- NYSE Arca approves Grayscale DOGE and XRP ETFs for Monday trading launch.
- GDOG and GXRP join the crowded market with Franklin Templeton and WisdomTree products.
The New York Stock Exchange has given the green light to Grayscale’s Dogecoin and XRP exchange-traded funds to be launched on Monday. NYSE Arca implemented the listing approval for both products under the regulatory framework set by the SEC last September. The Grayscale Dogecoin Trust ETF will be the ticker GDOG, whereas the Grayscale XRP Trust ETF will be under the GXRP symbol.
In essence, these two products are publicly traded ETFs that track the prices of the cryptocurrencies they represent. Bloomberg senior ETF analyst Eric Balchunas tweeted about the approvals and anticipated a quiet first-day trading volume of approximately $11 million.
The company is turning its private trusts into fully listed ETFs, which is a significant liquidity event for the shareholders in the market. Grayscale, whose portfolio is now going to include exchange-traded funds that track Bitcoin, Ethereum, Solana, and several altcoins, is becoming a powerhouse in digital asset management.
Growing Competition in the XRP Market
Grayscale’s XRP fund is entering a market where spot products from Canary Capital and Bitwise are already present, having attracted a total of $422 million. Besides Grayscale, Franklin Templeton is also planning to launch a competing XRP product. Meanwhile, WisdomTree is waiting for regulatory approval for its version. More XRP ETFs from Bitwise, 21Shares, and CoinShares were launched this month as more and more products appeared after the regulators gave their green light.
Canary Capital’s XRPC fund, which turned out to be the first spot XRP ETF in November, achieved a strong start with significant investor inflows. The Dogecoin ETF is just the second such product in the United States, following the REX-Osprey fund launched in September.
These approvals resulted from SEC guidance issued during the government shutdown, which clarified procedures for firms seeking public listings without the need for explicit approval. Even though the market usually reacts in a bullish way to ETF launches, XRP prices have dropped by around 18% since early November, thus indicating the uncertain state of the market.
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Source: https://thenewscrypto.com/grayscale-receives-green-light-for-dogecoin-and-xrp-etf-trading/