Grayscale Dogecoin & XRP ETFs Approved for NYSE Trading

The New York Stock Exchange has given the final administrative approval for Grayscale’s Dogecoin Trust ETF (GDOG) and Grayscale XRP Trust ETF (GXRP) to begin trading, with both products scheduled for their market debut on Monday. NYSE Arca, the exchange’s subsidiary that handles ETF listings, filed certification with the Securities and Exchange Commission confirming that both funds met the requirements for listing and registration. This approval represents the culmination of Grayscale’s effort to convert its existing Dogecoin trust into a fund that will track the price of DOGE, providing investors with a regulated vehicle to gain exposure to the meme-inspired cryptocurrency.

The approvals became public over the weekend after Bloomberg ETF analyst Eric Balchunas posted the details on X, providing market participants with early insight into the upcoming launches. His update also noted that Grayscale’s planned Chainlink product (GLNK) is on track to follow in the coming week, positioning the company to roll out three spot crypto ETFs in quick succession. This rapid expansion reflects the accelerated pace at which major issuers are bringing speculative-asset funds to market through the final quarter of this year.

Eric Balchunas, whose analysis has become closely watched in the ETF space, projected that GDOG could see roughly $11 million in volume when it hits the market. This projection provides a benchmark for market participants assessing the initial investor appetite for a Dogecoin-focused ETF product. While substantial, this estimated volume falls significantly below the massive inflows seen by some competing products, suggesting a more measured market reception for the meme cryptocurrency’s entry into the regulated fund space.

The $11 million projection for GDOG stands in contrast to the explosive debut of other cryptocurrency ETFs, highlighting the unique position Dogecoin occupies within the digital asset ecosystem. As a cryptocurrency that began as a joke but gained substantial retail following, the ETF’s performance will be closely watched as an indicator of institutional willingness to embrace more speculative digital assets through regulated vehicles. The conversion from Grayscale’s existing trust structure to a full ETF is expected to provide improved liquidity and accessibility for investors seeking exposure to DOGE.

Grayscale’s new XRP ETF is launching into an increasingly competitive landscape, with the product expected to debut the same day as a rival offering from Franklin Templeton. This simultaneous launch sets the stage for immediate competition in the XRP ETF space, while WisdomTree’s entry in the category remains pending. The rapid proliferation of XRP-linked products represents a significant shift in the regulatory environment and institutional acceptance of the digital asset.

The XRP ETF competition intensified rapidly this month, beginning with Canary Capital’s introduction of XRPC on November 13, which marked the first spot XRP ETF in the United States. That launch was met with substantial investor interest, bringing in over $250 million of inflows on its opening day alone. Additional products from Bitwise, 21Shares, and CoinShares have followed throughout November, creating a crowded field immediately after the end of the U.S. government shutdown and coinciding with a shift in how the Securities and Exchange Commission is handling crypto ETF applications.

Despite this wave of new ETF products—a trend that historically boosts visibility and liquidity for digital assets—XRP has fallen roughly 18% since the start of November according to CoinGecko data. This disconnect between product expansion and price performance highlights the complex dynamics affecting cryptocurrency markets, where regulatory developments, market sentiment, and product availability interact in ways that don’t always produce straightforward price appreciation.

The approval of Grayscale’s Dogecoin and XRP ETFs represents a significant milestone in the maturation of cryptocurrency markets and their integration with traditional finance. These developments come amid a broader shift in regulatory approach following the end of the U.S. government shutdown, with the Securities and Exchange Commission demonstrating increased openness to cryptocurrency ETF applications across multiple digital assets.

The rapid succession of ETF launches—from Dogecoin to XRP to the anticipated Chainlink product—signals that major financial institutions are accelerating their efforts to capture market share in the evolving digital asset space. This expansion beyond Bitcoin and Ethereum into more specialized cryptocurrencies reflects growing institutional confidence in the long-term viability of diverse digital assets and their underlying technologies. As these products come to market, they provide both retail and institutional investors with new avenues for exposure while potentially bringing increased stability and legitimacy to the broader cryptocurrency ecosystem.