Grayscale Gains NYSE Approval to Launch Dogecoin and XRP ETFs

Quick Breakdown

• NYSE Arca approval moves Grayscale’s DOGE and XRP trusts into fully tradable, physically backed spot ETFs.
• Both the physically backed Dogecoin ETF and the new XRP Spot ETF begin trading on Monday, November 24.
• Derivatives surge ahead of listings signal growing anticipation and structural confidence in altcoin-focused ETFs.

Grayscale Secures NYSE Arca’s Approval, Expanding Altcoin ETF Lineup

Grayscale Investments has obtained key approvals from the New York Stock Exchange Arca (NYSE) to list its new spot exchange-traded funds (ETFs) linked to Dogecoin and XRP, paving the way for these products to begin trading on Monday.

The approvals mark the shift of both the Grayscale Dogecoin Trust ETF (GDOG) and Grayscale XRP Trust ETF (GXRP) from private-placement structures to publicly traded ETFs, providing broader access for retail and institutional investors without needing to buy crypto.

According to filings shared by Grayscale, the shares were registered under the Exchange Act of 1934, confirming that Grayscale completed all necessary listing and registration requirements for the two series.

Grayscale XRP ETF filing to the SEC. Source: SEC

With more than 40 crypto-focused investment products already in its lineup, these new ETFs expand Grayscale’s offerings beyond its Bitcoin and Ethereum ETFs.

Unlike the REX-Osprey Dogecoin ETF, which used a synthetic futures-based model under the Investment Company Act of 1940, Grayscale’s Dogecoin ETF is fully physically backed, holding DOGE in custody. This structure reduces the tracking errors and underperformance that often affect futures-based products and gives investors closer, more precise exposure to the asset’s market price.

Grayscale’s launch of DOGE and XRP ETFs comes during a broader wave of new altcoin ETF approvals over the past year. Other firms, including Bitwise, Canary Capital, 21Shares, WisdomTree, and Amplify, have benefited from SEC guidance that eased listing requirements after the 2024 government shutdown. This shift has helped institutional investors adopt crypto assets beyond Bitcoin and Ethereum, demonstrating continued interest in diversified digital investments.

How a Legal Battle Sparked Today’s ETF Boom

In recent months, there has been a clear surge in crypto ETF launches, with many firms actively seeking to release new products. However, this boom traces back to Grayscale’s landmark legal case against the US government.

In 2022, the Securities and Exchange Commission (SEC) denied Grayscale’s request to convert GBTC, a fund providing spot Bitcoin exposure, into a fully regulated ETF. The regulator cited concerns over the absence of surveillance-sharing agreements and the risk of market manipulation.

Grayscale responded by suing the SEC, arguing that the denial was arbitrary and capricious, especially since futures-based Bitcoin ETFs had already received approval. Following a legal win in August 2023, when a federal court ruled the SEC’s rejection was arbitrary and capricious, the SEC started approving several spot Bitcoin ETFs five months later in January 2024.

This allowed companies like BlackRock, Fidelity, and Invesco to launch their own spot Bitcoin ETFs, signaling growing confidence among institutional investors. Ethereum spot ETFs followed soon after, adding more diversity to the crypto investment space. A major change then came with the adoption of generic listing standards. These rules simplified how exchanges could list spot crypto ETFs without needing complex, customized applications.

Exchanges like NYSE and Nasdaq could now list new ETFs faster under a standard framework. This change sped up the process significantly, leading to multiple filings in 2025 for other altcoins such as Solana, Cardano, Polkadot, Polygon, and Litecoin. XRP, due to its size and long-running legal clarity, became one of the fastest-tracked additions.

Amid this environment, Grayscale is moving forward with what would be the first physically-backed Dogecoin ETF, offering direct exposure to the asset rather than a synthetic futures-based alternative.

Altcoin ETFs Stir Market Activity and Institutional Interest

The US market has seen a rapid series of spot XRP ETF launches. The REX-Osprey XRP ETF (XRPR) debuted in mid-September 2025 under a different regulatory framework and quickly surpassed $150 million in assets under management.

Canary Capital followed with its XRPC ETF on November 13, 2025, which set a new record for crypto ETF debuts, logging nearly $59 million in first-day trading volume and approximately $250 million in cumulative inflows within 72 hours. The momentum continued with the Bitwise XRP ETF launch on November 20. Despite broader market corrections, it pulled in $22 million on its first day and secured over $105 million in net inflows.

While Grayscale’s DOGE and XRP ETFs received approval, the underlying asset prices moved differently. XRP dropped from about $2.13 to $1.91 on November 21, an 8.72% decline within 24 hours, showing that market pressure sometimes outweighed positive ETF news.

Still, the strong day-one volumes indicate deep structural support for these products. Canary Capital’s XRPC reached $59 million in first-day volume, while cumulative inflows for XRPC and Bitwise’s XRP ETF totaled roughly $250 million and $107 million, reflecting strong institutional participation.

Derivative markets also showed the same trend in the days leading up to the launches. XRP derivatives surged around 51%, reaching $12.74 billion in volume, signaling growing institutional interest. The token’s price remained relatively stable, dropping about 1.69% to $1.89 on November 22.

Dogecoin derivatives followed a similar pattern, with volume increasing more than 30% to $7.22 billion. The price fell roughly 1.66%, closing near $0.1365, showing the market’s mixed reactions to the ETF news, particularly among traders who typically swap crypto between major altcoins when price volatility increases.

Conclusion

For US investors, Grayscale’s upcoming ETF launches mark a landmark moment as it provides, for the first time, direct access to Dogecoin and XRP through a regulated, familiar investment vehicle. As one of the most respected crypto asset managers, Grayscale is exploring this pathway that blends the decentralization of digital assets with the assurance of traditional regulatory frameworks.

The wave of competing XRP and DOGE ETF launches, coupled with strong inflows despite market volatility, underscores the growing institutional appetite for diversified crypto exposure.

Ultimately, Grayscale’s entry signals a structural evolution in crypto investing, opening the doors for US investors to engage with these popular digital assets through an established, trusted investment channel.