The New York Stock Exchange (NYSE) has given the green light to Grayscale's Dogecoin (DOGE) and XRP exchange-traded funds (ETFs), paving the way for their launch on Monday, November 24, 2025. This marks a significant expansion of Grayscale's crypto offerings and provides U.S. investors with streamlined access to DOGE and XRP through regulated public markets.
The approval from NYSE Arca certifies the listing and registration of the Grayscale XRP Trust ETF (GXRP) and the Grayscale Dogecoin Trust ETF (GDOG) under the Exchange Act of 1934. Both ETFs are structured as spot exchange-traded products (ETP) that hold their respective underlying assets. This allows investors to gain exposure to the price movements of Dogecoin and XRP without directly holding the digital assets.
Grayscale's move to launch these ETFs is part of a broader trend of increasing institutional interest in crypto assets beyond Bitcoin and Ethereum. The company has been converting existing private placements into ETFs, making them more accessible to retail and institutional investors. Bloomberg analyst Eric Balchunas noted that a Grayscale Chainlink ETF may follow soon.
The dual launch represents a significant expansion for Grayscale beyond its established Bitcoin and Ethereum products. As of November 2025, Grayscale oversees more than $35 billion in client assets. The ETF structure eliminates the need for crypto exchanges, digital wallets, or custody solutions, simplifying access for a broader range of investors. Both the XRP and Dogecoin ETFs will carry a 0.35% management fee.
The Grayscale Dogecoin Trust ETF will trade under the ticker GDOG, while the Grayscale XRP Trust ETF will trade under the ticker GXRP. The launch of GDOG marks the second DOGE-backed product in the U.S. market, following the Rex-Osprey DOGE ETF (DOJE), which was launched in September 2025.
The debut of GXRP comes as the XRP Ledger (XRPL), a blockchain leveraged for instantaneous cross-border settlements, nears its fourteenth anniversary. Since its inception, XRPL has processed more than 4 billion transactions.
The launches come even as crypto markets and investor confidence have sagged. Bitcoin recently fell below $85,000, its lowest level since late April, according to data from CoinGecko. XRP is down over 15% for the same period, while DOGE has dropped about 14.7%.
Bloomberg's senior ETF analyst Eric Balchunas said that the Dogecoin ETF's transaction volumes could hit the $11 million mark on November 24.
Other companies are also adding to the momentum. The 21shares XRP ETF, anticipated to list on Cboe BZX Exchange, intends to track the CME CF XRP—Dollar Reference Rate and allocate XRP across custodians such as Coinbase, Anchorage Digital Bank, and Bitgo. Franklin Templeton is also set to introduce its own Dogecoin ETF in the coming days.
