What to Know:
- NYSE Arca has approved Grayscale’s Dogecoin and XRP ETFs, set to launch soon.
- Grayscale’s XRP ETF will compete with similar products from Franklin Templeton and WisdomTree.
- The launch of XRP ETFs follows a period of looser SEC oversight on crypto ETFs.
Grayscale’s XRP Trust ETF (GXRP) and Dogecoin Trust ETF (GDOG) are set to launch after approval from the New York Stock Exchange (NYSE). This move signals growing institutional acceptance of altcoins beyond Bitcoin and Ethereum. The launch of these ETFs could provide new avenues for investors to gain exposure to XRP and Dogecoin.
The NYSE’s approval marks the final step needed for Grayscale’s spot Dogecoin ETF to begin trading. Grayscale’s Dogecoin ETF converts the firm’s existing trust into an ETF tracking DOGE’s price. Analyst Eric Balchunas estimates a first-day trading volume of around $11 million for the Dogecoin ETF.
Grayscale’s XRP ETF will join competing products from Franklin Templeton and WisdomTree. Canary Capital launched the first spot XRP ETF in the U.S. on Nov. 13 (XRPC), achieving over $250 million in inflows on its first trading day. Bitwise, 21Shares, and CoinShares have also launched XRP ETFs this month.
The increased activity in altcoin ETFs may reflect a broader trend of regulatory clarity and market maturation. Despite the potential bullish implications of ETFs, XRP has seen a price decrease of approximately 18% since the beginning of November. Investors should remain aware of the risks associated with altcoins, including market volatility and regulatory uncertainty.
The launch of Grayscale’s Dogecoin and XRP ETFs represents a significant step in the evolution of cryptocurrency investment products. As the market continues to evolve, investors should stay informed about the latest developments and exercise caution when making investment decisions.
Source: Original article
