Grayscale’s Dogecoin and XRP exchange-traded funds (ETFs) are set to go live on the New York Stock Exchange (NYSE) Arca. The NYSE informed the U.S. SEC about its approval of these ETFs by the investment firm via an official letter dated November 21.
These ETFs will be made available starting NYSE Arca on Monday. A subsidiary of the NYSE Group, the Arca unit is an all-electronic securities exchange that serves as a popular marketplace for exchange-traded products (ETPs) like ETFs. NYSE Arca provides a completely automated equity trading ecosystem, unlike the NYSE which uses a hybrid of electronic and floor trading.
These newly launched ETFs will bring DOGE and XRP ETFs to the investors, reportedly, for the first time through regulated markets. The ETFs are named – GDOG and GXRP.
Announcing the development on X, Grayscale warned investors that engaging with these ETFs can be risky and that investing in the ETF would not mean a direct investment in DOGE and XRP.
Both XRP and Dogecoin are among the top ten crypto assets by market cap. XRP is presently trading at $2.06 whereas DOGE is retailing at $0.146. Their respective market caps presently stand at $124.5 billion and $22.24 billion, as per CoinMarketCap.
Grayscale had put GXRP and GDOG as private placements before the NYSE approved for them to go live. With these two new ETFs, Grayscale now offers over 40 crypto-related investments products, including its Bitcoin Trust and Ethereum Trust among others.
Incidentally, Dogecoin and XRP ETFs are picking pace in the market. Asset management firm Franklin Templeton, for instance, is reportedly rumoured to launch its Dogecoin ETF around next week. Meanwhile, the XRP ETF from Bitwise entered the market last week.
Earlier this month, a Reuters report said that the U.S. fetched $5.95 billion through crypto ETFs. Switzerland and Germany, meanwhile, roped-in $563 million and $312 million respectively.