XRP ETF Breaks Records in Cboe Trading Debut

The long-awaited arrival of an XRP exchange-traded fund (ETF) in the United States didn’t just make headlines—it shattered them. On September 18, 2025, REX-Osprey’s XRP ETF (ticker: XRPR) launched on the Cboe exchange and set a new benchmark for altcoin investment products.

XRP ETF Sets a Trading Record

In its first 90 minutes of trading, XRPR recorded five times the volume seen by earlier XRP-linked futures funds across their entire first day. Trading volume surged past $24 million, signaling strong demand from both institutional and retail investors eager for regulated exposure to the token.

The structure of the fund, however, is slightly different from the “pure spot” Bitcoin ETFs approved earlier this year. XRPR combines direct spot XRP holdings with derivatives and other XRP-backed exchange-traded products. While this setup provides investors with regulated exposure, it also introduces tracking risks and additional costs compared to spot-only ETFs.

Importantly, the approval of XRPR doesn’t mean the SEC has broadly greenlit spot XRP ETFs. Other pending filings remain under review. Instead, the fund was able to launch under updated listing standards designed to simplify crypto ETF approvals.

Dogecoin ETF Also Surprises

REX-Osprey didn’t stop at XRP. The firm also rolled out a Dogecoin ETF, which had faced skepticism due to launch delays and lukewarm sentiment among DOGE traders. Despite those concerns, the fund quickly outpaced expectations with $6 million in trading volume on its first day.

Together, the performance of the XRP and Dogecoin ETFs suggests a wider appetite for altcoin ETFs, challenging the notion that only Bitcoin and Ethereum products would dominate this emerging market.

What This Means for Altcoin ETFs

Analysts have warned that altcoin ETF filings face an uphill battle against the dominance of Bitcoin and Ethereum products. Yet REX-Osprey’s launch proves that investor demand extends beyond the two biggest cryptocurrencies.

For XRP, the strong debut is also a symbolic victory. The token has faced years of regulatory uncertainty, including its high-profile legal battle with the SEC. While XRPR’s hybrid structure isn’t a full “spot XRP ETF,” it still represents a significant step toward mainstream, regulated XRP investment in the U.S.

• XRPR broke records with $24M+ volume in its first 90 minutes.
• Dogecoin ETF also beat expectations with $6M in day-one trades.
• These results point to growing investor appetite for altcoin ETFs, not just Bitcoin and Ethereum.
• Still, XRPR’s hybrid design means it’s not the same regulatory milestone as Bitcoin’s pure spot ETF approval.

As more altcoin ETF applications wait in line, the message from today’s launch is clear: investors are hungry for broader crypto exposure—and the market is ready to deliver.