• Grayscale gets NYSE approval for Dogecoin (GDOG) and XRP (GXRP) ETFs, trading starts November 24.
• ETFs let investors access crypto without wallets or exchanges, charging a 0.35% management fee.
• Pre-launch trading surged, Dogecoin volume rose 30% to $7.22B, XRP volume jumped 51% to $12.74B.

Grayscale has received approval from the New York Stock Exchange to start spot exchange-traded funds for Dogecoin and XRP, marking a major milestone in making both alts widely investor-accessible.

Both ETFs, namely the Grayscale XRP Trust ETF (GXRP) and the Grayscale Dogecoin Trust ETF (GDOG), are set to start trading from November 24, after they received approval letters from NYSE Arca on November 21.

This is significant for the U.S. market, as this would be the very first time that two leading altcoin ETFs will launch simultaneously. Bloomberg analyst Eric Balchunas has confirmed this and has also stated that they could launch their own Chainlink ETF very soon.

This launch will prove to be quite significant for Grayscale, which has already established itself strongly in the market with its Bitcoin and Ethereum ETFs.

Grayscale ETFs Open Crypto to Traditional Investors

This NYSE approval allows Grayscale to give ETF shares to investors on its regulated trust platform. This regulated platform enables traditional investors to gain investment in Dogecoin and XRP without holding or possessing the cryptocurrencies.

The management fee for both ETFs is 0.35%. As of now, Grayscale handles more than $35 billion in client assets, and its XRP trust was launched in September last year.

By using the ETF structure, Grayscale can overcome traditional barriers to entry. This is because investors can now hold alts using common brokerage accounts or IRAs without using any kind of cryptocurrency wallet or other cryptographic custody solutions.

This makes investing in cryptocurrencies more attractive to institutional and individual investors who had shown aversion to them in the past.

Earlier in the year, Grayscale submitted a proposal to the United States SEC to convert its XRP investment product into an ETF, in line with its success in administering ETFs for Bitcoin and Ethereum. It has also filed for an IPO to publicly list its Class A common stock on the NYSE.

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Dogecoin & XRP ETFs Spark Trading Surge

Before the ETF launch, trading volumes for both assets rose. The volume for Dogecoin derivatives rose by over 30% to $7.22 billion, while that for XRP derivatives rose by 51% to $12.74 billion, as per data from CoinGlass.

Price action has certainly shown activity in the days leading up to trading. Currently, Dogecoin is trading at $0.1365, representing a loss of 1.66% over the last 24 hours.

Moreover, at the time of writing, XRP is trading at $1.89. XRP price decreased by -1.69% in the last 24 hours.

Their concurrent launch signifies a historic development for cryptocurrency acceptance, as it enables a larger investor base to gain access to two of the most widely recognized cryptocurrencies other than Bitcoin and Ethereum.

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