The first exchange-traded fund (ETF) in the United States offering direct spot exposure to XRP has rapidly accumulated over $100 million in assets under management (AUM). This milestone was reached just one month after the fund's debut, signaling strong investor interest in the digital asset.
The REX-Osprey XRP ETF, trading under the ticker XRPR, achieved this significant growth amid a landscape of regulatory uncertainty. The U.S. Securities and Exchange Commission (SEC) has postponed decisions on at least six other similar spot XRP ETF applications, effectively giving XRPR an uncontested market for a short period.
Key Takeaways
- The REX-Osprey XRP ETF (XRPR) reached over $100 million in assets under management within its first month of trading.
- It is currently the only U.S.-listed ETF providing investors with direct spot exposure to XRP.
- The growth comes as the SEC continues to delay rulings on competing spot XRP ETF applications from other firms.
- Rising institutional interest is also seen in derivatives, with CME Group reporting high trading volumes for its XRP futures and recently adding options.
Rapid Growth in a Cautious Market
The swift accumulation of assets by the XRPR fund highlights a notable demand for regulated XRP investment products in the U.S. market. According to the issuer, REX-Osprey, the fund officially crossed the $100 million AUM threshold on October 23, 2025, following its launch in September.
This performance is particularly noteworthy given the current regulatory climate. With other potential issuers waiting for approval, the XRPR ETF has become a primary vehicle for American investors seeking to gain exposure to XRP without directly holding the cryptocurrency.
A Market Benchmark by Default
Due to the ongoing delays in SEC approvals for other spot XRP funds, the XRPR ETF has inadvertently become the de facto benchmark for gauging U.S. investor appetite for the digital asset. Its trading volume and asset growth are closely watched by analysts and competitors alike as an indicator of market sentiment.
The fund's success provides a clear data point on the level of pent-up demand for such products. As the sole player in the U.S. spot market, its early performance could influence the SEC's future decisions and shape the competitive landscape once other funds are eventually approved.
Institutional Interest Extends Beyond ETFs
The enthusiasm for XRP is not confined to the ETF market. Broader institutional adoption is accelerating, with significant activity seen in the derivatives space. CME Group, a leading derivatives marketplace, has expanded its offerings to include XRP options, a move driven by strong client demand.
This follows the successful launch of its XRP and micro XRP futures contracts in May. The exchange has reported substantial trading volumes, indicating deep liquidity and interest from sophisticated investors.
CME Group XRP Futures Volume
Since their launch in May, over 567,000 XRP futures contracts have been traded on the CME Group's platform. This represents a notional volume of approximately $26.9 billion, underscoring the significant institutional capital flowing into XRP-related financial products.
This activity in the futures and options market suggests that large financial players are increasingly using XRP for hedging, speculation, and portfolio diversification strategies. The existence of a robust derivatives market is often seen as a sign of a maturing asset class.
XRP's Emerging Role in Corporate Finance
Beyond investment products, some companies are beginning to integrate XRP directly into their financial strategies. Evernorth, a newly formed treasury company with stated plans to list on the Nasdaq, has announced a commitment to hold XRP as a core reserve asset.
This move represents a novel use case for a digital asset, positioning it alongside traditional reserve assets like cash, bonds, or gold. If other companies follow suit, it could create a new and stable source of demand for XRP, independent of speculative trading.
Tackling the Payments Market
The utility of the underlying XRP Ledger is also attracting attention. The technology company OwlTing is developing payment infrastructure aimed at capturing a share of the burgeoning stablecoin market. Stablecoin payment volumes have already reached $19.4 billion year-to-date in 2025.
OwlTing's goal is to leverage the XRP Ledger's ability to process transactions in seconds for a fraction of a cent, offering a potentially more efficient alternative to existing payment rails. This focus on real-world utility could provide long-term value for the ecosystem.
Global Context and Market Outlook
While the XRPR ETF's launch is a major development in the U.S., it is not the first of its kind globally. The Hashed Nasdaq XRP (XRPH11), recognized as the world's first spot XRP ETF, has accumulated approximately $52 million in total assets since its inception.
The successful launch and rapid growth of the U.S.-based fund, however, brings the product to the world's largest capital market. As institutional products mature and corporate adoption grows, the infrastructure around XRP continues to expand, providing investors with more regulated avenues to access the fourth-largest cryptocurrency by market capitalization.
