Rex-Osprey Dogecoin and XRP ETFs Set for September Launch
The U.S. crypto ETF market is preparing for a significant expansion as REX Shares and Osprey Funds move forward with platform-traded funds tied to Dogecoin and XRP. The products, expected to debut on September 18, 2025, would mark the first time American investors gain regulated ETF exposure to the two digital assets. However, the funds’ hybrid structures mean they may not behave like traditional “spot” ETFs, leaving uncertainty about investor demand and market influence.
Launch details and regulatory framework
According to filings, the XRP ETF will trade under the ticker XRPR, while the Dogecoin ETF will list under DOJE. Unlike the spot BTC ETFs launched earlier this year under the Securities Act of 1933, the REX-Osprey products are structured under the Investment Company Act of 1940. This legal framework allows for portfolios that mix direct token holdings with cash, Treasuries, derivatives, or exposure through other ETFs.
The XRPR fund is expected to hold some XRP directly, but analysts note that it will also contain other assets to meet operational and regulatory requirements. The Dogecoin ETF is likely to rely more heavily on derivatives, with exposure routed through a Cayman Islands subsidiary. This makes the DOJE fund less of a direct mirror of Dogecoin’s market price and more of a hybrid investment product that blends various forms of exposure.
The funds’ effective registrations suggest they have cleared regulatory hurdles, but the timing has not been without delays. The launch was originally anticipated earlier in the year but was pushed back, with September 18 now targeted as the official debut. Past experiences with crypto ETF approvals, however, show that last-minute adjustments remain possible.
Uncertainty over investor appetite
The arrival of altcoin ETFs represents another step in the mainstreaming of cryptocurrencies, but opinions diverge on what the market impact will be. Supporters argue the funds expand access to alternative cryptocurrencies, offering retail and institutional investors new regulated avenues for exposure. Critics caution that the hybrid asset mix could reduce the correlation between the ETFs and the underlying tokens, making them less appealing to those who viewk straightforward, spot-based investments.
Market reactions ahead of the launch have been cautious compared to the anticipation surrounding BTC ETFs. XRP and Dogecoin prices have viewn modest upward movement, but analysts point to mixed trading signals and notable whale activity, which adds complexity to forecasting investor behavior. Unlike the billions in inflows generated by BTC ETFs, demand for XRPR and DOJE remains uncertain.
Institutional investors may view the products as a way to test appetite for altcoin exposure without venturing into unregulated markets, while retail traders could be drawn by the novelty of the first regulated Dogecoin and XRP ETFs. The balance of these two groups will likely determine whether the funds gain meaningful traction.
As these ETFs prepare to enter the market, they represent a test case for whether investor interest extends beyond BTC and ETH. Their success could pave the way for a broader range of altcoin-focused ETFs in the United States. Conversely, a lukewarm reception would suggest that investor demand remains concentrated in the largest and most established digital assets. In either case, the launches will mark an significant moment in the ongoing evolution of crypto investment products.
