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Rex-Osprey’s Xrp, Doge Etfs See $54M Trading Volume On Debut
Crypto Trends

REX-Osprey’s XRP, DOGE ETFs See $54M Trading Volume on Debut

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Investors rushed into the first U.S. exchange-traded funds (ETFs) tied to Dogecoin and XRP, driving trading volumes far above Wall Street forecasts. The two funds, launched Thursday by REX Shares and Osprey Funds, together saw nearly $55 million in trades on their debut, a blockbuster start for altcoin ETFs.

The REX-Osprey XRP ETF (ticker: XRPR) led the charge, recording $37.7 million in trading volume, according to Bloomberg ETF analyst Eric Balchunas. He noted it was the “biggest day one” of any ETF launched in 2025 so far.

$XRPR traded $37.7m on Day One, which edges out $IVES for the biggest day one (natural) $ volume of any 2025 launch. $DOJE is no slouch at $17m, which would be Top 5 for year.. out of 710 launches. Good sign for the onslaught of 33 Act ETFs coming soon.. pic.twitter.com/JaQP9ekFIq

— Eric Balchunas (@EricBalchunas) September 18, 2025

Within just 90 minutes, XRPR had already clocked $24 million in trades, five times more than any XRP futures ETF had achieved on its first day. XRP itself is the world’s third-largest cryptocurrency, currently trading around $3.06, down 1.64% in the last 24 hours

Dogecoin ETF Also Surprises

Meanwhile, the REX-Osprey Dogecoin ETF (ticker: DOJE) also smashed expectations. Balchunas initially predicted $2.5 million in first-day volume, but DOJE closed Thursday with $17 million in trades, placing it among the top five ETF debuts of the year. Dogecoin, the largest memecoin by market cap, is priced at about $0.28, down 1.78% in the last 24 hours.

Setting the over/under on $DOJE volume on Day One at $2.5 million (which is respectable table but nothing too special). The fact that’s it 40 Act and not 33 Act (and is not big boy issuer) could diminish interest a bit relative to other crypto first evers. We’ll soon find out.

— Eric Balchunas (@EricBalchunas) September 18, 2025

Both funds are registered under the Investment Company Act of 1940 (40 Act), unlike Bitcoin and Ether ETFs launched under the 1933 Act. While the 40 Act has stricter rules, it allows faster approval. The ETFs do not hold crypto directly but gain exposure through offshore subsidiaries and foreign exchange-traded products.

Analysts say the strong debut signals growing appetite for crypto ETFs beyond Bitcoin and Ether. Balchunas called it a “good sign” for the wave of altcoin and staking-focused funds waiting for regulatory approval.

With the SEC recently approving new listing standards to speed up ETF launches, more crypto assets could soon join XRP and Dogecoin in the spotlight.

Also Read: REX-Osprey Solana Staking ETF Hits $250M as SOL Price Soars





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GameFi Guides

DBS, Franklin Templeton and Ripple sign MOU to launch trading and lending solutions

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DBS, Franklin Templeton, and Ripple have signed a Memorandum of Understanding (MOU) to collaborate on offering trading and lending solutions that leverage tokenized money market funds on the XRP Ledger blockchain and Ripple’s stablecoin, Ripple USD (RLUSD).

The MoU will see Franklin Templeton tokenize its money market fund, Franklin on-chain U.S. dollar short-term money market fund, on XRP Ledger, a public and enterprise-grade blockchain.

At the same time, DBS Digital Exchange (DDEx) will list sgBENJI, the money market fund token, alongside RLUSD, enabling DBS clients to rebalance their portfolios between a stablecoin and a yield-generating money market fund. This will help investors earn yield even during volatile periods.

Nigel Khakoo, VP and Global Head of Trading and Markets at Ripple, called the collaboration a game changer.

“2025 has been marked by a series of industry-firsts when it comes to traditional financial institutions moving onchain – and the linkup between Ripple, DBS and Franklin Templeton to enable repo trades for a tokenised money market fund with a regulated, stable and liquid mode of exchange, such as RLUSD, is truly a game-changer,” Khakoo said in an email announcement shared with CoinDesk.

