The New York Stock Exchange has approved the listing of Grayscale’s XRP and Dogecoin exchange-traded funds, clearing both products to begin trading on Monday.
Key Takeaways:
- NYSE approved Grayscale’s XRP and Dogecoin ETFs, converting long-running private trusts into ETFs.
- The launches come amid a surge in altcoin ETF approvals.
- Analysts warn continued ETF withdrawals could pressure Bitcoin toward $82K.
NYSE Arca, the exchange’s ETF-focused subsidiary, filed certifications on Friday confirming the listing and registration of the Grayscale XRP Trust ETF Shares and the Grayscale Dogecoin Trust ETF Shares under the Securities Exchange Act of 1934.
Grayscale Converts Long-Running Trusts Into Full ETFs
Notably, both products are conversions of long-running private trusts into fully listed ETFs.
“These approvals certify the listing and registration” of the trusts, NYSE Arca wrote, setting the stage for two of the crypto market’s most widely followed assets to gain ETF access.
XRP is the fourth-largest cryptocurrency, while Dogecoin, created as a meme, remains the largest memecoin globally with a deeply loyal retail following.
Grayscale’s latest conversions arrive during a surge of new crypto ETFs in the United States.
Over the past year, funds tracking Litecoin, HBAR, XRP, and Solana secured listings using guidance the SEC issued early in the government shutdown.
JUST IN:
Grayscale’s $DOGE and $XRP ETFs go live on the NYSE this Monday.
Both coins are still 81% and 50% below their ATHs.
Can Wall Street wake them up?pic.twitter.com/KWO2Aslo8Q
— Wise Advice (@wiseadvicesumit) November 22, 2025
That guidance outlined how issuers could go public without waiting for explicit approval, provided listing standards, themselves approved by the SEC in September, were met.
If launched as planned, Grayscale’s Dogecoin ETF will become the second Dogecoin ETF in the US, following the REX-Osprey DOGE product that debuted in September under the Investment Company Act of 1940.
Grayscale now operates ETF products tied to Bitcoin, Ethereum, Dogecoin, Solana, and XRP, extending its lineup as demand for altcoin-focused funds increases.
ETF Outflows Loom Over the Broader Market
The approvals come at a time when sentiment around crypto ETFs has weakened sharply.
US spot Bitcoin ETFs suffered nearly $1 billion in outflows on Thursday, the second-largest daily withdrawal on record for the 12-fund cohort.
BlackRock’s IBIT saw $355 million leave the fund, while Grayscale’s GBTC and Fidelity’s FBTC lost close to $200 million each.
The sector is heading toward its worst week since February, with about $4 billion pulled over the past month as Bitcoin slid roughly 30% in the same period.
Since their launch last year, spot-Bitcoin ETFs have become a key indicator of demand for the underlying asset, and a source of volatility.
Citi Research estimates that each $1 billion in outflows corresponds to a 3.4% drop in Bitcoin’s price, according to a report from Bloomberg.
Analyst Alex Saunders now places a bear-case target of $82,000 for year-end, citing hesitant long-term holders and a lack of new inflows, per the reprot
Bitcoin is currently trading near $85,000, after touching $80,553 earlier on Friday.
Despite the turbulence, issuers are not slowing down. Since October 10, 17 new crypto-linked ETFs have launched, about a quarter of this year’s total, with dozens more awaiting SEC review.
Even so, institutional desks report growing caution. FRNT Financial CEO Stephane Ouellette said clients increasingly fear the October top near $125,000 may have been the cycle peak. Newly launched ETFs are now posting double-digit declines.
“With all this talk about bubbles, the inability of the asset class to mount a convincing bounce is putting real fear into the market,” said Matt Maley, chief market strategist at Miller Tabak.
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