Grayscale is gearing up to launch two highly anticipated cryptocurrency exchange-traded funds (ETFs) — one focused on Dogecoin (GDOG) and another on XRP (GXRP) — which will begin trading on the New York Stock Exchange Arca on Friday, November 24. This marks a significant milestone for U.S. investors, as these ETFs will provide a regulated avenue for exposure to spot prices without the need to hold the digital assets directly.
Prior to the launch, Dogecoin and XRP are witnessing a surge in derivatives trading volume, underscoring the excitement surrounding their ETF offerings. Data from CoinGlass reveals that Dogecoin derivatives volume has shot up by over 30%, reaching an impressive $7.22 billion. In tandem, XRP has seen even more considerable activity, with derivatives volume increasing by 51% to $12.74 billion, indicating strong market interest ahead of the ETFs going live.
The price dynamics for both cryptocurrencies have been notable. Dogecoin’s price dipped near $0.134 before climbing back into the $0.14 range, while XRP’s price experienced fluctuations, falling to approximately $1.85 before recovering to the $1.96 mark. This pre-launch trading activity is a clear indicator of investors positioning themselves for the ETFs’ debut.
Bloomberg ETF analyst Eric Balchunas recently confirmed the launch details on X (formerly Twitter), stating that both GDOG and GXRP will be accessible on NYSE Arca from the first trading session on Friday.
Growing Institutional Interest in Altcoin ETFs
The introduction of Grayscale’s DOGE and XRP ETFs is particularly timely, as institutional interest in altcoin investment products expands. Earlier this week, Bitwise successfully launched its own XRP ETF, and Franklin Templeton is also on the verge of debuting a Dogecoin ETF. Grayscale’s latest offerings align with this growing trend, showcasing a robust demand for regulated altcoin investment vehicles. With over 40 crypto-related products in its portfolio, Grayscale emphasizes its commitment to meeting this demand, and the anticipated launch of its Chainlink ETF (GLNK) slated for next week further cements its leadership position in the space.
The XRP ETF, in particular, represents a significant achievement for the XRP Ledger, which has been operating for nearly 14 years and has facilitated over 4 billion transactions since its inception.
Regulatory Approval Sets the Stage
The NYSE’s approval of these ETFs followed a regulatory notice submitted to the U.S. Securities and Exchange Commission, allowing both DOGE and XRP spot ETFs to launch simultaneously on a major U.S. exchange for the first time. Balchunas highlighted that these products offer a transparent and regulated entry point for investors seeking exposure to popular altcoins.
Traditionally, DOGE and XRP were primarily accessible through direct purchases or private offerings; their listing on NYSE Arca now positions them for greater accessibility among retail and institutional investors alike. The synchronized launch on November 24 is particularly noteworthy given the massive followings and trading volumes associated with both cryptocurrencies. This could set a precedent for how future altcoin ETFs are integrated into the U.S. market.
