Grayscale launched spot exchange-traded funds for XRP and Dogecoin on Monday, converting both products from preexisting trusts. The digital assets rallied following the rollout, with XRP gaining more than 7% and Dogecoin climbing nearly 4.5% over the past 24 hours as the new investment vehicles became available on NYSE Arca.
What Happened: ETF Conversions
Grayscale converted two cryptocurrency trusts into exchange-traded funds that began trading on NYSE Arca this week. The Dogecoin ETF, which carries the ticker GDOG, represents the first pure spot DOGE fund accessible to U.S. investors through traditional brokerage accounts. Several spot XRP ETFs entered the market earlier this fall, making Grayscale's offering part of a broader wave of similar products.
XRP reached $2.20 in Monday trading, maintaining its position as the fourth-largest digital asset by market value. Dogecoin traded at $0.152, holding the 10th spot among cryptocurrencies ranked by capitalization. The price movements followed the announcement of the new investment products, though both assets had shown strength in recent weeks.
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Why It Matters: Accelerating Adoption
Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, said five spot cryptocurrency exchange-traded funds will debut over the next six days. The firm anticipates a sustained pipeline of new products, with projections exceeding 100 launches within the coming six months.
"Beyond that, we don't have exact [numbers], but we expect a steady supply of them (likely over 100 in the next six months)," Balchunas wrote. "Note: our 100 estimate includes '40 Act stuff too, which includes 2x. Tons of spot, though. Land rush in effect, no matter how you define it."
The estimate encompasses both traditional spot products and leveraged funds structured under the Investment Company Act of 1940. Bloomberg Intelligence senior research analyst James Seyffart compiled data showing both completed launches and pending applications, illustrating the scale of institutional interest in cryptocurrency investment vehicles.
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Closing Thoughts
Grayscale's conversion of XRP and Dogecoin trusts into exchange-traded funds expands investor access to alternative cryptocurrencies through regulated products. The launches arrive amid a broader industry push to bring digital assets into traditional financial markets, with dozens more funds expected before mid-2026.
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