NYSE Grants Approval for Grayscale’s ETFs on XRP and Dogecoin

The New York Stock Exchange has granted approval for the listing of Grayscale’s XRP and Dogecoin exchange-traded funds, allowing both products to commence trading on Monday.

Key Takeaways:

• NYSE has sanctioned Grayscale’s XRP and Dogecoin ETFs, transforming long-established private trusts into ETFs.
• The launches occur amidst a rise in altcoin ETF approvals.
• Analysts caution that ongoing ETF withdrawals could exert downward pressure on Bitcoin, potentially pushing it toward $82K.

NYSE Arca, the ETF-centric subsidiary of the exchange, submitted certifications on Friday confirming the listing and registration of the Grayscale XRP Trust ETF Shares and the Grayscale Dogecoin Trust ETF Shares in accordance with the Securities Exchange Act of 1934.

Grayscale Transforms Long-Standing Trusts Into Fully-Listed ETFs

Importantly, both offerings are transformations of long-standing private trusts into fully listed ETFs.

“These approvals validate the listing and registration” of the trusts, NYSE Arca stated, paving the way for two of the crypto market’s most closely monitored assets to obtain ETF access.

XRP ranks as the fourth-largest cryptocurrency, while Dogecoin, initially created as a meme, continues to be the largest memecoin worldwide, boasting a dedicated retail following.

Grayscale’s recent conversions emerge during a wave of new crypto ETFs in the United States.

In the past year, funds tracking Litecoin, HBAR, XRP, and Solana have achieved listings based on guidance provided by the SEC during the recent government shutdown.

JUST IN:
Grayscale’s $DOGE and $XRP ETFs are set to launch on the NYSE this Monday.
Both coins remain 81% and 50% below their all-time highs.
Can Wall Street stimulate their growth? pic.twitter.com/KWO2Aslo8Q

— Wise Advice (@wiseadvicesumit) November 22, 2025

This guidance detailed how issuers could go public without awaiting explicit approval, as long as they met the listing standards, which were approved by the SEC in September.

If launched as intended, Grayscale’s Dogecoin ETF will become the second Dogecoin ETF in the US, following the REX-Osprey DOGE product that was introduced in September under the Investment Company Act of 1940.

Grayscale currently manages ETF products linked to Bitcoin, Ethereum, Dogecoin, Solana, and XRP, expanding its offerings as demand for altcoin-focused funds rises.

ETF Outflows Cast a Shadow Over the Broader Market

The approvals arrive at a time when sentiment surrounding crypto ETFs has significantly declined.

US spot Bitcoin ETFs experienced nearly $1 billion in outflows on Thursday, marking the second-largest daily withdrawal on record for the 12-fund group.

BlackRock’s IBIT saw $355 million exit the fund, while Grayscale’s GBTC and Fidelity’s FBTC each lost close to $200 million.

The sector is on track for its worst week since February, with approximately $4 billion withdrawn over the past month as Bitcoin fell about 30% during the same timeframe.

Since their inception last year, spot-Bitcoin ETFs have become a crucial indicator of demand for the underlying asset and a source of volatility.

Citi Research estimates that every $1 billion in outflows correlates to a 3.4% decrease in Bitcoin’s price, according to a report from Bloomberg.

Analyst Alex Saunders currently sets a bear-case target of $82,000 for year-end, citing cautious long-term holders and a lack of new inflows, as per the report.

Bitcoin is presently trading around $85,000, after reaching $80,553 earlier on Friday.

Despite the volatility, issuers are not slowing their pace. Since October 10, 17 new crypto-linked ETFs have launched, accounting for about a quarter of this year’s total, with many more pending SEC review.

Nonetheless, institutional desks report increasing caution. FRNT Financial CEO Stephane Ouellette noted that clients are becoming more apprehensive that the October peak near $125,000 may have marked the cycle’s high. Newly launched ETFs are now experiencing double-digit declines.

“With all this discussion about bubbles, the inability of the asset class to mount a convincing rebound is instilling real fear into the market,” stated Matt Maley, chief market strategist at Miller Tabak.

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