Key Takeaways
- The development allows Grayscale’s spot Dogecoin ETF to go live
- Balchunas projected that GDOG could see roughly $11 million in volume when it hits the market.
In a major development, the New York Stock Exchange (NYSE) has given the green light for Grayscale’s Dogecoin and XRP exchange-traded funds to begin trading, setting both products up 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 the Grayscale XRP Trust ETF (GXRP) and Grayscale Dogecoin Trust ETF (GDOG) met the requirements for listing and registration.
The approvals surfaced publicly over the weekend after Bloomberg ETF analyst Eric Balchunas posted the details on X. His update also noted that Grayscale’s planned Chainlink product is on track to follow in the coming week. “Grayscale Dogecoin ETF $GDOG approved for listing on NYSE, scheduled to begin trading Monday. Their XRP spot is also launching on Monday,” he wrote, adding that “$GLNK” is expected shortly after.
The green light from the NYSE serves as the final administrative step for Grayscale’s Dogecoin ETF, which is being converted from the company’s existing trust into a fund that will track the price of DOGE. Balchunas projected that GDOG could see roughly $11 million in volume when it hits the market. Grayscale’s new XRP ETF is expected to launch the same day as a rival product from Franklin Templeton, while WisdomTree’s entry in the category remains pending.
This comes amid competition for XRP-linked products has intensified rapidly. Canary Capital introduced XRPC on November 13, marking the first spot XRP ETF in the United States.
The launch was met with substantial investor interest, bringing in over $250 million of inflows on its opening day. Additional products from Bitwise, 21Shares and CoinShares have followed this month, creating a crowded field immediately after the end of the U.S. government shutdown and a shift in how the Securities and Exchange Commission (SEC) is handling crypto ETF applications.
The broader market reaction has been less enthusiastic. Despite the wave of new ETFs — 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.
Grayscale’s approvals now position the company to roll out three spot crypto ETFs in quick succession, adding to a growing roster of speculative-asset funds that major issuers have accelerated to market through the final quarter of this year.
