Grayscale Investments has received official approval from the NYSE Arca for its Grayscale Dogecoin Trust ETF (ticker: GDOG) and Grayscale XRP Trust ETF (ticker: GXRP).
Trading for both spot ETFs is scheduled to begin on Monday, November 24, 2025, marking another milestone in the institutional adoption of altcoins. This follows a series of regulatory filings, including S-1 registrations and 19b-4 applications, with the NYSE’s certification letters dated November 21.
These ETFs convert Grayscale’s existing closed-end trusts into publicly traded spot products, allowing investors to gain direct exposure to Dogecoin (DOGE) and XRP without holding the assets themselves.
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Converts from private Dogecoin Trust launched Jan. 31, 2025; targets meme coin enthusiasts and high-volume traders. Builds on Ripple’s 2023 SEC victory; follows Bitwise’s XRP ETF launch on Nov. 20 with a waived fee for initial assets.
Both funds will trade on NYSE Arca and are structured as commodity-based trusts under SEC rules, sidestepping ongoing debates about XRP’s security status.
Grayscale’s move expands its lineup beyond Bitcoin and Ethereum ETFs, now including Solana and others amid a broader wave of altcoin products via Franklin Templeton’s upcoming Dogecoin ETF and Litecoin/HBAR funds.
The approvals come at a pivotal time for crypto, with altcoin ETFs gaining traction post-2024 regulatory shifts. Dogecoin, the original memecoin with massive community hype, has seen derivatives volume spike ahead of this launch, while XRP’s cross-border payment utility on the XRPL continues to attract institutional interest.
Pre-launch buzz on X is heating up, with users sharing SEC filings and predicting price surges—e.g., one post exclaimed “candles are coming” with links to the official approvals. Early trading signals are mixed: DOGE has shown sharp volatility, stabilizing around $0.137, while XRP derivatives hit $12.74B in volume with prices bouncing near $1.85.
Analysts like Eric Balchunas from Bloomberg peg approval odds high 90%+ for DOGE, 95% for XRP, and this dual launch could test investor appetite in a market pressured by Fed uncertainty. Grayscale’s broader strategy includes a U.S. IPO filing for its Class A shares on NYSE, signaling confidence in crypto’s mainstream push.
The NYSE’s greenlight for Grayscale’s GDOG (Dogecoin) and GXRP (XRP) ETFs, set to trade starting November 24, 2025, isn’t just another crypto filing—it’s a watershed moment that could reshape institutional access, market dynamics, and even regulatory norms for altcoins.
Building on the Bitcoin and Ethereum ETF wave, this dual launch the first simultaneous debut of two major altcoin spot ETFs signals accelerating mainstream integration amid post-2024 regulatory thawing. Expect fireworks on Monday, but with volatility as the headline act.
Pre-launch hype has already juiced derivatives: XRP’s open interest surged 51% to $12.74 billion, while DOGE’s price dipped 3% intra-day but stabilized around $0.158 amid ETF buzz. These ETFs convert existing closed-end trusts launched in early 2025, potentially unlocking $16M+ in pent-up assets for XRP alone and drawing fresh inflows from retail and institutions wary of direct custody.
History from ETH ETFs shows 10-20% pumps post-launch, but current macro headwinds, Fed rate jitters, shaky equities could cap gains. Bloomberg’s Eric Balchunas notes 95% approval odds for XRP and 90% for DOGE, predicting “strong interest” from their vocal communities—XRP’s $128B market cap and DOGE’s meme-fueled trading volume could amplify this.
With 0.35% fees; competitive vs. peers, expect arbitrage plays reducing trust premiums/discounts, tighter price tracking, and a liquidity boost. Bitwise’s recent XRP ETF launched Nov. 20 with waived fees sets a precedent—combined volume could test $15B+ in the first week.
By classifying DOGE and XRP as commodities sidestepping SEC security debates, especially post-Ripple’s 2023 win, these ETFs lower barriers for pensions, mutual funds, and advisors—addressing custody headaches that sidelined institutions. Grayscale’s $35B+ AUM positions it to capture billions in inflows, much like its GBTC did for BTC.
Meme coin institutionalization; attracts high-volume traders via regulated exposure. Could pull $500M+ in Year 1, per analyst estimates. Targets cross-border payment funds; leverages Ripple’s ecosystem for $1B+ potential, drawing asset managers post-SEC clarity.
Enhances XRPL adoption for remittances; could spur dev activity in DeFi/payments. 92 crypto ETFs in SEC queue by Aug. 2025; signals 2026 as “altcoin ETF year.” Volatility from hype cycles; needs utility proof to sustain. Lingering SEC appeal on security status could cap growth.
Macro pressures may delay full adoption. Grayscale’s parallel US IPO filing for NYSE-listed Class A shares underscores confidence, potentially valuing the firm at $10B+ and fueling more altcoin products.
Regulatorily, this cements a commodity-first path for non-BTC/ETH assets, contrasting the SEC’s past reluctance. The 240-day review clocks from February acknowledgments paid off faster than expected, hinting at a friendlier stance under current admin—paving for 65-75% odds on more approvals by year-end.
Overall, this turbocharges crypto’s maturity, but success hinges on Monday’s open. Bullish for holders? Absolutely, if volumes materialize. Broader market stress.