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 The latest cryptocurrency exchange-traded fund hits the market on Thursday, and in a historic way. The REX-Osprey XRP ETF reported first-day trading volume of the XRPR token of $37.7 million, the largest first-day trading volume among 710 offerings this year, according to Bloomberg. REX-Osprey DOGE ETF (DOJE) has a trading volume of approximately $17 million, ranking among the top five. “The imminent launch of the 33 Act ETF is a good sign,” Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, said in a report. ”Post on X. The Securities Act of 1933 was adopted by issuers of spot Bitcoin and Ethereum ETFs. Rex Shares and Osprey registered both products under the Investment Company Act of 1940. The Act is a federal law that regulates investment funds that raise capital from investors to pursue co-investment strategies. While these funds are obligated to hold the underlying tokens directly, for the Bitcoin and ETH ETFs, their prospectuses provide the flexibility to supplement that exposure with foreign spot ETFs or similar vehicles as needed. Balchunas said XRPR traded $24 million in just 90 minutes after listing, five times the volume of any XRP futures ETF. DOJE, meanwhile, raked in nearly $6 million in its first hour on the market. “It’s really shocking...most ETFs trade less than $1 million on their first day,” Balchunas said. Coincidentally, the U.S. Securities and Exchange Commission on Wednesday approved new exchange listing standards that will help speed up the process of listing cryptocurrency ETFs. Balchunas said that it is very likely that more than 100 cryptocurrency ETFs will be listed next year. It is reported that the price of XRP, the third largest cryptocurrency, has remained stable over the past 24 hours, trading at $3.08. Block price data. Dogecoin, the eighth-largest cryptocurrency by market capitalization, fell 0.5% to $0.28.  |
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