Grayscale plans to introduce a new exchange-traded fund product related to Dogecoin and XRP on November 24th after winning approval to list Dogecoin and XRP on the New York Stock Exchange.
Grayscale Dogecoin Trust ETF (GDOG) and Grayscale XRP Trust ETF (GXRP) are debuting as spot ETPs that hold their respective underlying tokens.
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Grayscale expands ETF lineup with Dogecoin and XRP
The company is converting an existing private trust into a fully listed ETF, which represents a major liquidity event for current investors.
GXRP will enter a market that already includes spot products from Canary Capital and Bitwise.
These funds had combined inflows of approximately $422 million in the first two weeks of trading, indicating early institutional interest in XRP-related products.
Meanwhile, GDOG will be one of the first Dogecoin ETFs available to US investors.
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Once a meme token, Dogecoin has grown to become the ninth largest cryptocurrency by market capitalization. The retailer’s die-hard following makes it one of the most frequently traded and discussed digital assets, and Grayscale expects this trend to support ETF demand.
Considering this, Bloomberg Intelligence analyst Eric Balchunas said the product could collect up to $11 million in trading volume on its first day of trading.
The launch of GDOG and GXRP expands the mix of crypto ETFs available in the US market, extending the industry’s expansion beyond the Bitcoin and Ethereum products that dominated the initial wave of approvals.
Their arrival also reflects the changing regulatory landscape in Washington.
Both approvals are part of a broader acceleration of oversight of digital assets under Securities and Exchange Commission Chairman Paul Atkins.
Since taking office, Atkins has moved the agency away from a “regulate by enforcement” approach and toward a framework that emphasizes information disclosure.
Through his Project Crypto initiative, he signaled that the SEC is open to reviewing compliant digital asset products, paving the way for issuers looking to list new ETFs.
