Grayscale Investments will list Dogecoin and XRP spot ETFs on the NYSE Arca on November 24, 2025, providing a new way for everyday investors to purchase these coins through regular brokerages.
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The fund will trade under the tickers GDOG for Dogecoin and GXRP for XRP, according to exchange notices and regulatory filings. The listing will convert Grayscale's existing private trust into a publicly traded product.
Grayscale moves to Dogecoin and XRP listings
According to reports, both ETFs have been approved for listing and paperwork has been submitted to the U.S. Securities and Exchange Commission.
This move gave two small but widely supported cryptocurrencies spot exposure and mainstream avenues. For many investors, this means being able to access their wallets and private keys without having direct control over them.
The Grayscale Dogecoin ETF $GDOG has been approved for listing on the New York Stock Exchange and is expected to begin trading on Monday. Their XRP spot will also launch on Monday. $GLNK will also be coming soon, I think in a week pic.twitter.com/c6nKUeDrtI
— Eric Balchunas (@EricBalchunas) November 21, 2025
Market activity increases ahead of launch
This announcement was preceded by an increase in related derivatives trading activity. Based on exchange data, Dogecoin's derivatives trading value increased by more than 30% to approximately $7.22 billion.
XRP derivatives surged as well, rising about 51% to about $12.74 billion. Based on the report, these spikes reflect traders' positioning for potential price movements around the ETF debut.
Spot ETFs do not promise higher prices, but they do change who can buy the assets. Brokers, retirement plans, and funds that avoid direct custody of cryptocurrencies may intervene.
It can affect the liquidity of both the token and its market. At the same time, the overall cryptocurrency market is under pressure. According to reports, the launch comes amid a roughly six-week economic downturn.
DOGE's market capitalization is currently $21.4 billion. Chart: TradingView
Demand and flows remain questionable
Product fees, custody details, and how trusts are converted into ETF shares shape investor appetite. Past crypto ETF launches have seen strong initial flows in some products, but waning interest in others. What is important for the price is not only the time of listing, but also the inflow and outflow of funds after trading begins.
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Investors and analysts will likely be watching the first day of trading for clues. High volumes and tight spreads suggest strong demand. Low sales or wide spreads may indicate low interest.
Based on the report, market participants will also be monitoring whether ETFs engage in the same type of speculative trading that has driven up derivatives trading volumes in recent days.
The listing of both GDOG and GXRP on the same day is a notable step for mainstream crypto products. According to exchange filings, the fund is structured as a spot ETF that holds the underlying tokens through a custodian. While this does not eliminate price risk, it does make these assets easier to purchase for a broader group of investors.
Featured images from Gemini, charts from TradingView
