NYSE Approves Grayscale’s Dogecoin and XRP ETFs for Monday Launch

Both ETFs will begin trading on Monday, November 24, 2025, marking the first time two major altcoin ETFs launch simultaneously in the United States.

NYSE Arca filed the final approval documents with the Securities and Exchange Commission on Friday. The regulatory letters certified approval for the Grayscale XRP Trust ETF (GXRP) and the Grayscale Dogecoin Trust ETF (GDOG). This represents a significant milestone for cryptocurrency investing in traditional markets.

Bloomberg ETF analyst Eric Balchunas confirmed the approvals on social media over the weekend. He also noted that Grayscale’s Chainlink ETF may follow within the next week.

ETF Structure and Fees

Both new ETFs convert Grayscale’s existing private trusts into publicly traded products. This transformation allows regular investors to buy shares through standard brokerage accounts without needing cryptocurrency wallets or exchanges.

The Grayscale Dogecoin Trust ETF will trade under ticker GDOG. The XRP version uses ticker GXRP. Both funds charge a 0.35% annual management fee. Coinbase Custody Trust Company will store the actual cryptocurrency tokens backing each fund.

Source: @EricBalchunas

Grayscale’s Dogecoin ETF becomes only the second DOGE ETF in America. REX Shares and Osprey Funds launched the first Dogecoin ETF in September under different regulations. For XRP, Grayscale joins an increasingly crowded field of competitors.

XRP ETF Competition Heats Up

The XRP ETF market has exploded in recent weeks. Canary Capital launched the first spot XRP ETF on November 13. That product attracted over $250 million in first-day inflows, setting a 2025 record for ETF debuts.

Bitwise launched its XRP ETF on November 20, followed by products from 21Shares and CoinShares. Franklin Templeton is also expected to introduce its XRP ETF on the same day as Grayscale’s launch. This rapid succession of launches reflects strong institutional demand for regulated XRP exposure.

The surge in XRP ETFs comes after years of regulatory uncertainty. Ripple, the company behind XRP, fought a lengthy legal battle with the SEC. Recent regulatory clarity under new SEC leadership has opened the door for these investment products.

Market Response and Trading Activity

Cryptocurrency derivatives markets have shown increased activity ahead of the ETF launches. Dogecoin derivatives volume jumped over 30% to reach $7.22 billion. XRP derivatives volume surged 51% to hit $12.74 billion.

Current market prices show mixed performance. Dogecoin trades around $0.146, roughly 80% below its all-time high near $0.74. XRP trades around $2.03, maintaining its position as the fourth-largest cryptocurrency by market value.

Balchunas projects the Dogecoin ETF could see around $11 million in first-day trading volume. This estimate reflects typical patterns for new crypto ETF launches, though actual results may vary based on market conditions.

Regulatory Shift Enables Faster Approvals

The rapid approval of multiple crypto ETFs reflects changing regulatory attitudes. SEC Chairman Paul Atkins has moved away from enforcement-focused approaches toward disclosure-based frameworks. This shift has accelerated the review process for digital asset products.

Recent ETFs have used guidance the SEC released during the government shutdown. This guidance allowed companies to launch products without waiting for explicit agency approval, provided they met specific listing standards approved in September.

The new approach has led to a wave of altcoin ETF applications. Products tracking Solana, Litecoin, and other cryptocurrencies are also working through the approval process. Industry observers expect this trend to continue as regulatory clarity improves.

Broader Market Impact

The simultaneous launch of GDOG and GXRP expands crypto ETF options beyond Bitcoin and Ethereum. These first-generation crypto ETFs dominated initial market attention when they launched in 2024. The success of altcoin ETFs could encourage more diverse cryptocurrency investment products.

Grayscale manages over $35 billion in client assets across more than 40 crypto-related products. The company pioneered cryptocurrency investment trusts starting with Bitcoin in 2013. Converting these trusts to ETF structures provides better liquidity and lower fees for investors.

Traditional financial institutions have shown growing interest in cryptocurrency exposure through regulated products. ETFs eliminate technical barriers like custody and compliance that previously limited institutional participation. The simplified access could drive significant capital inflows over time.

Trading will begin during regular NYSE hours on Monday morning. Both ETFs will be available through standard brokerage platforms alongside traditional stocks and bonds. This accessibility represents a major step toward mainstream cryptocurrency adoption in investment portfolios.

The Monday Morning Test

Monday’s launch will test whether investor demand for altcoin ETFs can match the enthusiasm seen with Bitcoin and Ethereum products. Strong opening performance could validate the business case for additional cryptocurrency ETFs across the industry.

The timing comes amid broader cryptocurrency market volatility, with Bitcoin recently declining below key technical levels. However, institutional interest in regulated crypto products continues growing regardless of short-term price movements.