In a significant move for cryptocurrency investors, Grayscale has announced the launch of its long-anticipated Grayscale Dogecoin Trust ETF (GDOG) and Grayscale XRP Trust ETF (GXRP), which will commence trading on NYSE Arca this coming Monday. This rollout not only expands the company’s portfolio of over 40 crypto investment products but also enhances the regulated options available for U.S. investors keen to dive into two of the market’s most talked-about cryptocurrencies.
The GDOG and GXRP ETFs, which received their final approval on Friday, are meticulously structured as spot exchange-traded products (ETPs). This structure allows them to hold the actual underlying assets—Dogecoin and XRP—rather than relying on futures contracts or derivatives, thereby offering a more direct exposure for investors.
The launch of GXRP follows closely on the heels of Bitwise’s recent introduction of its XRP ETF, indicating a burgeoning demand in the altcoin ETF market. Meanwhile, GDOG becomes the second ETF focused on Dogecoin in the U.S., after REX Shares and Osprey Funds launched their Dogecoin ETF in September.
As interest in altcoin ETFs grows, Franklin Templeton has also announced plans to release a Dogecoin ETF shortly, underscoring a wave of new crypto products that is bolstered by recent regulatory guidance from the SEC. In a notable shift, the SEC has provided clarity on how firms can list crypto products without requiring explicit prior approval, as long as they adhere to specific listing standards established back in September.
The Standing of XRP and Dogecoin
Currently, XRP holds the position of the fourth-largest cryptocurrency by market capitalization, renowned for its focus on efficient cross-border payment transactions. The XRP Ledger has impressively processed over 4 billion transactions since its inception nearly fourteen years ago, establishing itself as a viable platform for international money transfers.
On the other hand, Dogecoin, which began as a meme-inspired cryptocurrency, has transformed into one of the most actively traded digital assets today. Known for its dedicated community and consistent trading volumes across various exchanges, Dogecoin’s popularity continues to rise.
Both GDOG and GXRP will trade alongside Grayscale’s other crypto products on NYSE Arca, providing investors new avenues to gain cryptocurrency exposure through traditional brokerage accounts. Specifically, these ETFs aim to attract a wide array of investors looking for legitimate pathways into the cryptocurrency market.
As the landscape for cryptocurrency investment products continues to evolve, the introduction of these ETFs marks a pivotal moment in bringing more institutional and retail investor participation into the crypto ecosystem.
