Grayscale has received approval from the New York Stock Exchange (NYSE) to introduce two new exchange-traded funds (ETFs) linked to Dogecoin and XRP. Both ETFs are set to start trading on Monday, marking a significant development in the growth of cryptocurrency investment vehicles in the United States.
The NYSE Arca has officially certified the listing and registration of both the Grayscale XRP Trust ETF Shares and the Grayscale Dogecoin Trust ETF Shares. This certification represents the final administrative hurdle, paving the way for these products to enter the public market.
Importantly, these ETFs are not entirely new offerings. They are conversions of existing private-placement products that Grayscale has managed for several years. By transitioning to ETFs, these products will become more accessible to retail investors and institutions that favor regulated instruments traded on exchanges.
The significance of these two ETFs cannot be overstated. Dogecoin, initially created as a meme coin, has evolved into the largest memecoin by market capitalization, supported by a passionate community. XRP, on the other hand, is a well-established altcoin that ranks among the top assets by market cap and enjoys global liquidity.
Incorporating these digital assets into Grayscale”s ETF portfolio enhances its already diverse lineup, which includes other major cryptocurrencies such as Bitcoin, Ethereum, and Solana. This move signals a broader trend: U.S. crypto ETFs are expanding their reach beyond just the major cryptocurrencies, entering a more diversified multi-asset landscape.
These approvals are part of a larger wave of altcoin-based ETFs that have emerged over the past year. Recently, several altcoin ETFs, including those for Litecoin, HBAR, and SOL, have been launched. Many of these products debuted during a government shutdown, when the SEC provided guidance on how firms could go public without direct approval. Despite this, each fund had to comply with strict listing standards, which the SEC approved in September.
Grayscale”s rapid movement to convert its trusts reflects this evolving regulatory environment. The Dogecoin ETF will become just the second DOGE ETF available in the U.S. market, following the launch from REX Shares and Osprey Funds in September, which took a different regulatory route.
The launch of these ETFs is significant for crypto investors. Each new XRP ETF, or any ETF for that matter, serves to deepen liquidity and enhance price discovery. This new influx of traditional capital into the cryptocurrency market enables investors to engage without needing to manage self-custody or operate on exchanges. With both Dogecoin and XRP receiving ETF listings, these popular cryptocurrencies are poised to benefit from a new stream of institutional investment.
This development is not merely the addition of two financial products; it indicates that altcoin ETFs are gradually becoming a mainstream asset class.
