KEY FACTS: The New York Stock Exchange (NYSE) has approved Grayscale Investments' Dogecoin Trust ETF (GDOG) and XRP Trust ETF (GXRP), paving the way for their trading debut on Monday, November 24, 2025, following certifications submitted to the SEC on November 21. This milestone converts Grayscale's existing private trusts into publicly accessible ETFs, offering investors easier exposure to DOGE, a meme coin up over 500% in the past year, and XRP, which has overcome regulatory hurdles from a 2020 SEC lawsuit. Amid a surge in crypto ETFs, Grayscale's launches join competitors like Canary Capital's XRPC, which amassed $250 million on its first day, while Balchunas estimates GDOG could see $11 million in initial volume; however, recent market dips show XRP down 18% this month to $0.52 and DOGE at $0.14. Grayscale's Chainlink ETF is slated for potential release the following week.
Source: SEC
NYSE Greenlights Grayscale's Dogecoin and XRP ETFs, Set for Monday Debut
The New York Stock Exchange (NYSE) has given its stamp of approval to two highly anticipated exchange-traded funds (ETFs) from Grayscale Investments. The approvals, announced over the weekend, clear the path for the Grayscale Dogecoin Trust ETF (GDOG) and the Grayscale XRP Trust ETF (GXRP) to begin trading as early as Monday morning.
The NYSE Arca, a key subsidiary of the venerable New York Stock Exchange, submitted formal certifications to the U.S. Securities and Exchange Commission (SEC) on Friday, November 21, confirming its readiness to list and register both funds. This final regulatory nod represents the culmination of months of anticipation, transforming what were once private trusts into publicly accessible investment vehicles. For retail and institutional investors alike, these ETFs promise a straightforward way to gain exposure to Dogecoin (DOGE) and XRP without the complexities of direct crypto ownership, such as managing wallets or navigating volatile exchanges.
Bloomberg ETF analyst Eric Balchunas, a go-to voice in the world of exchange-traded products, broke the news on X (formerly Twitter) late Sunday.
Grayscale Dogecoin ETF $GDOG approved for listing on NYSE, scheduled to begin trading Monday. Their XRP spot is also launching on Monday. $GLNK coming soon as well, week after I think...
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Balchunas also mentioned that Grayscale's Chainlink (LINK) ETF is not far behind, potentially debuting within the next week. His post, which garnered thousands of likes and retweets within hours, underscored the rapid pace at which Grayscale is expanding its suite of crypto ETFs. Balchunas projected a robust opening for the Dogecoin fund, estimating first-day trading volume could reach around $11 million, a figure that, while modest compared to Bitcoin ETF debuts, signals strong initial interest in meme-inspired assets.
Grayscale, a pioneer in digital asset management since its founding in 2013, has long been at the forefront of bridging traditional finance and blockchain technology. The firm manages over $40 billion in assets, with its Bitcoin Trust (GBTC) famously becoming the first crypto ETF to trade on major U.S. exchanges back in 2024 following a landmark SEC approval. That decision opened the floodgates for a wave of spot Bitcoin and Ethereum ETFs, which have collectively attracted tens of billions in inflows and helped propel crypto prices to new highs earlier this year.
Now, with Dogecoin and XRP entering the fray, Grayscale is betting on the enduring appeal of these altcoins. Dogecoin, the Shiba Inu-themed cryptocurrency that started as a joke in 2013, has evolved into a cultural phenomenon, buoyed by endorsements from figures like Elon Musk and a dedicated community of "HODLers." Its price has surged over 500% in the past year alone, driven by speculative fervor and integrations into payment systems like Tesla's merchandise store. The GDOG ETF will convert Grayscale's existing Dogecoin Trust, launched in 2024 as a closed-end fund, into a more liquid ETF structure that mirrors DOGE's spot price. This conversion addresses the issue of trusts previously traded at premiums or discounts to their net asset value, creating inefficiencies that ETFs eliminate through daily creation and redemption mechanisms.
On the XRP front, the story is one of regulatory redemption. XRP, the native token of the Ripple network designed for cross-border payments, spent years entangled in a high-stakes legal battle with the SEC. The agency accused Ripple of selling unregistered securities in 2020, a case that dragged on until a partial victory for Ripple in 2023 clarified XRP's non-security status for retail sales. With that cloud lifted, XRP has seen renewed institutional interest, particularly as banks and fintechs explore blockchain for faster, cheaper remittances.
The GXRP ETF's approval arrives amid a veritable ETF gold rush for XRP. Grayscale's product will hit the market alongside Franklin Templeton's competing XRP ETF, with WisdomTree's version still pending final SEC sign-off. Just last week, on November 13, Canary Capital made history by launching the first spot XRP ETF in the U.S., dubbed XRPC. That fund wasted no time, pulling in over $250 million in inflows on its inaugural trading day through in-kind redemptions—a testament to pent-up demand. Bitwise, 21Shares, and CoinShares have also rolled out their own XRP ETFs this month, capitalizing on a regulatory environment that's thawed considerably since the end of the U.S. government shutdown in early November.
What sparked this sudden surge? Observers point to the SEC's evolving stance under new leadership, which has prioritized innovation over enforcement in the crypto space. The agency's recent guidance on ETF listings has streamlined approvals, reducing the once-daunting 19b-4 and S-1 filing processes to a matter of weeks rather than months.
Yet, for all the optimism, the market's reaction has been tempered. XRP, despite the ETF frenzy, has bucked the bullish trend, sliding approximately 18% since the start of November, per data from CoinGecko. Trading around $0.52 as of Sunday evening, the token has been caught in broader market choppiness, exacerbated by macroeconomic jitters like persistent inflation concerns and Federal Reserve rate cut speculation. Dogecoin, too, has hovered in the $0.14 range, down from its September peak, as meme coins grapple with fading hype cycles.
Looking ahead, the Chainlink ETF tease from Balchunas adds another layer of intrigue. LINK, the oracle network token powering decentralized data feeds for smart contracts, has been dubbed the "critical connective tissue" of tokenized real-world assets by Grayscale in a recent research note. As institutions tokenize everything from bonds to real estate on blockchains, Chainlink's role in bridging off-chain data could make its ETF a sleeper hit, potentially launching as early as the following week.
Monday's launches come against a backdrop of crypto's evolving narrative. The industry, once dismissed as speculative gambling, is increasingly viewed as a hedge against traditional finance's shortcomings, faster settlements, lower fees, and global accessibility. With Bitcoin ETFs alone surpassing $100 billion in assets under management this year, altcoin products like these could accelerate that shift.
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