NYSE Gives Green Light to DOGE and XRP ETFs
TL;DR
- NYSE Arca has officially approved the listing of Grayscale's Dogecoin ETF (GDOG) and Grayscale's XRP ETF (GXRP).
- Both ETFs are scheduled to begin trading Monday, marking a major expansion of U.S. crypto ETF offerings.
- Bloomberg's Eric Balchunas confirmed that a Chainlink ETF (GLNK) is also on the way.
- DOGE ETF is converted from Grayscale's existing trust, expected to debut with around $11M opening volume.
- XRP ETF space is suddenly crowded: Franklin Templeton, WisdomTree, Canary Capital, Bitwise, 21Shares, CoinShares all entering.
- Despite the ETF surge, XRP price has dropped ~19%+ since early November.
- Signals broader trend: the SEC and exchanges are accelerating approvals for crypto ETFs after recent regulatory pauses.
The New York Stock Exchange has officially pushed Grayscale's Dogecoin and XRP ETFs over the finish line. After months of anticipation and multiple filings, NYSE Arca submitted its certification to the SEC confirming that the exchange has approved both products for listing and trading. That approval came late Friday - and it immediately set the countdown for a high-visibility Monday launch.
This decision isn't just procedural. For Grayscale, it's the last major milestone required before the funds go live. For the broader market, it's another signal that U.S. institutions are accelerating their acceptance of crypto exposure through regulated financial products, even for assets historically dismissed as "speculative."
Bloomberg ETF analyst Eric Balchunas posted the approval documents on X, adding a now-viral note that more is coming. He wrote:
He also added:"$GLNK coming soon as well, week after I think." His comments confirm what has become a clear industry trend: Grayscale is lining up a family of single-asset ETFs targeting some of the most traded altcoins on the market. And exchanges are clearing them at a pace that would have been unthinkable a year ago.
Why DOGE? Why Now?
Dogecoin's unexpected transition from meme culture icon to regulated investment product is one of crypto's more surreal timeline bends, but it also reflects the market's direction in 2024-2025. Asset managers have realized that investor demand doesn't follow narratives - it follows liquidity, trading volume, and cultural relevance. DOGE checks all three boxes.
The new Grayscale Dogecoin ETF (GDOG) isn't built from scratch. It's a conversion of Grayscale's existing Dogecoin Trust, now wrapped in a more investor-friendly ETF structure that allows daily creations and redemptions. These mechanics help the ETF stay closer to DOGE's actual market price, solving one of the biggest issues investors had with older closed-end crypto trusts.
Balchunas predicted that the DOGE ETF's first-day trading volume could land around $11 million, which would put it among the stronger altcoin ETF debuts so far. Even if DOGE is still often treated as a joke asset in some circles, the institutional interest is very real. Retail traders have historically shown huge demand for DOGE derivatives, and ETFs provide a safer alternative.
More importantly, DOGE's ETF approval confirms that U.S. institutions are increasingly comfortable listing products tied to assets beyond Bitcoin and Ethereum. Even if some consider DOGE "speculative," regulatory bodies and exchanges are clearly shifting toward a more open stance.
XRP's ETF Moment - Flooded Competition Arrives All at Once
XRP is entering a completely different kind of environment. While DOGE gets a single ETF conversion, XRP is getting an entire wave of products hitting the market simultaneously. Grayscale's GXRP will go live Monday, but it won't be alone. A competing ETF from Franklin Templeton is also launching the same day. WisdomTree has an XRP product awaiting approval. And others have already beaten Grayscale to the punch.
On November 13, Canary Capital launched the first spot XRP ETF in the U.S., pulling in over $250 million in inflows on day one - a massive start for a non-Bitcoin ETF. The momentum didn't stop there. Bitwise, 21Shares, and CoinShares also rolled out XRP ETFs this month, turning the asset into one of the busiest new ETF categories of the year. It's a sudden, crowded market, and everyone wants in. The timing is notable. The end of the U.S. government shutdown in early November created a regulatory bottleneck where dozens of crypto ETF filings were temporarily frozen. Once the SEC reopened its pipeline, approvals began flowing again - and XRP became one of the primary beneficiaries.
For the asset itself, the reaction hasn't been positive. Despite the ETF boom, XRP has fallen more than 19% since the start of November, according to CoinGecko. Part of that may be market exhaustion after months of upward pressure. Another part may be simple over-supply: multiple ETFs launching at once create fragmentation rather than concentrated inflows. Still, institutional access has arrived. XRP is now one of the most ETF-represented altcoins in the U.S., a milestone few would have forecasted during the years of SEC litigation.
What This Means for U.S. Crypto ETFs
What's happening with DOGE and XRP isn't isolated. It's a reflection of a broader structural shift happening inside the U.S. financial system. Exchanges, regulators, and issuers are rapidly building out a universe of single-asset crypto ETFs, using the Bitcoin approval wave from earlier this year as a model.
A few forces are shaping this:
- Retail investors want regulated access
Many people are comfortable holding spot Bitcoin but not altcoins. ETFs solve that. - Exchanges are widening their offerings
NYSE Arca and Cboe are actively competing for crypto listings. Approval speed has become a strategic advantage. - Asset managers are rushing in
Grayscale, Franklin Templeton, Bitwise, 21Shares, CoinShares, WisdomTree - all see altcoin ETFs as the next trillion-dollar frontier. - The SEC's posture has softened
Not friendly, but no longer hostile.
Regulation by delay is slowly giving way to regulation by structured approval.
Chainlink ETF Coming Next - Another Altcoin Milestone
Balchunas' note that a Chainlink (GLNK) ETF may debut next week adds another layer to the story. Chainlink occupies a different category than DOGE and XRP - it is deeply integrated with institutional blockchain pilots, price oracles, and tokenization infrastructure.
A LINK ETF signals that institutional appetite is expanding not just toward speculative coins, but toward infrastructure-layer assets as well. This fits the trend we've seen with RWAs, interoperability protocols, and data-layer tokens.
If GLNK launches next week as Balchunas hinted, it continues the pattern: one to two new crypto ETFs every week. That pace would have been unimaginable just 12 months ago.
Market Reactions and Sentiment
Reaction to the DOGE and XRP ETF approval has been mixed but energetic. DOGE supporters view it as validation that the meme coin has outlived every bearish narrative ever thrown at it. XRP holders see it as long-delayed recognition after years of regulatory battles.
Traders, however, are divided. Some worry that ETF supply will suppress short-term price action. Others expect inflows to stabilize volatility as institutional participation grows. The reality is likely somewhere in the middle. ETFs rarely create instant price spikes unless they attract dramatic inflows. What they do create - reliably - is long-term legitimacy and accessibility.
And for DOGE and XRP, legitimacy in traditional markets has been a long process.
Final Thoughts
The NYSE's approval of Grayscale's DOGE and XRP ETFs isn't just another product listing. It marks a deeper shift in how U.S. financial institutions treat crypto assets - especially altcoins. Whether speculative or infrastructure-focused, assets that once lived entirely inside crypto culture are now stepping into regulated investment frameworks that reach millions of traditional investors.
DOGE arrives with its meme-powered momentum, XRP arrives in a crowded competitive field, and LINK is waiting in the wings. Each one is part of a wider pattern showing that the ETF era is no longer just about Bitcoin or Ethereum. It's about giving investors structured, regulated access to the crypto assets they're already trading on exchanges every day.
Monday will be a big day for DOGE and XRP holders. But more importantly, it's another step toward a U.S. market where altcoin exposure sits right next to equities and commodities - not outside them.
