The New York Stock Exchange (NYSE) has given the green light for the trading of Grayscale’s exchange-traded funds (ETFs) linked to both Dogecoin and XRP, with trading set to launch on Monday.
NYSE Arca, which operates as a subsidiary of the exchange, formally filed with the Securities and Exchange Commission on Friday certifying the “approval for listing and registration” of Grayscale’s XRP Trust ETF (GXRP) and Dogecoin Trust ETF (GDOG).
On Sunday, Bloomberg’s senior ETF analyst, Eric Balchunas, shared on social media that Grayscale’s ETF associated with Chainlink is expected to follow shortly.
“Grayscale Dogecoin ETF $GDOG approved for listing on NYSE, scheduled to begin trading Monday. Their XRP spot is also launching on Monday,” - Eric Balchunas. “$GLNK coming soon as well, week after I think.”
The approval from NYSE signifies the last necessary step for the launch of Grayscale’s spot Dogecoin ETF, one of various ETFs linked to speculative cryptocurrencies that have recently hit the market.
Grayscale’s Dogecoin ETF is a transition of the company’s existing trust to an ETF that tracks the price of DOGE, with Balchunas projecting that the ETF’s initial trading day could see around $11 million in volume.
XRP ETFs Influx
Simultaneously, the Grayscale XRP ETF is set to launch alongside a competing option from Franklin Templeton, with another XRP ETF from WisdomTree pending release as well.
The debut of the Canary Capital’s ETF (XRPC) on November 13 marked the first spot XRP ETF available in the US, achieving a remarkable start with more than $250 million in inflows within its first trading day.
Moreover, firms such as Bitwise, 21Shares, and CoinShares have also launched XRP ETFs this month, as additional products flooded the market after the conclusion of the US government shutdown and the SEC easing its oversight on crypto ETFs.
Although ETFs are generally regarded favorably for the underlying assets, XRP has experienced a decline of roughly 18% since the beginning of November, according to data from CoinGecko.
