Investors Get Regulated Altcoin Access as DOGE ETF Debuts

The price of Dogecoin (DOGE) fell 16% in the days leading up to the scheduled launch of the first U.S. spot Dogecoin and XRP exchange-traded funds (ETFs), set to debut on September 18, 2025. These funds, introduced by REX-Osprey, will provide investors with direct exposure to DOGE and XRP without the need to purchase the underlying tokens. The Dogecoin ETF will trade under the ticker DOJE, while the XRP ETF will use XRPR. The launch of these funds is being viewed as a significant development in the growing accessibility of altcoin investments through traditional financial instruments.

The REX-Osprey DOJE ETF is structured to hold other spot Dogecoin ETFs, offering a diversified investment approach, while the XRPR ETF will feature a mix of assets alongside XRP. This differentiation from conventional single-asset ETFs aims to attract a broader range of investors who may be hesitant to directly hold volatile cryptocurrencies. Both ETFs are being offered under the Investment Company Act of 1940, bypassing the need for immediate SEC approval under the Securities Act of 1933, which has delayed the approval of other spot crypto ETFs.

Eric Balchunas, a senior ETF analyst at Bloomberg, highlighted that the DOJE ETF provides a straightforward way for investors to gain exposure to Dogecoin without the complexities of managing the token directly. He also noted that the DOJE and XRPR ETFs were previously delayed, with the latest confirmation of their launch coming just days before the scheduled date. James Seyffart, another Bloomberg analyst, emphasized that the launch of the XRP ETF marks a milestone, as it will be the first U.S. ETF to offer direct spot exposure to the third-largest cryptocurrency by market capitalization.

The timing of the DOJE and XRPR ETF launches coincides with a surge in demand for crypto investment products, particularly among institutional and retail investors seeking diversified portfolios. REX-Osprey has previously launched the Solana staking ETF (SSK), which has attracted over $250 million in assets, setting a precedent for the potential success of these new offerings. However, the firm’s Solana fund has also seen relatively modest recent inflows, indicating a cautious approach by investors in the current market environment.

Market analysts have observed that the approval of these ETFs under the 1940 Act reflects a regulatory shift in favor of structured crypto products. The Securities and Exchange Commission (SEC) has taken an extended review period for spot Bitcoin ETFs under the 1933 Act, but the 75-day automatic approval process under the 1940 Act allows these products to bypass such delays. As a result, the DOJE and XRPR ETFs are expected to serve as a litmus test for broader market appetite for altcoin investments through regulated vehicles.

With the DOJE and XRPR ETFs set for imminent trading, the broader crypto ETF landscape in the U.S. is rapidly evolving. Over 90 crypto ETFs remain pending SEC approval as of late August 2025, according to industry analysts. The success of these new altcoin ETFs could influence future regulatory and market developments, particularly as more firms continue to file for similar products.