Hassan Maishera
TL;DR
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The ETFs granting investors exposure to XRP and DOGE have launched in the United States.
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The funds are trading under the tickers XRPR and DOJE.
XRPR and DOJE Debut in the United States
XRPR and DOJE, the first exchange-traded funds (ETFs) offering exposure to XRP and Dogecoin, began trading in the United States on Thursday.
The funds, offered by Rex Shares and Osprey Funds, were listed on the Cboe BZX exchange and came a few months after the launch of the Rex-Osprey Solana ETF. DOJE was recently trading at $26.90, and XRPR at $25.73.
According to the team, DOJE will differ from other altcoin ETFs as it will not hold DOGE directly. Rather, the fund will use a Cayman Islands-based subsidiary to gain exposure through futures and other derivatives.
Meanwhile, XRPR is designed to hold XRP directly, while also investing in spot XRP ETFs from outside the United States to gain exposure to the cryptocurrency.
XRP is the native token of the Ripple ecosystem, while DOGE is currently the leading memecoin in terms of market cap in the world.
Spot crypto ETFs began trading in the United States in January 2024, following years of rejections and delays by the U.S. SEC. Bitcoin ETFs were the first to go live, with the SEC also approving spot Ethereum ETFs a few months later.
Digital asset managers have submitted proposals to list funds tracking the performances of the leading altcoins, including XRP, Solana, Dogecoin, Litecoin, BNB, SEI, Chainlink, and Aptos. However, the SEC has yet to approve the proposals.
ETFs grant investors exposure to assets without having to take ownership of the underlying assets themselves. This implies that crypto ETFs allow institutional investors to gain direct exposure to cryptocurrencies without having to worry about storage, custody, and other things retail investors worry about.
XRP is currently down 1.2% and trading at $3.03, while DOGE is down 1% and trading above $0.27 per coin.
