The New York Stock Exchange approved the listing of Grayscale’s XRP and Dogecoin exchange-traded funds, allowing both products to begin trading on Monday.
Key points to remember:
- The NYSE has approved Grayscale’s XRP and Dogecoin ETFs, converting long-standing private trusts into ETFs.
- The launches come amid a surge in altcoin ETF approvals.
- Analysts warn that continued ETF withdrawals could pressure Bitcoin towards $82,000.
NYSE Arca, the exchange’s ETF-focused subsidiary, filed certifications on Friday confirming the listing and registration of Grayscale XRP Trust ETF Shares and Grayscale Dogecoin Trust ETF Shares under the Securities Exchange Act of 1934.
Grayscale converts long-standing trusts into full ETFs
Notably, both products are conversions of long-standing private trusts into fully listed ETFs.
“These approvals certify the listing and registration” of the trusts, NYSE Arca wrote, paving the way for two of the crypto market’s most followed assets to access ETFs.
XRP is the fourth largest cryptocurrency, while Dogecoin, created as a meme, remains the world’s largest memecoin with a deeply loyal retail audience.
Grayscale’s latest conversions come amid a wave of new crypto ETFs in the United States.
Over the past year, funds tracking Litecoin, HBAR, XRP, and Solana have obtained listings following guidelines issued by the SEC at the start of the government shutdown.
JUST IN:
Grayscale $DOGE And $XRP The ETFs will go live on the NYSE this Monday.
Both coins are still 81% and 50% below their ATHs.
Can Wall Street wake them up?
– Wise Advice (@wiseadvicesumit) November 22, 2025
JUST IN:
These guidelines described how issuers could go public without waiting for explicit approval, provided that listing standards, themselves approved by the SEC in September, were met.
If launched as planned, Grayscale’s Dogecoin ETF will become the second Dogecoin ETF in the United States, following the REX-Osprey DOGE product which debuted in September under the Investment Company Act of 1940.
Grayscale now operates ETF products linked to Bitcoin, Ethereum, Dogecoin, Solana and XRP, expanding its range as demand for altcoin-focused funds increases.
ETF exits threaten broader market
The approvals come at a time when sentiment around crypto ETFs has sharply weakened.
U.S. spot Bitcoin ETFs suffered outflows of nearly $1 billion on Thursday, the second-largest daily withdrawal on record for the cohort of 12 funds.
BlackRock’s IBIT saw $355 million leave the fund, while Grayscale’s GBTC and Fidelity’s FBTC lost nearly $200 million each.
The sector is heading for its worst week since February, with around $4 billion withdrawn over the past month while Bitcoin has fallen around 30% over the same period.
Since their launch last year, spot-Bitcoin ETFs have become a key indicator of demand for the underlying asset and a source of volatility.
Citi Research estimates that every billion dollars in outflows corresponds to a 3.4% drop in the price of Bitcoin, according to a Bloomberg report.
Analyst Alex Saunders now sets a bearish target of $82,000 for the end of the year, citing hesitant long-term holders and a lack of new flows, according to the reprot.
Bitcoin is currently trading near $85,000, after touching $80,553 earlier on Friday.
Despite the turbulence, the transmitters do not slow down. Since October 10, 17 new cryptocurrency-related ETFs have launched, about a quarter of this year’s total, and dozens more are awaiting review by the SEC.
However, institutional offices are showing increasing caution. FRNT Financial CEO Stéphane Ouellette said clients are increasingly concerned that October’s high near $125,000 may be the top of the cycle. Newly launched ETFs are now showing double-digit declines.
“With all the talk about bubbles, the inability of the asset class to convincingly rebound is causing real fear in the market,” said Matt Maley, chief market strategist at Miller Tabak.
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