Grayscale DOGE & XRP Spot ETFs Go Live Monday — Wall Street’s About to Get a Little “Meme-Crazier”
NYSE Approves Grayscale DOGE and XRP Spot ETFs as Altcoin ETF Momentum Accelerates in the U.S.
In a move that could redefine how American investors gain access to non-Bitcoin digital assets, the New York Stock Exchange (NYSE) has officially approved the listing of Grayscale’s Dogecoin (GDOG) and XRP (GXRP) spot Exchange-Traded Funds. Both products are scheduled to begin trading on NYSE Arca this Monday, marking the first time U.S. markets will offer regulated, spot-based exposure to two of the most widely followed altcoins in the world.
The decision represents a notable expansion in the country’s evolving crypto investment landscape, coming nearly two years after the United States approved its first Bitcoin spot ETFs and more than a year after greenlighting Ethereum spot products. With this approval, the spotlight is shifting toward altcoins—assets that have long commanded retail enthusiasm but have historically lacked institutional-grade investment pathways.
Grayscale DOGE and XRP ETFs Set to Begin Trading Monday
Grayscale confirmed that both DOGE and XRP spot ETFs will officially go live on November 24, with the listing taking place on NYSE Arca, the exchange’s division focused on exchange-traded products. Each ETF will offer direct spot exposure, meaning the fund will hold the underlying cryptocurrency itself rather than relying on futures contracts or derivatives.
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| Source: CEO X |
Both assets were previously accessible through Grayscale’s private trusts, but the conversion into fully tradable ETFs represents a significant shift in liquidity, accessibility, and regulatory oversight. The move also expands Grayscale’s regulated lineup to more than 40 digital asset products, reinforcing the company’s established leadership in the ETF arena.
NYSE Arca’s approval documents confirm that both funds have been registered under the Securities Exchange Act of 1934, placing them within the same regulatory framework that oversees traditional equity and commodities ETFs. Market analysts view this as a defining moment, signaling deeper integration of blockchain assets into mainstream U.S. financial markets.
Why XRP and DOGE Are Entering the ETF Era
The arrival of spot ETFs featuring Dogecoin and XRP is not only symbolic—it highlights the growing sophistication and maturity of altcoin markets.
XRP, positioned as the fourth-largest cryptocurrency by market capitalization, maintains one of the oldest and most active blockchain networks. Its XRP Ledger recently crossed 4 billion processed transactions, highlighting its long-term operational strength and expanding global use cases. The asset continues to attract institutional attention, particularly after its partial legal victory in 2023, which clarified that XRP sold on exchanges does not constitute a security.
Dogecoin, by contrast, holds a different type of cultural and financial influence. Originally created as a meme, DOGE has evolved into the most valuable memecoin globally, with unmatched liquidity, particularly among U.S. investors. It remains one of the most actively traded cryptocurrencies on major exchanges and has been supported publicly by high-profile figures in technology and entertainment. Despite its playful origins, Dogecoin’s inclusion in a regulated ETF signals that market demand—and not seriousness of branding—continues to shape financial product development.
ETF Providers Race to Capture Altcoin Demand
The approval of Grayscale’s GDOG and GXRP ETFs is unfolding during a period of rapid acceleration in altcoin-focused financial products. Throughout 2024 and 2025, ETF issuers have submitted increasingly diverse filings, signaling confidence that U.S. regulators are now more open to expanding the types of digital assets available to traditional investors.
Recent developments include:
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Franklin Templeton reportedly preparing a Dogecoin ETF of its own
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Bitwise’s Solana ETF (BSOL) surpassing $400 million in inflows for the year
With multiple issuers aiming to secure early market share, analysts expect increased competition around fee structures, liquidity incentives, and product variations—potentially mirroring the intense fee wars seen during the first months of Bitcoin ETF trading.
Institutional investors, once hesitant to engage with altcoins due to regulatory ambiguity or lack of custodial-grade access, are now entering the sector with heightened interest. ETF issuers, for their part, appear confident that a regulated pathway to major altcoins will unlock additional demand.
Market Instability Shadows the New Launches
While these ETF approvals mark a new era for altcoin accessibility, they arrive during a period of notable turbulence in the broader crypto market. On Thursday, U.S. Bitcoin spot ETFs suffered nearly $1 billion in outflows—the second-largest daily withdrawal on record.
The numbers were significant:
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BlackRock’s IBIT alone lost $355 million
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Grayscale’s GBTC and Fidelity’s FBTC collectively shed roughly $400 million
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Other ETF issuers recorded smaller but steady outflows
These redemptions contributed to a sharp decline in Bitcoin’s price, with the asset briefly falling below the $81,000 mark before recovering slightly to the mid-$84,000 range. Institutional trading desks report increasing caution, noting that multiple drops exceeding 10 percent in short intervals are prompting traders to reassess risk exposure.
Despite the downturn, ETF launches continue unabated. Product issuers believe long-term demand remains intact, particularly as traditional funds look for regulated channels to access crypto markets without exposure to custodial risk or offshore exchanges.
What the Approval Means for U.S. Investors
The introduction of the GDOG and GXRP ETFs provides American investors with a straightforward and regulated method to gain exposure to two of the most widely recognized non-Bitcoin cryptocurrencies. Prior to this, the only way to purchase DOGE or XRP directly was through crypto exchanges, many of which face increasing regulatory scrutiny.
For traditional traders and institutions, the ETFs offer several advantages:
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Access through standard brokerage accounts
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Tax reporting compatibility
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Integration with retirement accounts and institutional portfolios
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Elimination of custody and private key management concerns
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Ability to trade through familiar ETF market structures
Analysts also note that institutional access to altcoins could shift capital flows across the sector, potentially paving the way for future ETFs tied to assets like Avalanche, Chainlink, or Polygon—depending on regulatory sentiment and market demand.
Conclusion: A New Chapter for Altcoin Adoption
As the ETFs begin trading Monday, the U.S. market enters a new phase of crypto adoption—one that extends beyond the established dominance of Bitcoin and Ethereum. While volatility remains a significant factor, regulated access to XRP and Dogecoin may help stabilize institutional participation and deepen liquidity across altcoin markets.
The launch underscores the growing belief that cryptocurrencies with strong network activity, broad recognition, and high liquidity can earn a place within traditional investment structures. For investors, institutions, and the crypto sector at large, the coming weeks will reveal how transformative this shift may be.
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