NYSE Greenlights Launch of Grayscale DOGE and XRP ETFs

The New York Stock Exchange (NYSE) has given the green light for Grayscale’s exchange-traded funds (ETFs) for Dogecoin (DOGE) and XRP, setting the stage for both to launch on Monday.

Key Takeaways

The NYSE has approved the listing of Grayscale’s Dogecoin (GDOG) and XRP (GXRP) ETFs to launch on Monday.
This approval is the final step necessary for the DOGE ETF to go live.
Grayscale's Dogecoin ETF will track the price of DOGE, anticipating first-day trading volume around $11 million.
Grayscale's XRP ETF will debut alongside competing offerings from Franklin Templeton and WisdomTree.
The introduction of these ETFs follows an influx of such products into the market, spurred by the SEC's relaxed stance on crypto regulations.

On Friday, NYSE Arca, a subsidiary of the NYSE, submitted a filing with the Securities and Exchange Commission (SEC) to certify its approval for the listing and registration of both the Grayscale XRP Trust ETF (GXRP) and the Grayscale Dogecoin Trust ETF (GDOG).

Bloomberg’s senior ETF analyst, Eric Balchunas, shared the news on X this Sunday, noting that Grayscale's ETF linked to Chainlink is expected to follow shortly. “Grayscale Dogecoin ETF $GDOG approved for listing on NYSE, scheduled to begin trading Monday. Their XRP spot is also launching on Monday,” he reported, hinting that the Chainlink ETF ($GLNK) would be available the week after.

Eric Balchunas

The NYSE's approval signifies the last necessary step for Grayscale's spot Dogecoin ETF to commence operations. This ETF is a transformation of the existing Dogecoin trust into one that closely tracks DOGE’s market price. Balchunas has projected that the ETF could achieve around $11 million in trading volume on its opening day.

NYSE approves Grayscale DOGE and XRP ETFs, clearing launch for Monday

Grayscale's DOGE and XRP ETFs are set to launch on the NYSE following approval. This marks a significant development in the cryptocurrency ETF market, with multiple firms rushing to introduce similar products amidst growing interest.

XRP ETFs Surge into the Market

Grayscale’s XRP ETF is anticipated to launch alongside a rival ETF from Franklin Templeton, with another from WisdomTree also in the pipeline. The launch of Canary Capital’s ETF (XRPC) on November 13 marked the debut of the first spot XRP ETF in the US, receiving a favorable reception with over $250 million in inflows on its first trading day.

Additionally, Bitwise, 21Shares, and CoinShares have introduced XRP ETFs this month as the market has seen an influx of competitive products following the conclusion of the US government shutdown and a loosening of SEC regulations on crypto ETFs.

However, despite the optimistic outlook that ETFs may generally bring to their underlying assets, XRP has seen a decline of approximately 18% since early November, as noted by data from CoinGecko.

Conclusion

The approval of Grayscale’s DOGE and XRP ETFs not only marks a milestone for the company but also demonstrates the growing acceptance of cryptocurrency in mainstream finance. As the landscape evolves, investors will be watching closely for the impact these new financial products will have on the broader crypto market.