Grayscale Asset Management will launch new ETFs with instant liquidity for Dogecoin and XRP on the New York Stock Exchange on November 24.
The products will convert existing private trust funds and expand the U.S. market beyond Bitcoin and Ethereum exchange-traded funds.
These approvals reflect a broader regulatory shift under the leadership of the new Chair of the U.S. Securities and Exchange Commission, Gary Gensler.
Grayscale plans to showcase new ETF products linked to Dogecoin and XRP on November 24 after receiving approval to list the two combined on the New York Stock Exchange.
The Grayscale Dogecoin Trust ETF (GDOG) and Grayscale XRP Trust ETF (GXRP) will appear as tradable securities holding their underlying tokens.
Grayscale is expanding its ETF lineup with Dogecoin and XRP.
The market will convert existing private funds into fully listed funds, in a move that represents a major liquidity event for current investors.
GXRP will enter a market that already contains spot products from Canary Capital and Bitwise.
These funds attracted approximately 422 million USD in combined inflows during the first two weeks of trading, demonstrating early institutional interest in XRP-linked products.
Daily inflow of XRP ETFs since launch. Source: SoSoValue
On the other hand, GDOG will be one of the first Dogecoin ETFs available to U.S. investors.
Dogecoin, once a meme token, has grown to become the ninth largest cryptocurrency by market capitalization. Its deep nominal follower base has made it one of the most traded and discussed digital assets, a trend that Grayscale expects to support demand for ETFs.
Considering this, Bloomberg Intelligence analyst Eric Balchunas stated that the product could attract up to 11 million USD in volume on its first trading day.
The launch of GDOG and GXRP expands the mix of cryptocurrency ETFs available in the U.S. market, broadening the industry's expansion beyond Bitcoin and Ethereum products that dominated the first wave of approvals.
Their arrival also reflects changing regulatory conditions in Washington.
Approvals are part of a broad acceleration in the oversight of digital assets under the leadership of SEC Chair Gary Gensler.
Since taking office, Atkins has shifted the agency away from a 'regulation by enforcement' approach towards a framework focused on disclosure.
Through the 'Crypto Project' initiative, he indicated that the Securities and Exchange Commission (SEC) is opening up to reviewing compliant digital products, paving the way for issuers seeking to list new exchange-traded funds.
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