Crypto News: NYSE Approves Grayscale DOGE and XRP ETFs for Monday Trading

The NYSE approved Grayscale DOGE and XRP ETFs, clearing them for trading on Monday amid rising interest from major crypto investment firms.

Grayscale gained approval from the New York Stock Exchange to launch its DOGE and XRP ETFs. Both products will begin trading on Monday, adding fresh activity to a market that already saw several altcoin funds arrive this month.

NYSE Approval Sets Up Monday Launch

The NYSE Arca unit filed its certification with the SEC, after confirming approval to list Grayscale’s DOGE and XRP ETFs. Bloomberg analyst Eric Balchunas shared the documents on X and noted that a Chainlink ETF from Grayscale should follow soon. 

His post also indicated that DOGE trading volume may reach about $11 million on the first day.

NYSE approval served as the final requirement for Grayscale’s DOGE ETF. The product converts an existing trust into an ETF that mirrors the price of Dogecoin. 

The XRP version will launch at the same time and will face competition from new funds by Franklin Templeton and WisdomTree.

Growing Wave of XRP ETFs

Several firms moved to list XRP products during November. Canary Capital launched the first XRP ETF in the United States earlier this month. 

The company said its ETF reached $59 million of trading volume on the first day and Canary also reported around $250 million in assets under management after the first session.

Other major names have entered the XRP market as well. Bitwise, 21Shares and CoinShares introduced their own products as the SEC relaxed its stance around altcoin ETFs after the government shutdown ended.

Despite the arrival of many new products, XRP has struggled through November and CoinGecko data shows a decline of about 18% since the start of the month. The market has shown heavy selling pressure across several assets, so traders hope these new funds can bring fresh interest.

Related Reading: The Average ETF Investor Is Now At A Loss As Bitcoin Price Slides Further

Past DOGE ETF Activity

Grayscale will not be the first group to list a DOGE ETF in the United States. 

Earlier this year, REX Shares and Osprey Funds gained approval to launch a DOGE ETF under the 1940 Investment Company Act. 

That path allowed them to bypass direct approval from the SEC. Their move helped show that investor interest in DOGE products stretched beyond major firms alone.

Grayscale entered the ETF scene in 2013 and has built a suite of products since then. The company has rolled out funds tied to Bitcoin, Ethereum and Solana across the years. 

Its DOGE and XRP launches continue that trend as more firms race to offer crypto ETFs during a volatile season.

Industry Reaction and Trading Outlook

Analysts have mixed opinions about how strong early interest will be. Some expect a rise in trading volume because of the attention surrounding these launches. 

Balchunas estimated an $11 million opening day for DOGE. Others warn that recent market dips may limit activity during the first week.

The market saw turbulent movement throughout the month. Bitcoin ETFs registered outflows of more than $548 million on November 20. 

BlackRock even experienced $355 million of withdrawals from its iShares Bitcoin Trust as the broader market fell to a nine month low. These events raised questions about how traders may approach new altcoin funds.

Still, many investors remain interested in altcoins as an alternative to the larger assets. 

Related Reading:

Heavy Competition Among ETF Providers

Competition is rising as more companies push to enter the ETF space.

The number of XRP and DOGE products grew quickly during November and each fund tries to stand out through lower fees, strong liquidity, or ties to well known institutions.

Franklin Templeton plans to launch its own XRP ETF alongside Grayscale’s version. WisdomTree has continued through its approval process as well.

Bitwise and 21Shares joined the race earlier this month and each company hopes to attract investors searching for exposure to assets beyond Bitcoin and Ethereum.

The influx of new listings may help traders by adding more options and tighter spreads. At the same time, heavy competition can make it harder for any single fund to gain a large share of the market.

Canary’s strong opening may set a benchmark for upcoming products as firms analyse what drives volume and demand.

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