The first exchange-traded funds (ETFs) offering exposure to XRP and dogecoin started trading in the U.S. on Thursday.
Products offered by Rex Shares and Osprey Funds listed on the Cboe BZX exchange under the tickers DOJE and XRPR and follow Rex-Osprey Solana ETF, which debuted in July. DOJE was recently trading at $26.90 and XRPR at $25.73.
DOJE will differ slightly from similar products for the other tokens, however, in that it will not hold DOGE directly. Instead, it will use a Cayman Islands-based subsidiary to gain exposure through futures and other derivatives.
While XRPR is structured to hold XRP directly, it will also invest in spot ETFs from outside the U.S. to achieve exposure, Bloomberg Intelligence analyst James Seyffart wrote on X.
XRP, the native token of the financial institutional payments-focused network XRP Ledger, and memecoin DOGE are the third-largest and eighth largest crypto tokens by market cap, according to CoinDesk data.
Spot crypto ETFs debuted in the US. in January 2024 after many years of rejections and delays by Securities and Exchange Commission (SEC). Bitcoin funds were approved first, followed a few months later by ETFs offering spot exposure to ether (ETH).
Buying shares of ETFs offers exposure to assets without having to take ownership of the underlying asset themselves. As such, crypto ETFs offer a means of direct exposure to cryptocurrencies without having to worry about storage, custody and so on, making them a more practical and secure means of investment for deep-pocketed institutional investors.