Grayscale’s Dogecoin and XRP ETFs approved for NYSE listing later todayAltcoins ETFs impress at launch

Grayscale’s Dogecoin and XRP exchange-traded funds have been cleared for listing on the New York Stock Exchange and are expected to debut later today.

NYSE Arca, a subsidiary of the exchange, filed and disclosed two separate certifications with the Securities and Exchange Commission on November 21 to confirm its “approval for listing and registration” of the Grayscale XRP Trust ETF Shares (GXRP) and the Grayscale Dogecoin Trust ETF Shares (GDOG).

For those unaware, Grayscale’s GXRP fund will offer direct exposure to the price of XRP, while GDOG tracks the spot price of Dogecoin. Through this structure, investors are able to gain regulated access to these cryptocurrencies without having to hold the underlying assets themselves. Both ETFs operate as spot products, meaning they hold actual XRP and DOGE in custody.

Market analysts, meanwhile, are already setting expectations for the next wave of altcoin ETF listings, and according to Bloomberg’s ETF analyst Eric Balchunas, Grayscale’s Chainlink ETF may be next in line.

“GLNK coming soon as well, week after I think,” Balchunas wrote in a Sunday X post about today’s launch.

Responding to one of his followers regarding his expectations for how these funds may perform on day one, Balchunas said he expects multi-million dollar trading volumes for GDOG.

“Initial guess maybe $11 million. But will ponder more,” he said.

Altcoins ETFs impress at launch

Over the past few weeks, a number of altcoin-focused ETFs, including those tied to XRP, Solana, Litecoin, and HBAR, have surfaced thanks to updated SEC legislation that fast-tracked approvals, which were once delayed by procedural red tape.

Late last month, Bitwise launched its Solana ETF, which began trading alongside Canary Capital’s Litecoin and HBAR funds. In the weeks since, new filings and launches from issuers like Franklin Templeton , 21Shares, and Bitwise have rapidly entered the market.

Most of these ETFs have witnessed solid day-one numbers, with Bitwise’s Solana fund posting nearly $70 million in net inflows at the launch day close, while Canary’s XRP ETF recorded over $250 million when first-day trading ended.

For Grayscale’s GXRP and GDOG ETFs, however, the launch day may be more muted, as the overall crypto market remains in peril. Bitcoin continues to sink below multi-month lows and is giving back most of the gains it posted earlier in the year.

As previously reported by crypto.news, ETF funds from Grayscale and BlackRock have led the recent wave of outflows, as investors continue to pull out funds in what appears to be widespread year-end profit taking and risk-off repositioning.