New spot ETFs expand investor access to Dogecoin and XRP as competition among issuers accelerates
The New York Stock Exchange has officially approved Grayscale’s Dogecoin and XRP exchange-traded funds, clearing the path for both products to begin trading on Monday. The approval highlights a rapidly expanding market for crypto-backed ETFs, with asset managers racing to list products tied to high-demand digital assets.
NYSE Approval Marks Final Step for DOGE and XRP ETFs
NYSE Arca submitted filings to certify its approval for listing the Grayscale XRP Trust ETF (GXRP) and the Grayscale Dogecoin Trust ETF (GDOG). This move completes the final regulatory requirement and positions both ETFs for immediate market entry.
Bloomberg ETF specialist Eric Balchunas confirmed the approvals, noting that “Grayscale Dogecoin ETF $GDOG approved for listing on NYSE, scheduled to begin trading Monday. Their XRP spot is also launching on Monday.” He added that a Chainlink ETF from Grayscale is expected to follow shortly.
The Dogecoin ETF is being launched as a conversion of Grayscale’s existing DOGE trust, designed to provide investors with direct exposure to the meme coin’s spot price. Balchunas projected that the fund’s first-day volume could reach around $11 million, signaling strong early demand.
Rising Competition Among XRP ETFs
The XRP ETF market is already becoming crowded, with multiple issuers preparing simultaneous product launches. Grayscale’s upcoming XRP ETF will debut alongside a competing fund from Franklin Templeton, while another product from WisdomTree is awaiting its launch date.
The wave of new filings follows the successful introduction of Canary Capital’s spot XRP ETF (XRPC), which launched on Nov. 13. It drew over $250 million in inflows on its first trading day, demonstrating the significant appetite for regulated XRP investment vehicles.
Bitwise, 21Shares, and CoinShares have also rolled out XRP ETFs this month, taking advantage of the SEC’s eased restrictions following the government shutdown. The rapid influx of products underscores the increasing institutional interest in XRP’s market potential.
Despite the surge in ETF availability, XRP’s price has dropped nearly 18% since early November, based on market data. Analysts attribute the decline to broader market volatility and the possibility that investors are waiting to see how these new ETFs perform once trading begins.
The approval of both DOGE and XRP ETFs marks another milestone for crypto integration into mainstream financial markets, offering more structured access for retail and institutional investors.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.