REX-Osprey XRP ETF (XRPR): The Historic First US XRP ETF

On September 18, 2025, history was made. The REX-Osprey XRP ETF (XRPR) became the very first XRP exchange-traded fund to trade on a US stock exchange. While newer, cheaper competitors have since emerged, XRPR holds a special place in crypto history as the pioneer that proved XRP ETFs were possible.

Fund Overview

The Historic Launch

September 18, 2025, will be remembered as a watershed moment for XRP and cryptocurrency broadly. When the opening bell rang at Cboe BZX, XRPR began trading—marking the first time US investors could buy XRP exposure through a regulated ETF.

Record-Breaking First Day

• First Day Volume: $37.7 million in trading volume
• Media Coverage: Featured on CNBC, Bloomberg, and every major financial outlet
• XRP Price Impact: XRP rallied on the news of successful trading
• AUM Milestone: Crossed $100 million within weeks of launch

Why It Mattered

The successful launch proved several things to the market:

1. Regulatory Path Exists: The SEC approved an XRP ETF, opening doors for competitors
2. Institutional Demand: Massive first-day volume proved pent-up demand
3. Operational Viability: The creation/redemption process worked smoothly
4. XRP Legitimacy: A US ETF further legitimized XRP as an institutional asset

Who is REX Shares?

REX Shares is a smaller, nimble ETF issuer known for innovative products. They partnered with Osprey Funds, who had been running an XRP Trust since 2021, to convert that trust into an ETF structure.

The Osprey Connection

Osprey Funds launched the Osprey XRP Trust in 2021, giving early investors XRP exposure through a trust structure (similar to how Grayscale operates). When the regulatory environment shifted, Osprey partnered with REX to convert this trust into a proper ETF.

This conversion gave XRPR a significant advantage: they already had XRP holdings in the trust, allowing for immediate trading when the ETF launched.

Fees & Expense Ratio

At 0.75% annually, XRPR has the highest expense ratio among the major XRP ETFs:

The Fee Dilemma

For a $10,000 investment held over 10 years (assuming 8% annual returns):

• At 0.75% (XRPR): ~$1,660 in fees
• At 0.34% (Bitwise): ~$755 in fees
• Difference: ~$905 extra with XRPR

That's a significant cost difference over time. Unless you have specific reasons to choose XRPR, lower-cost alternatives are likely better for long-term holding.

Holdings & Structure

XRPR holds approximately 53.2 million XRP in its vaults, putting it third in the holdings race behind Canary Capital and Bitwise.

Trust-to-ETF Structure

The conversion from trust to ETF has some implications:

• Pro: Existing XRP holdings provided instant liquidity
• Pro: Proven track record of custody and operations
• Con: Some legacy structural inefficiencies
• Con: Higher fee structure inherited from trust days

Performance Since Launch

Since its historic September launch, XRPR has maintained its position as a viable XRP investment vehicle:

• Trading Volume: Consistently ranks 3rd-4th among XRP ETFs
• AUM: Over $100 million in assets under management
• Tracking: Closely follows XRP's spot price
• Liquidity: Adequate for most retail investors

Competition Pressure

XRPR faces increasing pressure from newer, cheaper competitors. Bitwise and Franklin Templeton have been capturing significant market share with their lower fee structures.

How to Buy XRPR

1. Open a brokerage account with access to Cboe BZX (most major brokerages support it)
2. Search for ticker "XRPR"
3. Verify it's the REX-Osprey fund
4. Place your buy order
5. Consider tax-advantaged accounts (IRA, 401k) for long-term holding

The Verdict

Choose XRPR If:

• You want to own a piece of XRP ETF history
• You're already an XRPR holder and switching costs outweigh fee savings
• You prefer the Cboe BZX exchange for specific trading reasons
• You value REX/Osprey's longer XRP track record

Consider Alternatives If:

• Fees are a priority (choose Franklin Templeton or Bitwise)
• You're making a new investment with no switching costs
• You're a long-term holder (fees compound significantly over time)

The Bottom Line

REX-Osprey's XRPR earned its place in history as the first US XRP ETF. That achievement deserves recognition. However, for new investors, the 0.75% expense ratio is hard to justify when Bitwise charges 0.34% and Franklin Templeton charges just 0.19%.

If you're already holding XRPR, calculate whether the switching costs (potential capital gains taxes) outweigh the long-term fee savings. For new investors, lower-cost alternatives are objectively better choices.

Track XRPR Performance

Monitor REX-Osprey's trading volume and holdings on our live dashboard. Watch how XRPR compares in the daily volume rankings and the race to 1 billion XRP.

Compare alternatives: Bitwise XRP ETF | Franklin Templeton XRP ETF | Canary Capital XRP ETF

Related Reading

• What is an XRP ETF? - Complete beginner's guide
• How to Invest in XRP ETFs - Step-by-step instructions
• Understanding ETF Flows - Learn to read market signals
• XRP ETF Comparison - Compare all XRP ETFs

Disclaimer: This article is for educational purposes only and does not constitute investment advice. Past performance does not guarantee future results. Cryptocurrency investments are volatile. Always conduct your own research.