Grayscale has secured approval from the New York Stock Exchange to list two new exchange-traded funds (ETFs) tied to Dogecoin and XRP. Both products are set to begin trading on Monday, marking a significant step in the expanding landscape of crypto ETFs in the United States.
NYSE Arca has certified the listing and registration of the Grayscale XRP Trust ETF Shares and the Grayscale Dogecoin Trust ETF Shares. This certification represents the final administrative step required before both products can be traded on the open market.
These ETFs are conversions of existing private-placement products that Grayscale has offered for several years. Their transition into ETFs will make them more accessible to retail investors and institutions that prefer regulated, exchange-listed investment instruments.
Why These Two ETFs Are Significant
Dogecoin is recognized as the original and largest memecoin by market value, supported by a community that functions more like a movement than a typical fanbase. XRP is one of the most established altcoins, consistently ranking among the top assets by market capitalization and benefiting from worldwide liquidity.
The inclusion of both Dogecoin and XRP in Grayscale's ETF lineup enhances its already diverse offering, which includes products for Bitcoin, Ethereum, Solana, and previously Dogecoin. For the broader market, this development signals a growing trend: U.S. crypto ETFs are moving beyond the major cryptocurrencies to embrace a diversified, multi-asset approach.
Part of a Broader ETF Expansion
These recent approvals are part of a consistent effort over the past year to introduce altcoin-based ETFs in the U.S. ETFs for Litecoin, HBAR, SOL, and XRP have been launched recently. Many of these products were introduced during a period when the SEC provided special guidance, allowing firms to go public without direct approval, provided the funds met strict listing standards that the SEC endorsed in September.
This regulatory pathway facilitated Grayscale's swift conversion of its existing trusts into ETFs.
Dogecoin ETF: Grayscale Enters a Growing Market
Grayscale's Dogecoin ETF will be the second DOGE ETF available in the U.S. market. The first was launched by REX Shares and Osprey Funds in September, utilizing a different regulatory framework under the Investment Company Act of 1940, which structures it more like an actively managed mutual fund. In contrast, Grayscale's ETF conversion follows the traditional exchange-listed model.
This indicates that the Dogecoin ETF market is currently small, experimental, and expanding. The involvement of Grayscale, with its significant scale and brand recognition, has the potential to accelerate adoption.
Impact of Monday's Launch for Crypto Investors
The launch of new XRP ETFs and other similar products consistently leads to increased liquidity and improved price discovery. This process facilitates the flow of traditional capital into the cryptocurrency market, reducing the need for investors to manage self-custody or directly engage with cryptocurrency exchanges. With Dogecoin and XRP now having ETFs, two coins with substantial communities and high global trading volumes gain a new avenue for institutional investment.
These new offerings are more than just additional investment products; they represent a clear indication that altcoin ETFs are progressively becoming a mainstream asset class.