“Investors can also seamlessly rebalance their portfolios between a stablecoin and a yield-generating money market fund, all within a single, trusted ecosystem, unlocking real-world capital efficiency, utility and liquidity that institutions demand,” Khakoo added.

Lim Wee Kian, CEO of DBS Digital Exchange, said that the collaboration is evidence of how tokenised securities can play that role while injecting greater efficiency and liquidity in global financial markets.

Additionally, DBS is considering allowing holders of sgBENJI tokens to pledge their tokens as collateral to borrow funds from the bank of third-party platforms.

The move will open new liquidity options for investors holding sgBENJI tokens, enabling them to leverage their digital assets to obtain credit while still retaining exposure to the underlying yield-generating money market fund.



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Crypto Trading Firm Keyrock Buys Luxembourg's Turing Capital in Asset Management Push
Crypto Trends

Crypto Trading Firm Keyrock Buys Luxembourg's Turing Capital in Asset Management Push

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Crypto trading firm Keyrock said it's expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Keyrock, founded in Brussels, Belgium and best known for its work in market making, options and OTC trading, said it will fold Turing Capital’s investment strategies and Luxembourg fund management structure into its wider platform. The division will be led by Turing Capital co-founder Jorge Schnura, who joins Keyrock’s executive committee as president of the unit.

The company said the expansion will allow it to provide services across the full lifecycle of digital assets, from liquidity provision to long-term investment strategies. “In the near future, all assets will live onchain,” Schnura said, noting that the merger positions the group to capture opportunities as traditional financial products migrate to blockchain rails.

Keyrock has also applied for regulatory approval under the EU’s crypto framework MiCA through a filing with Liechtenstein’s financial regulator. If approved, the firm plans to offer portfolio management and advisory services, aiming to compete directly with traditional asset managers as well as crypto-native players.

“Today’s launch sets the stage for our longer-term ambition: bringing asset management on-chain in a way that truly meets institutional standards,” Keyrock CSO Juan David Mendieta said in a statement.

Read more: Stablecoin Payments Projected to Top $1T Annually by 2030, Market Maker Keyrock Says



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Openbank Launches Crypto Trading In Germany, Spain Next
GameFi Guides

Openbank Launches Crypto Trading In Germany, Spain Next

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Openbank, Grupo Santander’s fully digital bank, has launched cryptocurrency trading for customers in Germany, with plans to expand the service to Spain in the coming weeks.

The platform now allows clients to buy, sell, and hold Bitcoin, Ether, Litecoin, Polygon, and Cardano directly alongside their existing investments. Transactions are conducted without the need to transfer funds to external platforms and operate under the European Union’s Markets in Crypto-Assets Regulation (MiCA), providing investor protection backed by Santander.

Crypto joins Openbank’s portfolio of stocks, funds, and ETFs

The crypto service comes with a 1.49% transaction fee (minimum €1) and no custody costs, with plans to add more digital assets and enable crypto-to-crypto conversions in the coming months.

The rollout plugs directly into Openbank’s push to bulk up its investment arsenal, which already spans a Robo Advisor, more than 3,000 stocks, 3,000 investment funds, 2,000 ETFs, and a new broker platform that dishes out target prices on over 1,000 European and U.S. equities.

With regulated crypto trading now on the menu, Openbank is staking its claim as one of the first European digital banks to fuse traditional assets with digital ones. The move doesn’t just broaden its reach — it raises the bar for rivals that may be forced to follow as MiCA’s rules reshape the market.

Also read: Bullish Secures Full MiCAR License from Germany’s BaFin



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HBAR/USD (TradingView)
Crypto Trends

HBAR Advances 4% as ETF Speculation Drives Institutional Trading Activity

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Hedera’s native token HBAR posted modest gains during the September 11–12 trading window, climbing from $0.237 to as high as $0.245 before closing at $0.240. The move reflected a surge in institutional participation, with market activity closely tied to fresh developments around potential exchange-traded products.

Corporate momentum built after Grayscale Investments revealed plans for a potential HBAR trust and the Depository Trust and Clearing Corporation (DTCC) added a Canary HBAR ETF filing to its regulatory database. The listing, under the proposed ticker HBR, accompanied similar submissions for Solana and XRP, underscoring growing Wall Street appetite for digital assets beyond Bitcoin.

