Grayscale has officially launched its XRP and Dogecoin spot ETFs, offering investors regulated exposure to the two cryptocurrencies.
The move comes as the broader crypto market remains volatile, with Bitcoin continuing to hover near multi-month lows.
Investors can now access these digital assets without holding them directly, through ETFs that store the underlying tokens in custody.Â
Spot ETFs provide direct crypto exposure
NYSE Arca, a subsidiary of the exchange, filed and disclosed certifications with the Securities and Exchange Commission on November 21.
The filings confirmed approval for listing and registration of the Grayscale XRP Trust ETF Shares (GXRP) and the Grayscale Dogecoin Trust ETF Shares (GDOG).
Both ETFs operate as spot products, holding actual XRP and Dogecoin in custody.
This structure allows investors to gain exposure to price movements while avoiding the technicalities of direct crypto ownership.
Grayscale’s GXRP fund tracks the price of XRP, while GDOG mirrors the spot price of Dogecoin.
Eric Balchunas, a Bloomberg ETF analyst, highlighted that a Grayscale Chainlink ETF could follow soon. He noted on social media that the GLNK ETF might launch the week after the current releases.Â
Regarding GDOG’s debut, Balchunas projected multi-million-dollar trading volumes, estimating initial activity around $11 million.
Market context and recent ETF trends
The launches follow a recent wave of altcoin-focused ETFs benefiting from updated SEC legislation.
The changes have fast-tracked approvals that were previously delayed by regulatory procedures.
Over the past few weeks, Bitwise introduced a Solana ETF, while Canary Capital launched Litecoin and HBAR funds.
Franklin Templeton, 21Shares, and other issuers have also entered the market, creating a surge in cryptocurrency ETF offerings.
Day-one results for recent altcoin ETFs have been strong. Bitwise’s Solana fund recorded nearly $70 million in net inflows on launch day.
Canary Capital’s XRP ETF exceeded $250 million in initial trading. However, analysts suggest Grayscale’s GXRP and GDOG ETFs may experience a more cautious start.
Current market conditions, including Bitcoin’s ongoing decline, have contributed to subdued investor sentiment.
Grayscale and BlackRock ETFs have recently seen outflows, attributed to year-end profit-taking and risk-off strategies.
Despite market uncertainty, the addition of crypto spot ETFs expands regulated access to digital assets.