Grayscale Investments will list spot ETFs for Dogecoin and XRP on the market NYSE Arca on November 24, 2025, providing a new way for regular investors to purchase those coins through mainstream brokers.
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According to exchange notices and registration documents, the funds will trade under the tickers for which GDOG trades Dogecoin and GXRP for XRP. The listings convert Grayscale’s existing private placement trusts into publicly traded products.
Grayscale moves to Dogecoin and XRP
Reports have indicated that both ETFs have received approval to list, and paperwork has been filed with the U.S. Securities and Exchange Commission.
This move brings spot exposure to two smaller, but widely followed cryptocurrencies into a mainstream vehicle. For many investors, this means access without directly managing wallets or private keys.
Grayscale Dogecoin ETF $GDOG approved for listing on NYSE, with trading expected to begin Monday. Their XRP spot will also be launched on Monday. $GLNK coming soon too, week after I think pic.twitter.com/c6nKUeDrtI
— Eric Balchunas (@EricBalchunas) November 21, 2025
Pre-launch market activity increased
Trading activity in related derivatives increased in the run-up to the announcement. Dogecoin derivatives volume rose more than 30% to roughly $7.22 billion, based on stock market data.
XRP derivatives also rose, rising about 51% to about $12.74 billion. Based on reports, these spikes reflect traders’ positioning for potential price swings around the ETF debut.
Spot ETFs don’t promise higher prices, but they do change who can buy the assets. Brokers, pension plans and funds that avoid direct custody of cryptocurrencies can now step in.
That could affect liquidity in both the tokens and their markets. At the same time, the overall crypto market is under pressure; reports say the launches will take place during a recession of about six weeks.
DOGE market cap currently at $21.4 billion. Chart: TradingView
Questions remain about demand and flows
Product costs, custody details and how the trusts are converted into ETF shares will determine investor appetite. Previous crypto launches ETFs showed strong early flow for some products, while other products showed moderate interest. What matters for prices is not just the quotes, but also the inflows and outflows once trading starts.
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Investors and analysts will likely be watching for clues in the first few days of trading. High volume and tight spreads indicate strong demand. Low turnover or wide spreads could indicate tepid interest.
Based on reports, market participants will also be watching to see if the ETFs attract the same kind of speculative trading that has boosted derivatives volume in recent days.
The listing of both GDOG and GXRP on the same date marks a notable step for mainstream crypto products. According to exchange documents, the funds are structured as spot ETFs that hold the underlying tokens through custodians. While that doesn’t eliminate price risk, it does make buying these assets easier for a broad group of investors.
Featured image of Gemini, chart from TradingView