Grayscale Investments has officially expanded the landscape of regulated cryptocurrency investments with the launch of its spot ETFs for Dogecoin (GDOG) and XRP (GXRP), which began trading on the NYSE Arca on November 24, 2025. This move transforms these previously private trusts into exchange-traded funds, offering both institutional and retail investors a familiar and regulated pathway to gain exposure to these prominent altcoins without the complexities of direct ownership, such as managing private keys or digital wallets.
A New Chapter for Dogecoin and XRP
The approval and subsequent listing of GDOG and GXRP mark a significant milestone, bringing two of the most recognized digital assets deeper into the mainstream financial fold. The Grayscale Dogecoin Trust ETF (GDOG) is designed to track the spot price of Dogecoin, an asset that has evolved from a meme token into a cultural and financial phenomenon. Similarly, the Grayscale XRP Trust ETF (GXRP) offers investors exposure to XRP, the native token of the Ripple Network, which is built for efficient cross-border payments.
These launches are part of a broader wave of altcoin ETF approvals. Grayscale’s products enter a market that is becoming increasingly competitive. For XRP, GXRP joins existing spot products from other asset managers like Canary Capital and Bitwise, which have already collectively drawn hundreds of millions in investor inflows. In the Dogecoin space, GDOG is the second such U.S. product, following a fund launched by REX-Osprey in September. This growing competition highlights a shifting regulatory environment and rising institutional interest in digital assets beyond Bitcoin and Ethereum.
Market Anticipation and Evolving Access
The debut of these ETFs was met with notable market anticipation. In the lead-up to the launch, trading activity in related derivatives surged, with Dogecoin futures volume increasing by over 30% and XRP derivatives jumping about 51%, indicating traders were positioning for potential price movements. Bloomberg’s senior ETF analyst, Eric Balchunas, projected that the Dogecoin ETF could see around $11 million in trading volume on its first day.
For investors, the key advantage of these spot ETFs is simplified access. Instead of navigating cryptocurrency exchanges, investors can now buy and sell shares of GDOG and GXRP through traditional brokerage accounts, just like any other stock. This structure is particularly appealing for institutional players, retirement accounts, and individuals seeking regulated exposure to these cryptocurrencies. Grayscale is offering a 0% management fee for the first three months or until the funds reach $1 billion in assets, after which a 0.35% annual fee will apply.
The arrival of GDOG and GXRP on a major stock exchange is a definitive step in the maturation of the crypto market. It signals a growing acceptance of diverse digital assets within the regulated framework of traditional finance, offering investors new tools to implement their strategies. The focus now shifts to the market’s reception, as trading volume and investor flows in the coming days and weeks will be critical indicators of long-term demand for these novel investment vehicles.