Traders reacted sharply to the news. Technical resistance at $0.245 triggered profit-taking, while $0.240 emerged as a key institutional support level, reinforced by late-session volume spikes that topped 17 million tokens. Analysts say the speculation could set up a test of the $0.25 psychological threshold if momentum continues.

Still, industry observers caution that DTCC inclusions represent only preliminary steps, not SEC approval. Regulators remain focused on addressing market manipulation risks and investor protection standards for non-Bitcoin crypto assets, leaving the timeline for any HBAR-based ETF uncertain. For now, the filings have placed Hedera firmly on Wall Street’s radar, driving institutional attention even amid regulatory fog.

HBAR/USD (TradingView)

Market Data Reveals Institutional Trading Patterns
  • Intraday trading established a $0.012 range representing 4.24% volatility between the session high of $0.2456 and low of $0.2335.
  • Primary upward momentum occurred during the 21:00-05:00 trading window as HBAR advanced from $0.235 to peak levels near $0.245.
  • Volume activity averaged 54.7 million during key breakout periods, exceeding the 24-hour average of 50.1 million and indicating institutional participation.
  • The $0.240 price level demonstrated strong institutional support with high-volume defensive trading throughout the session.
  • Selling pressure intensified near $0.245 on elevated volume, suggesting coordinated profit-taking by institutional holders.
  • Late-session volume surge of 17.08 million at 11:32 triggered systematic selling and price consolidation around support levels.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.



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NFT Gaming

Gemini Prices IPO at $28 a Share Ahead of Trading Open on Nasdaq

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In brief

  • Crypto exchange Gemini has priced its IPO at $28 per share ahead of open trading on the Nasdaq.
  • The pricing tops forecasts after months of investor buildup.
  • The Winklevoss brothers bring political ties and regulatory baggage into the spotlight, but Gemini’s losses and CFTC battles loom over its market debut.

Gemini, the U.S.-based cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has priced its initial public offering at $28 per share, beating expectations ahead of the start of trading Friday.

Launching on the Nasdaq Global Select Market under the ticker symbol “GEMI,” the deal marks one of the most closely watched debuts in the crypto sector this year, with strong investor demand pushing the IPO well above its original $17 to $19 price per stock range.

The company and its selling stockholders also granted underwriters a 30-day option to purchase up to an additional 758,929 shares to cover over-allotments, though Gemini itself will not receive proceeds from those secondary sales. The offering is expected to close on September 15, subject to customary conditions.

Gemini’s looming IPO



The exchange, founded in 2014, has long been a high-profile player in digital assets. Its twin co-founders first rose to fame through their legal battle with Mark Zuckerberg over the origins of Facebook, later becoming early Bitcoin evangelists. More recently, they became outspoken backers of Donald Trump in his successful 2024 U.S. presidential campaign.

Gemini remains heavily reliant on trading fees, which made up nearly 70% of its $142.2 million in revenue last year. Despite growth in users, losses have ballooned: a net loss of $158.5 million in 2024, and $282.5 million already in the first half of 2025.

In its IPO filing, the company projected confidence, citing its “focus on innovation and a long history of firsts in the crypto industry” as reason to believe it will expand its base.

That optimism is tempered by deepening political and regulatory drama. Brian Quintenz, Trump’s nominee to lead the Commodity Futures Trading Commission (CFTC), this week published screenshots of private Signal conversations with the Winklevoss twins.

The regulator sued the company in 2022 for misleading statements tied to its Bitcoin futures products, a case Gemini settled this January for $5 million without admitting wrongdoing.

In the messages, the brothers appeared to question Quintenz’s loyalty to their complaints against the regulator, while referencing potential appeals to the president himself.

The White House later withdrew a planned Senate vote on Quintenz’s nomination.

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Issy les Moulineaux, France - January 2020 : Microsoft France headquarters entrance in Issy les Moulineaux near Paris
Gaming Gear

Tribunal hears Microsoft case on whether second hand Office and Windows license trading is unlawful

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  • Microsoft continues tribunal fight over legality of reselling Office and Windows licenses
  • ValueLicensing claims Microsoft restricted resale market and seeks £270 million in damages
  • Outcome could reshape the future of Europe’s second-hand software industry

Microsoft’s long-running dispute with ValueLicensing, a UK reseller of pre-owned licenses for products like Windows and Office, returns to the Competition Appeal Tribunal this week, with the US tech giant now arguing that selling pre-owned Office and Windows licenses is unlawful.

