TLDR
- NYSE Arca approved Grayscale’s Dogecoin (GDOG) and XRP (GXRP) ETFs for trading starting Monday, November 24
- ETF analyst Eric Balchunas expects GDOG to see around $11 million in first-day trading volume
- Grayscale’s Chainlink ETF is expected to launch approximately one week later
- The GXRP ETF will compete with products from Franklin Templeton and WisdomTree
- XRP has dropped 18% since early November despite multiple ETF launches this month
The New York Stock Exchange has approved two new cryptocurrency ETFs from Grayscale. The Dogecoin ETF (GDOG) and XRP ETF (GXRP) are scheduled to begin trading on Monday.
NYSE Arca filed certifications with the Securities and Exchange Commission on November 21. The filings confirmed approval for listing and registration of both products.
Bloomberg ETF analyst Eric Balchunas announced the approvals on Sunday. He expects the Dogecoin ETF to generate approximately $11 million in trading volume on its first day.
The Grayscale Dogecoin ETF converts an existing trust into an exchange-traded fund. The product tracks the spot price of DOGE.
Grayscale’s XRP ETF will launch alongside a competing product from Franklin Templeton. WisdomTree also has an XRP ETF awaiting launch.
XRP ETF Market Grows Crowded
Canary Capital launched the first spot XRP ETF in the US on November 13. The fund attracted over $250 million in inflows during its first trading day.
Bitwise, 21Shares, and CoinShares have also launched XRP ETFs this month. The wave of products followed the end of the US government shutdown.
The SEC has loosened its review process for crypto ETFs. This change has accelerated approvals for multiple cryptocurrency products.
XRP has fallen approximately 18% since the start of November. The decline occurred despite the launch of multiple XRP ETFs.
Balchunas stated that Grayscale’s Chainlink ETF would likely follow next week. The product is expected to launch within seven days of the GDOG and GXRP debuts.
Recent Altcoin ETF Performance
Several altcoin ETFs have launched in recent weeks. Products tied to Solana, Litecoin, and HBAR have entered the market.
Bitwise’s Solana ETF posted nearly $70 million in net inflows on launch day. Canary’s XRP ETF recorded over $250 million in first-day trading.
The broader crypto market has experienced recent declines. Bitcoin has fallen below multi-month lows and given back earlier gains.
ETF funds from Grayscale and BlackRock have led recent outflows. Investors appear to be taking year-end profits and reducing risk exposure.
The Grayscale XRP ETF holds actual XRP in custody. The Dogecoin ETF operates the same way with DOGE holdings.
Both products offer regulated access to cryptocurrencies. Investors can gain exposure without directly holding the digital assets.
The SEC’s updated approval process has removed previous procedural delays. This change has enabled faster launches for cryptocurrency ETF products.
