The New York Stock Exchange has approved the listing and registration of the Grayscale XRP Trust ETF Shares and the Grayscale Dogecoin Trust ETF Shares, clearing the way for both products to begin trading on Monday. The approval from NYSE Arca marks another milestone in the rapid expansion of altcoin ETFs in the United States. In its filing, NYSE Arca stated that it “certifies its approval for listing and registration” of the XRP and Dogecoin trusts under the Exchange Act of 1934. Both products are conversions from existing private placement vehicles, following the same pattern Grayscale has used with Bitcoin and Ethereum trust transitions. The move continues Grayscale’s strategy of expanding its ETF roster, which already includes products tracking bitcoin, Ethereum, Dogecoin, and Solana. XRP — currently the fourth-largest cryptocurrency by market capitalization — and Dogecoin, the first and largest memecoin, carry some of the most loyal communities in crypto, giving their ETFs a potentially strong retail base.
Investor Takeaway
The arrival of XRP and DOGE ETFs pushes altcoin exposure deeper into mainstream markets. ETF access could strengthen liquidity and shorten reaction times to major price events.
Why Altcoin ETF Approvals Are Accelerating
The listings come amid a wider wave of crypto ETF approvals over the past year. More recently, ETFs tracking Litecoin, HBAR, XRP and SOL were allowed to proceed under guidance the SEC issued during the U.S. government shutdown. That guidance clarified how firms could go public without direct SEC approval, provided they met specific listing standards that were formalized in September. These standards have opened a path for altcoin trusts to convert into ETFs more efficiently. For Grayscale, this has meant a smoother transition cycle for long-standing private placement products. The Dogecoin ETF will be the second DOGE-backed product in the U.S. market. REX Shares and Osprey Funds launched their version in September under a different framework — the Investment Company Act of 1940, which governs actively managed pooled investment funds. Grayscale’s structure, by contrast, mirrors the conversion template used for its Bitcoin and Ethereum products.
How These Listings Fit Into the Broader ETF Landscape
The addition of XRP and DOGE strengthens the growing segment of altcoin-focused exchange-traded products. For investors, these ETFs offer regulated exposure without the need for custody, exchange accounts or cross-chain transfers. Altcoin ETFs are expanding for several reasons:
- •Investor demand: Retail investors continue to gravitate toward well-known altcoins with strong communities.
- •Exchange appetite: U.S. venues want more crypto-linked products to diversify trading activity.
- •Regulatory clarity: The SEC’s recent guidance provides a structured route for issuers.
- •Conversion momentum: Trust structures can now shift to ETFs more predictably.
For Grayscale, each successful conversion also strengthens its competitive stance as issuers like BlackRock, Fidelity, Franklin Templeton and others move deeper into digital asset markets.
Investor Takeaway
ETF status gives XRP and DOGE new distribution channels, especially through broker platforms that restrict spot-crypto trading but allow ETF purchases.
What Monday’s Launch Could Mean for XRP and Dogecoin
The market impact will depend on early trading flows, but ETF availability typically influences liquidity and volatility patterns. Historically, ETF conversions lead to:
- •Tighter spreads: Market makers can hedge more efficiently on regulated exchanges.
- •Higher trading volumes: ETF access brings in traders who prefer traditional brokerages.
- •More institutional visibility: Portfolio managers can now allocate within ETF mandates.
For XRP, the listing arrives after years of legal overhang due to SEC litigation. ETF access could improve its positioning as institutions reassess exposure following its legal resolution milestones. For Dogecoin, the narrative is different. DOGE is one of the most volatile large-cap crypto assets, but also one of the most culturally recognizable. ETF listing increases its legitimacy in traditional financial channels — something that historically drives fresh inflows.
What Comes Next for Grayscale and the ETF Market
With these approvals, Grayscale extends its lead in the altcoin ETF segment. More trust conversions are expected as issuers test the SEC’s updated listing framework. The broader question is whether regulators will continue allowing altcoin ETFs to enter the market under existing rules or push for a new classification that separates store-of-value assets from utility tokens. For now, momentum favors expansion. As more ETFs go live, trading desks, brokerages and analytics platforms will adjust to new liquidity profiles. XRP and DOGE will be the latest test of how deeply traditional investors want to engage with non-bitcoin crypto assets.