ValueLicensing says the trial will focus on whether the entire resale market for perpetual Microsoft licenses is legal, or indeed ever has been, and the result could have huge implications for Europe’s popular second-hand software market.

The reseller contends that if Microsoft’s argument succeeds, it would mean second-hand license trading should never have existed in Europe.


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A change of stance

The case, which has been going on for several years now, stems from ValueLicensing’s claims that Microsoft restricted the availability of pre-owned licenses.

According to the reseller, Microsoft offered customers discounts on subscription services if they surrendered their perpetual licenses, limiting the stock available to firms like ValueLicensing.

It also alleges Microsoft inserted contract clauses that curtailed resale rights in exchange for further price cuts. This strategy, ValueLicensing claims, cost it £270 million in lost profits.

Microsoft’s defense rests on the claim that it owns copyright not just to program code, but also to elements such as the graphical user interface.

The tech giant says the European Software Directive does not apply to such components, meaning resale is not allowed.

ValueLicensing boss Jonathan Horley said Microsoft’s position had shifted dramatically, from denying anti-competitive conduct to arguing that the resale market itself should not exist. “It’s a remarkable coincidence that their defense against ValueLicensing has changed so dramatically from being a defense of ‘we didn’t do it’ to a defense of ‘the market should never have existed,'” he said.

Microsoft’s stance draws on a precedent from the Tom Kabinet ruling, which found that software resale was allowed but that e-books were different.

Microsoft is seeking to place its own products outside the rules that allowed secondary trading by making the interface distinct from software code.

The tribunal’s decision could determine whether Europe’s thriving trade in pre-owned software survives or vanishes entirely.

Via The Register

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XLM/USD (TradingView)
GameFi Guides

XLM Surges 4.30% Amid Volatile Trading Session

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XLM posted sharp swings in the latest 24-hour trading cycle, oscillating within a $0.017 band that marked a 4.3% fluctuation between $0.379 and $0.396. The token’s rally took shape around midnight on September 11, when prices climbed from $0.384 to a high of $0.396 by mid-morning.

The upward push came alongside a surge in market activity, underscored by a 112 million unit spike in volume at noon — far above typical averages. Still, the momentum faltered, and XLM slipped back to $0.387, confirming firm resistance in the $0.394 to $0.396 zone.

The broader trading context highlighted the interplay between macro and micro forces. Market-wide institutional participation and broader crypto sentiment amplified volume, while technical ceilings limited sustained advances.

Traders saw buyers consistently absorbed at the $0.394-$0.396 range, while accumulation near $0.379-$0.381 underscored an emerging support base.

On a shorter horizon, XLM’s performance between 1:14 and 2:13 p.m. on September 11 captured the consolidation dynamic. The asset held to a tight $0.003 range, fluctuating between support at $0.386 and resistance at $0.389.

During this window, two short-lived bursts of bullish activity briefly pushed the price to $0.389 on strong volume, only to face immediate rejection. The repeated failures at this level reinforced the significance of $0.389 as a ceiling in line with the 24-hour trend.

Taken together, the pattern reflects a market still testing its boundaries. While high-volume surges showcase interest and participation, repeated rejection at resistance levels signals distribution pressure limiting upside potential. For traders, the technical story hinges on whether XLM can convert $0.389 into support, or whether continued selling will force another retest of the $0.379-$0.381 base.

XLM/USD (TradingView)

Technical Indicators Breakdown
  • Volume Analysis: Extraordinary 112.18 million volume surge dramatically exceeded standard 24-hour benchmarks, signaling institutional participation.
  • Support Levels: Robust support establishment identified within $0.379-$0.381 range where accumulation interest previously developed.
  • Resistance Zones: Definitive resistance confirmed at $0.394-$0.396 level featuring multiple rejection instances on amplified volume.
  • Price Range: 4.30% volatility spectrum illustrates substantial intraday trading possibilities for engaged market participants.
  • Breakout Pattern: Bullish breakout initiative from midnight session failed to maintain upward momentum beyond critical technical barriers.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.



