Grayscale Investments commenced trading of two spot exchange-traded funds, the Dogecoin Trust ETF (GDOG) and the XRP Trust ETF (GXRP), on Monday, November 24, 2025, after receiving concurrent approvals from the New York Stock Exchange Arca and the U.S. Securities and Exchange Commission on November 21, 2025, a regulatory milestone that formalizes listing permissions and clears the final Exchange Act of 1934 compliance requirements. The approvals permit U.S. investors to obtain regulated, brokerage-accessible exposure to DOGE and XRP for the first time, a development likely to influence retail adoption patterns by diminishing operational frictions associated with wallet custody and exchange account management, and to affect market liquidity through centralized custody structures that aggregate trading interest within regulated ETP frameworks. As spot ETPs holding underlying digital assets directly, both products employ trust structures to manage tangible crypto holdings, ensuring custody, valuation protocols, and audit trails align with institutional-grade operational controls, which underpins the ETFs’ capacity to channel institutional capital while offering retail participants a familiar vehicle for portfolio allocation. These regulatory approvals reflect the SEC’s continued oversight role in treating many digital assets as securities. Market participants anticipate that these listings will recalibrate trading dynamics across spot and derivative venues, as the shift of order flow into NYSE Arca-listed instruments may compress spreads on underlying crypto venues and promote depth in on-exchange order books, although temporary volatility remains plausible given concurrent retail and institutional flows. Grayscale’s introduction follows precedent set by Bitcoin and Ethereum ETPs and represents an extension of regulatory acceptance toward a broader taxonomy of digital assets, signaling to asset managers that the SEC will entertain well-structured, custody-backed spot proposals beyond the largest tokens. The concurrent approval of an XRP product from another fiduciary illustrates competitive trajectories within the asset management sector, wherein Grayscale’s established brand and operational scale position it advantageously, yet also invite intensified product innovation and fee competition. Grayscale has previously launched ETFs for other tokens, including Bitcoin and Ethereum, and is expanding into additional altcoin products like Solana, and observers expect further approvals in the near term such as a Chainlink trust. Grayscale’s suite now exceeds 40 funds, reflecting growing issuer interest and market depth in crypto ETPs, a development that underscores industry expansion.
