The New York Stock Exchange has given the green light for Grayscale to introduce its
XRP
and
Dogecoin
exchange-traded funds (ETFs), which are scheduled to start trading on November 24. This development marks a significant step forward for regulated crypto investment products in the United States. The Grayscale XRP Trust ETF (GXRP) and Grayscale Dogecoin Trust ETF (GDOG) will transition from private trusts to publicly traded ETFs,
following a regulatory framework clarified by the SEC
during the recent government shutdown. This move accelerates the trend of altcoin ETF approvals, with XRP-the fourth-largest cryptocurrency by market capitalization-and Dogecoin, the largest
memecoin
, now accessible to traditional investors through familiar brokerage platforms
according to market analysis
.
This approval comes amid a broader surge in crypto ETF launches, including new funds tracking
Litecoin
,
Solana
, and
Hedera
. Grayscale is following a similar approach to its earlier transitions for
Bitcoin
and
Ethereum
trusts,
leveraging a streamlined process
that reduces barriers for institutional and retail participation. The XRP ETF, in particular, arrives amid heightened legal clarity for the asset, as Ripple’s prolonged SEC litigation nears resolution. Analysts suggest this could bolster institutional confidence,
with Franklin Templeton and Bitwise also launching
competing XRP ETFs on the same day.
For investors, these ETFs provide a straightforward way to gain exposure to altcoins without managing custody or exchange accounts. Both funds
charge a 0.35% management fee
and are structured to hold the underlying assets directly, enhancing liquidity and reducing price volatility compared to derivatives markets. Pre-launch activity already signals strong demand: Dogecoin derivatives volume surged 30% to $7.22 billion, while XRP derivatives jumped 51% to $12.74 billion in the week leading up to the launch
according to trading data
.
The timing of this rollout is crucial.
Bitcoin ETFs have seen significant outflows
recently, with over $1 billion leaving U.S. spot Bitcoin ETFs in a single week, raising concerns about broader market sentiment. However, altcoin ETFs are attracting fresh capital, particularly from retail investors drawn to XRP’s cross-border payment utility and Dogecoin’s cultural appeal. “ETF access legitimizes these assets in traditional finance, driving inflows that could stabilize price action,” said one analyst
according to market commentary
.
Competition in the sector is heating up. Bitwise’s XRP ETF made its debut earlier this week with $2.27 million in initial assets
according to live tracking data
, while Canary Capital’s XRPC ETF recorded $58.5 million in day-one trading volume. Grayscale’s entry, however, leverages its dominance in the crypto ETF space,
managing over $35 billion in assets
. Franklin Templeton’s concurrent XRP ETF launch further underscores the sector’s growth,
with Bloomberg analyst Eric Balchunas predicting
Grayscale may soon file for a Chainlink ETF.
Regulatory tailwinds remain a key factor.
The SEC’s September approval
of listing standards allowed firms to bypass direct agency review, expediting conversions like Grayscale’s. Yet uncertainties linger: Whether regulators will impose stricter rules on utility tokens versus store-of-value assets could shape future product launches. For now, momentum favors expansion,
with 17 new crypto ETFs launching since October 10
alone.
The November 24 debut represents more than a regulatory milestone-it signals a shift in how traditional investors engage with crypto. By bridging the gap between decentralized assets and regulated markets, Grayscale’s
DOGE
and XRP ETFs could redefine liquidity profiles for altcoins, setting a precedent for further innovation in digital asset finance
according to industry analysis
.
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