Market News

Grayscale's Dogecoin and XRP ETFs Set to Launch on NYSE, Reviving Crypto Interest

The New York Stock Exchange (NYSE) has officially approved the listings of Grayscale's XRP and Dogecoin exchange-traded funds (ETFs), marking a significant development in the cryptocurrency space.

Starting Monday, these ETFs will transition from long-standing private trusts to publicly traded funds.

NYSE Arca filed the necessary certifications confirming the registration of the Grayscale XRP Trust and the Grayscale Dogecoin Trust under the Securities Exchange Act of 1934.

XRP, now the fourth-largest cryptocurrency, alongside Dogecoin, the leading memecoin with a dedicated following, will gain easier access for institutional and retail investors through these new listings.

Grayscale's move occurs against a backdrop of growing interest in crypto ETFs, despite an overall weakening sentiment in the sector.

Recent data shows that traditional spot Bitcoin ETFs have experienced substantial outflows, with nearly $1 billion withdrawn in a single day, reflecting concerns over the crypto market's volatility.

Analysts suggest that the current state of the market may be deterring long-term holders, intensifying fears of a potential downturn.

Nevertheless, since October 10, 17 new crypto-linked ETFs have been launched, demonstrating continued demand for alternative crypto investment products.

The approval of Grayscale's Dogecoin and XRP ETFs is expected to be a catalyst in reviving interest in cryptocurrencies on Wall Street, especially as market participants monitor price movements closely.

As the landscape for crypto continues to evolve, these ETFs represent a pivotal moment in making cryptocurrencies more accessible to both individual and institutional investors.