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HBAR/USD (TradingView)
NFT Gaming

HBAR Surges 5% Despite Volatile Trading Session

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Hedera’s HBAR token saw a volatile 23-hour stretch between Sept. 10 and 11, swinging in a narrow 5% band between $0.23 and $0.24. The token dipped to its $0.23 support level early in the session before rebounding on heavier-than-usual trading volumes. Daily volume averaged 35.4 million, but activity surged to 156.1 million by midday Sept. 11 as institutional money appeared to flow in, propelling HBAR back toward the $0.24 ceiling.

Despite the rally, HBAR struggled to break through resistance at $0.24, where strong selling pressure emerged. The rejection at this technical level underscored the significance of $0.23 as firm support and $0.24 as a critical barrier for further gains. Analysts note that a close above $0.24 could open the door to a 25% rally toward the $0.25 target, but failure to breach resistance leaves the token range-bound in the $0.21–$0.23 corridor.

The surge in trading activity coincided with regulatory developments. On Sept. 9, Grayscale filed with the U.S. Securities and Exchange Commission (SEC) to convert its Hedera HBAR Trust into an exchange-traded fund (ETF), alongside similar filings for Bitcoin Cash and Litecoin. The SEC has set a Nov. 12 deadline to decide on the proposed Nasdaq listing, making the next two months pivotal for HBAR’s institutional adoption prospects.

The ETF filing has stoked demand from traditional asset managers seeking broader exposure to digital assets. With regulatory clarity on the horizon, HBAR’s price action reflects a tug-of-war between bullish institutional interest and technical barriers. Market participants will be watching closely whether the SEC’s decision provides the breakout catalyst HBAR needs to test higher levels.

HBAR/USD (TradingView)

Technical Indicators Summary
  • $0.011 trading range equals 5% spread from $0.23 low to $0.24 high over 23-hour period.
  • Strong $0.23 support holds on 37.8 million volume reversal.
  • Breakout volume hits 156.1 million during recovery. Institutional flows confirmed.
  • Key $0.24 resistance triggers massive volume reversal. Heavy selling pressure evident.
  • Final hour volatility September 11 13:14-14:13 shows $0.0072 range between $0.24 levels.
  • Sharp reversal at $0.24 resistance on 2.28 million volume spike creates rejection pattern.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.



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Nasdaq files with SEC to enable trading of tokenized securities
NFT Gaming

Nasdaq files with SEC to enable trading of tokenized securities

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The premier tech stock exchanges in the U.S. is preparing to start offering tokenized assets to its traders.

Summary

  • Nasdaq filed with the SEC to enable it to trade tokenized securities
  • These tokenized assets will retain all investor rights and protections
  • The total value of tokenized assets has doubled in 2025

Asset tokenization has gotten its biggest endorsement yet. On Monday, September 8, the Nasdaq stock exchange announced a filing with the U.S. Securities and Exchange Commission seeking approval to trade tokenized securities.

According to Tal Cohen, president of Nasdaq, the move aims to leverage blockchain’s speed and efficiency while embedding it directly into U.S. equity infrastructure. What is more, these tokenized assets will retain all investor rights and protections, including dividends.

“The integration of tokenization and blockchain technology alongside traditional market infrastructure presents an extraordinary opportunity for the global financial system,” said Tal Cohen, Nasdaq CEO. I am excited to share that we have submitted a filing to the U.S. Securities and Exchange Commission (SEC) to facilitate the trading of tokenized securities on the Nasdaq Stock Market.”

Cohen said tokenized assets can shorten settlement times and modernize proxy voting, among other benefits. He also emphasized that Nasdaq would always prioritize investor protections and market stability while looking for new ways to leverage the technology.

Tokenized assets become increasingly mainstream

Asset tokenization is becoming one of the strongest trends in crypto markets and is now entering the mainstream. As of August, the total value of tokenized assets doubled year over year, going from $12.4 billion to $26.3 billion.

An increasing number of traditional companies have started to join this market. For instance, on September 8, investment giant Fidelity launched a $200 million tokenized Treasury fund on Ethereum (FDIT).

Treasuries and private credit dominate asset tokenization. Tokenized equities, however, are also increasing in popularity.



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