Grayscale Launches XRP and DOGE ETFs with 0% Fees

Grayscale’s new exchange-traded funds began trading on NYSE Arca on Monday under tickers GDOG for Dogecoin and GXRP for XRP, both representing conversions from previous funds. The investment firm is employing an aggressive pricing strategy to attract initial investors, offering both funds with 0% expense ratios for the first three months or until they collectively reach $1 billion in trading volume. This fee waiver approach is commonly used by ETF issuers to build early momentum and attract assets in competitive market segments.

In official statements, Grayscale Senior Vice President of ETF Capital Markets Krista Lynch emphasized the strategic value of both products. Regarding GDOG, she highlighted that the uplisting on NYSE Arca ‘expands investor exposure to a network that’s fast, low-cost, and leveraged by thousands of users every day.’ For the GXRP fund, Lynch noted it is ‘designed to offer efficient tracking and straightforward exposure to XRP for investors,’ positioning both products as accessible entry points for traditional investors seeking cryptocurrency exposure without direct asset ownership.

The Grayscale launches arrive amid what Bloomberg ETF analysts Eric Balchunas and James Seyffart characterize as a crypto ETF ‘land rush.’ The analysts estimate more than 100 crypto ETFs for various assets could list over the next six months, representing an unprecedented expansion of cryptocurrency investment products. Balchunas captured the market sentiment in a social media post, stating ‘Land rush in effect no matter how you define it’ regarding the wave of crypto ETF launches.

Recent market activity supports this assessment of strong investor appetite. Earlier this month, Canary Capital’s XRP ETF generated more than $58 million in day-one trading volume, making it this year’s strongest ETF debut. Meanwhile, Bitwise offers another fund tracking XRP, which ranks as the fourth largest crypto asset with a market capitalization exceeding $125 billion. The market is also seeing increased product diversification, with leveraged ETFs for assets like Dogecoin, Bitcoin, and Ethereum recently hitting markets, catering to investors seeking higher-risk, higher-reward opportunities.

Despite the institutional embrace represented by these ETF launches, both underlying assets have faced recent price pressure. XRP currently trades at $2.07, showing a modest 1% gain over the last 24 hours but remaining down approximately 43% from its July all-time high of $3.65. Dogecoin trades at $0.14, down 0.4% in the last 24 hours and a substantial 80% below its 2021 all-time high of $0.73.

Both cryptocurrencies have been caught in the broader market selloff over the past week, with XRP declining 6.1% and DOGE falling 10.8% during this period. This contrast between declining asset prices and expanding institutional product offerings highlights the complex dynamics shaping the cryptocurrency market, where traditional financial infrastructure development continues despite short-term price volatility. The Grayscale launches represent a significant vote of confidence in these assets’ long-term viability, even as they navigate challenging market conditions.