Grayscale has received approval from the New York Stock Exchange to launch new Dogecoin and XRP ETFs and both of them will commence trading on 24 November. A regulatory letter that was given to the Securities and Exchange Commission confirmed this approval.
Balchunas Affirms The Launch Day For Grayscale’s DOGE And XRP ETFs
The letter was published as an update on X by Bloomberg ETF analyst Eric Balchunas. It is the first time spot ETFs of Dogecoin and XRP will be listed on a major exchange in the United States.
The approval will allow Grayscale to make shares of Dogecoin ETF available to investors through its regulated trust platform. Thus, conventional investors can benefit from the token’s price performance without holding it directly.
According to Balchunas, the spot XRP ETF by the firm will also be launched on the same day. The introduction of the XRP ETF was a historic event for Bitwise, reflecting an increased popularity of XRP-linked funds.
His announcement further shows that the two products are cleared for trading at the first trading session of the NYSE on Monday. The analyst further indicated that the LINK ETF of Grayscale could launch a week after.
Derivatives Are Booming in Activity
The expected launch follows the momentum from other issuers. For instance, Canary removed the SEC delay clause before its XRP ETF listing.
Meanwhile, the synchronized timing makes the November 24 session a critical date for the crypto ETF market. Two major altcoin ETFs will become available in the U.S. market at the same time for the first time.
The listing is expected to draw strong interest because Dogecoin and XRP have large communities and high trading activity. Prior to the launch, the derivatives markets of both altcoins are displaying healthy activity.
These moves are part of the wider growth for the company. Recently, Grayscale filed for an IPO in the U.S., which reflects its long-term growth strategy.
According to CoinGlass data, the volume of Dogecoin derivatives has increased more than 30% to hit $7.22 billion. TradingView chart indicate a decline in Dogecoin price at the beginning of the session followed by stability. The price fell near $0.134 before rebounding into the $0.14 zone.
The chart highlights Dogecoin’s sharp price changes ahead of the Grayscale ETF launchSimilarly, the Coinglass data for XRP shows a 51% jump in derivatives volume and has reached $12.74 billion. TradingView data shows XRP sliding sharply during early trading hours before bouncing near $1.85. The recovery pushed prices back toward $1.96.
Source: https://coingape.com/nyse-approves-grayscale-doge-xrp-etfs-for-nov-24-launch/
