take the top spot in terms of debut performance. The term “natural” refers to activity driven by real investors rather than artificially created trading volume.
Notably, XRPR is not a conventional ETF. Due to its unique trust-like structure with synthetic exposure, it was able to bypass the strict approval process of the U.S. Securities and Exchange Commission (SEC). Analysts view the fund’s strong start as a positive signal for the wave of 1933 Act ETFs expected to enter the market soon. Major players such as Franklin Templeton, Bitwise, and Canary Capital are already preparing to launch their own XRP ETFs.
Meanwhile, Rex-Osprey’s Dogecoin (DOJE) ETF also posted impressive results, securing $17 million in first-day trading volume and earning a spot among the top five ETF launches of 2025. With more than 700 ETFs already introduced this year, the success of Dogecoin highlights the strong investor appetite even for experimental assets such as meme coins.
