Trading has officially opened for the first U.S. exchange-traded fund offering direct exposure to XRP. Listed on the CBOE under the ticker XRPR, the Osprey REX fund began trading at $25.80 against a net asset value of $25, starting small in scale but setting an important precedent. With initial assets of $625,000 and 25,000 shares outstanding, the fund provides regulated exposure to one of the world's most widely traded digital assets via a standard brokerage account. SEMI-SHOCK: Rex XRP ETF $XRPP is already at $24m in volume. That is way more than I would have thought. For context it's 5x more than any of the XRP futures ETFs did on Day One and it's only been 90min. pic.twitter.com/DKIDD6noZF — Eric Balchunas (@EricBalchunas) September 18, 2025 XRPR holdings are split between CME's CF XRP-Dollar Reference Rate (59%), CoinShares' Physical XRP product (39%) and a small cash balance. This means that shares trade in the $25-$26 range rather than reflecting XRP's price of $3.11 directly on crypto exchanges. While the design did not surprise many on launch day, the volume did. Within just 90 minutes of trading, XRPR cleared $24 million in turnover, a figure five times higher than that achieved by any XRP futures-based ETF on its entire first day. What's up with Dogecoin ETF DOJE? Also sharing the stage is DOJE, the first U.S. Dogecoin ETF, which has also outperformed expectations. Bloomberg's Eric Balchunas reported nearly $6 million in volume in the first hour, an extraordinary figure given that most ETFs struggle to exceed $1 million on day one. Prices fluctuated between $27.11 and $26.43, while spot DOGE was trading at $0.282 on Binance. The message from day one is clear: even without the support of Wall Street giants such as BlackRock, Osprey's crypto ETFs have found buyers. XRP now has its first U.S. ETF representation, and Dogecoin has jumped from meme status to that of a regulated product — both achieving this with more force than anyone predicted.