The crypto investment firm Grayscale has officially launched two new exchange-traded funds (ETFs), the Grayscale XRP Trust ETF (GXRP) and the Grayscale Dogecoin Trust ETF (GDOG), marking another milestone in the ongoing expansion of altcoin-focused ETFs in the United States.
These products, which start trading on NYSE Arca, offer U.S. investors direct, regulated exposure to the spot prices of XRP and Dogecoin (DOGE) without the need to hold the underlying assets. The launch comes after NYSE Arca, a subsidiary of the New York Stock Exchange, filed two separate certifications with the U.S. Securities and Exchange Commission (SEC) on November 21, confirming “approval for listing and registration” of both ETFs.
GXRP and GDOG open the door for spot altcoin ETFs
Grayscale’s GXRP fund will provide exposure to the price of XRP, the digital asset powering the XRP Ledger (XRPL), a blockchain optimized for cross-border payments that has processed over 4 billion transactions since its inception nearly fourteen years ago. The GDOG fund will track the spot price of Dogecoin, a cryptocurrency that started as a meme but has evolved into one of the most heavily traded digital assets by volume.
Both GXRP and GDOG hold their underlying assets in custody, making them true spot ETFs rather than futures-based products. This setup gives traditional investors who prefer regulated frameworks a way to gain access to volatile digital assets through standard brokerage accounts.
Grayscale’s new ETFs were previously available as private placements and have now transitioned to public trading, a move that expands liquidity and accessibility for retail and institutional investors.
Analysts forecast growing interest and strong debuts
Market analysts expect significant trading activity as investors look to diversify beyond Bitcoin and Ethereum. Bloomberg ETF analyst Eric Balchunas commented on X that he anticipates strong interest in GDOG’s first trading session,
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 pic.twitter.com/c6nKUeDrtI
— Eric Balchunas (@EricBalchunas) November 21, 2025
Balchunas further hinted at Grayscale’s Chainlink Trust ETF (GLNK) potentially being next, adding: “GLNK coming soon as well, week after I think.” His remarks suggest growing momentum among issuers to roll out altcoin ETFs following the SEC’s approval wave.
Momentum builds for altcoin-focused ETFs
Grayscale’s XRP and Dogecoin ETFs arrive amid a rapid expansion of altcoin-linked investment products. Updated SEC policies have streamlined ETF approvals, eliminating layers of procedural red tape that previously stalled such launches.
Recent examples include Bitwise’s Solana ETF, which debuted last month with nearly $70 million in first-day net inflows, and Canary Capital’s XRP ETF, which the company described as “record-setting.” In a press release, Canary stated that its ETF had “debuted with the highest first-day trading volume of any ETF launched in 2025 as of November 17, reaching $59 million in volume.” The company added that it closed its first trading day “with approximately $250 million in assets under management.”
Meanwhile, funds tied to Litecoin and HBAR have also entered the market, further strengthening the narrative that institutional interest in non-Bitcoin cryptocurrencies continues to grow.
Market conditions remain challenging
Despite the bullish momentum for ETF launches, the overall crypto market remains subdued. Bitcoin and Ethereum have both pulled back amid risk-off sentiment and macroeconomic uncertainty. Analysts note that ETF funds from Grayscale and BlackRock have recently seen outflows as investors engage in year-end profit taking.
Still, the arrival of new spot ETFs could inject fresh energy into an otherwise quiet market. The move underscores growing confidence from both regulators and issuers that altcoin-backed investment products have a sustainable future under U.S. securities law.
What’s next for Grayscale and altcoin ETFs?
Founded in 2013, Grayscale is one of the largest crypto asset managers and already operates several successful ETFs, including products for Bitcoin (GBTC), Ethereum (ETHE), and Solana (GSOL). The addition of regulated XRP and Dogecoin ETFs solidifies its status as a leading player in bridging traditional finance and the crypto economy.
With Chainlink (GLNK) possibly next in line, market watchers expect further diversification across Grayscale’s product suite in the coming weeks. For investors, these developments mark an important step toward broader mainstream accessibility for altcoin investments, even as the sector navigates a period of macroeconomic pressure and volatile price action.
Grayscale’s GXRP and GDOG listings on NYSE Arca represent not just new trading opportunities but also a recognition of how far the crypto market’s integration with traditional finance has advanced over the past few years.
Oleksii Shumak
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