Grayscale Dogecoin and XRP ETFs Launch Monday After NYSE Green Light

TLDR

• NYSE Arca approved Grayscale’s Dogecoin (GDOG) and XRP (GXRP) ETFs for trading starting Monday, November 24, 2025
• Both ETFs are spot products that hold actual cryptocurrency rather than derivatives
• Analyst Eric Balchunas expects GDOG to see around $11 million in first-day trading volume
• Grayscale’s Chainlink ETF approval expected to follow within a week
• XRP has dropped 18% since early November despite multiple ETF launches this month

The New York Stock Exchange has cleared the way for two new cryptocurrency ETFs to begin trading. Grayscale’s Dogecoin and XRP funds received final approval from NYSE Arca on Friday, with trading set to start Monday.

NYSE Arca filed certifications with the Securities and Exchange Commission on November 21. The filings confirmed approval for listing and registration of the Grayscale XRP Trust ETF and Grayscale Dogecoin Trust ETF.

Bloomberg senior ETF analyst Eric Balchunas announced the approvals on Sunday. He also noted that Grayscale’s Chainlink ETF would likely launch the following week.

Both new ETFs operate as spot products. This means they hold actual XRP and DOGE coins in custody rather than using derivatives. Investors can gain exposure to these cryptocurrencies through regulated investment vehicles without owning the coins directly.

Grayscale’s Dogecoin ETF converts the company’s existing trust into an ETF format. The fund tracks the price of DOGE. Balchunas estimates first-day trading volume could reach around $11 million.

The Grayscale XRP ETF will launch alongside a competing product from Franklin Templeton. WisdomTree also has an XRP ETF waiting for launch approval.

Multiple XRP ETFs Enter Market

Several XRP ETFs have already started trading this month. Canary Capital launched the first spot XRP ETF in the US on November 13. The fund brought in over $250 million in inflows on its first trading day.

Bitwise, 21Shares and CoinShares have also launched XRP ETFs in November. These products entered the market after the US government shutdown ended and the SEC relaxed its oversight of crypto ETF applications.

The wave of altcoin ETFs extends beyond XRP. Bitwise launched a Solana ETF in late October that recorded nearly $70 million in net inflows on its first day. Canary Capital also introduced Litecoin and HBAR funds during the same period.

The rapid approval process marks a shift from previous years. ETF applications were once delayed by regulatory procedures. Updated SEC legislation has fast-tracked approvals for cryptocurrency funds.

Price Movements and Market Conditions

XRP has declined approximately 18% since the beginning of November. This drop occurred despite multiple ETF launches that traditionally support asset prices. Data from CoinGecko shows the downward trend continuing through late November.

The broader cryptocurrency market faces challenges. Bitcoin has fallen below multi-month lows and given back most gains from earlier in 2025.

ETF funds from Grayscale and BlackRock have experienced outflows recently. Investors appear to be taking year-end profits and moving away from risk assets. This trend may affect the performance of newly launched ETF products.

The Grayscale Dogecoin Trust ETF will trade under the ticker GDOG. The Grayscale XRP Trust ETF uses the ticker GXRP. Both products begin trading on Monday, November 24, 2025.

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