Cryptocurrency investment giant Grayscale is launching XRP and Dogecoin exchange-traded funds (ETFs) on the New York Stock Exchange (NYSE) tomorrow.
While the US Securities and Exchange Commission (SEC) shared its approval for the XRP ETF in its announcement dated November 21, it also gave the green light to the DOGE ETF in a separate notice published on the same day.
Analyst Projections and Market Sentiment
Bloomberg senior ETF analyst Eric Balchunas stated that the Dogecoin ETF could see up to $11 million in volume on its first day of trading, according to X. Balchunas also stated that the Grayscale Chainlink Trust could be approved “probably within a week.”
Both the NYSE and SEC have been taking a more positive view of altcoin ETFs in recent weeks. New crypto ETFs continued to list on the exchanges throughout November.
Previous Successes in Altcoin ETFs
Last week, crypto-focused investment firm Canary Capital announced that its XRP ETF, which launched on the NYSE, had “broken records.” The fund reportedly reached $59 million in first-day trading volume as of November 17 and closed the session with approximately $250 million in assets under management, the company said.
Competition and Grayscale's Portfolio Expansion
Grayscale’s DOGE ETF won’t be the first Dogecoin fund to launch in the U.S. In September, ETF provider REX Shares and crypto investment firm Osprey Funds received approval for their own DOGE ETFs under the Investment Company Act of 1940, bypassing the need for explicit approval from the SEC.
Founded in 2013, Grayscale previously offered ETFs and investment products for major crypto assets like Bitcoin, Ethereum, and Solana. The company's new XRP and DOGE funds are expected to further intensify altcoin ETF competition.
*This is not investment advice.