Rex-Osprey’s XRP ETF Shatters Records, Dominates IVES in 2025’s Blockbuster ETF Launch

Wall Street's newest crypto contender just rewrote the rulebook—Rex-Osprey's XRP ETF isn't just competing; it's dominating.

Outpacing IVES from day one, the fund pulled in institutional capital like a magnet, proving once again that when traditional finance finally gets it right, they really get it right. Or maybe they just got lucky this time.

Behind the surge? A mix of regulatory clarity, razor-sharp structuring, and let's be honest—FOMO at its finest. While IVES scrambles to keep up, Rex-Osprey's offering is already being called the ETF launch of the year. No surprise there—when you're not stuck in last cycle's mindset, you tend to move faster.

And in typical finance fashion, everyone's now asking the same question: Is this the start of something bigger, or just another product destined for the ETF graveyard? Only time—and the next market dip—will tell.

Why The XRP And Dogecoin ETF Are Big Surprises

Both funds list on Cboe and trade under the tickers XRPR and DOJE (Dogecoin). They are not structured like the 1933 Act spot Bitcoin and ether ETFs; instead, they launched under the Investment Company Act of 1940, a framework that carries “stricter limits” and a different exposure design.

Prior to both launches, Balchunas set the expectation bar quite because of that: “The fact that’s it 40 Act and not 33 Act (and is not big boy issuer) could diminish interest a bit relative to other crypto first evers. We’ll soon find out.”

Surpassing IVES matters because the Dan Ives Wedbush AI Revolution ETF has been one of 2025’s breakout thematic launches. While Balchunas used “natural” to describe the record—his term for organic first-day trading rather than seeded prints—his comparison underscores that XRPR’s debut bested a widely watched, high-velocity AI fund. Public materials describe IVES as a June 2025 launch tracking a Solactive AI index.

The robust openings land alongside a pivotal regulatory shift. On September 18, the SEC approved generic listing standards across major US exchanges for spot commodity ETPs, streamlining the path for crypto products beyond bitcoin and ether. In tandem, the agency approved Grayscale’s Digital Large Cap Fund to list, tracking a CoinDesk index of five assets. The move is widely expected to catalyze a wave of additional crypto ETFs.

ETF strategist Nate Geraci flagged that an index-based, multi-asset spot crypto ETF was imminent: “Looks like first index-based spot crypto ETF launches tomorrow… Grayscale CoinDesk Crypto 5 ETF. Holds btc, eth, xrp, sol, & ada. IMO, index-based & actively managed spot crypto ETFs will be met w/ *significant* demand, esp from financial advisors. Will be *huge* category.”

At press time, XRP traded at $3.04.