REX Shares Launches First US Spot ETFs for XRP and Dogecoin
REX Shares and Osprey Funds launched the first US-listed spot ETFs for Dogecoin (DOGE) and XRP. These ETFs began trading on Thursday on the Cboe exchange under the tickers DOJE and XRPR.
The new ETFs provide direct exposure to the prices of DOGE and XRP. Investors can buy them through traditional brokerage accounts. The funds hold the actual cryptocurrencies or related products.
Details on the New ETFs and Market Response
REX Shares announced the ETFs last week in a filing with the SEC. The filing also included plans for ETFs linked to Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Bonk (BONK), and Trump Token (TRUMP).
Bloomberg senior ETF analyst Eric Balchunas said the DOJE ETF might reach $2.5 million in trading volume on its first day. This is a modest start compared to other ETFs.
In July, REX-Osprey launched a Solana staking ETF (SSK), the first of its kind for US investors. Unlike many ETF filings under the Securities Act of 1933, REX-Osprey filed under the Investment Company Act of 1940.
Regulatory Environment and Market Prices
Other companies applying for Dogecoin and XRP ETFs include Grayscale, 21Shares, Bitwise, WisdomTree, Franklin Templeton, Canary, CoinShares, and ProShares.
The SEC has delayed decisions on many ETF applications recently. However, it approved generic listing standards for spot commodity-based ETFs. This change lets exchanges list qualifying products without extra filings.
The new rules may cut approval times from 240 days to 75 days.
At the time of launch, XRP traded at $3.10, up over 2% in 24 hours. Dogecoin was at $0.282, rising more than 3% in the same period.
