Grayscale XRP and Dogecoin ETFs Launch Following SEC Approval

NEW YORK, NY — Grayscale‘s cryptocurrency exchange-traded funds (ETFs) for XRP and Dogecoin will start trading on the New York Stock Exchange tomorrow, November 24, following a green light from the U.S. Securities and Exchange Commission.

The SEC approved the XRP ETF on November 21, with a separate note confirming the Dogecoin ETF’s approval on the same day. Eric Balchunas, senior ETF analyst at Bloomberg, noted on social media platform X that trading volumes for the Dogecoin ETF could reach $11 million on its first day.

Recent trends show both the NYSE and the SEC have adopted a positive stance towards altcoin ETFs, with a growing number appearing on the exchange in November. Grayscale is not entering this space alone; last week, the crypto investment firm Canary Capital reported a record-setting debut for its XRP ETF, which launched on the same exchange, hitting $59 million in trading volume on November 17.

Canary stated that it concluded its first trading day with around $250 million in assets under management. Unlike Grayscale’s upcoming Dogecoin ETF, which is one of many in the U.S., the first Dogecoin ETF was approved in September by REX Shares and Osprey Funds, allowing them to launch under the 1940 Investment Company Act without waiting for SEC approval.

Founded in 2013, Grayscale has already introduced a variety of crypto trusts and several ETFs, including those for Bitcoin, Ethereum, and Solana. With the market recently facing price drops in Bitcoin and other cryptocurrencies, traders are hoping that this will not affect the enthusiasm for these new financial products.

On November 20, investors in the BlackRock iShares Bitcoin Trust faced challenges as the wider market decreased to a nine-month low.