BREAKING: NYSE Greenlights Grayscale’s XRP & Dogecoin ETF Listings - Crypto Mainstream Moment Arrives
Wall Street's most iconic trading floor just opened its doors to two of crypto's most controversial assets. The New York Stock Exchange approved Grayscale's landmark XRP and Dogecoin ETF applications in a move that signals institutional acceptance of once-fringe digital currencies.
From Meme to Mainstream
Dogecoin's journey from internet joke to regulated investment vehicle defies every traditional finance textbook. Meanwhile XRP - despite its regulatory battles - secures a stunning institutional endorsement that could reshape crypto's regulatory landscape.
The Approval Game-Changer
These ETFs don't just offer exposure - they provide legitimacy. Traditional investors can now buy these assets through trusted brokerage accounts rather than navigating crypto exchanges. The barrier between digital assets and conventional portfolios just got thinner.
Wall Street finally admits what crypto natives knew years ago - though they'll probably take their usual 2% management fee for the privilege. The revolution will be institutionalized, with all the paperwork and commissions that entails.
Grayscale Converts Long-Running Trusts Into Full ETFs
Notably, both products are conversions of long-running private trusts into fully listed ETFs.
“These approvals certify the listing and registration” of the trusts, NYSE Arca wrote, setting the stage for two of the crypto market’s most widely followed assets to gain ETF access.
XRP is the fourth-largest cryptocurrency, while Dogecoin, created as a meme, remains the largest memecoin globally with a deeply loyal retail following.
Grayscale’s latest conversions arrive during a surge of new crypto ETFs in the United States.
Over the past year, funds tracking Litecoin, HBAR, XRP, and solana secured listings using guidance the SEC issued early in the government shutdown.
JUST IN:
Grayscale’s $DOGE and $XRP ETFs go live on the NYSE this Monday.
Both coins are still 81% and 50% below their ATHs.
Can Wall Street wake them up?
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That guidance outlined how issuers could go public without waiting for explicit approval, provided listing standards, themselves approved by the SEC in September, were met.
If launched as planned, Grayscale’s Dogecoin ETF will become the second Dogecoin ETF in the US, following the REX-Osprey Doge product that debuted in September under the Investment Company Act of 1940.
Grayscale now operates ETF products tied to Bitcoin, Ethereum, Dogecoin, Solana, and XRP, extending its lineup as demand for altcoin-focused funds increases.
ETF Outflows Loom Over the Broader Market
The approvals come at a time when sentiment around crypto ETFs has weakened sharply.
US spot Bitcoin ETFs suffered nearly $1 billion in outflows on Thursday, the second-largest daily withdrawal on record for the 12-fund cohort.
BlackRock’s IBIT saw $355 million leave the fund, while Grayscale’s GBTC and Fidelity’s FBTC lost close to $200 million each.
The sector is heading toward its worst week since February, with about $4 billion pulled over the past month as bitcoin slid roughly 30% in the same period.
Since their launch last year, spot-Bitcoin ETFs have become a key indicator of demand for the underlying asset, and a source of volatility.
Citi Research estimates that each $1 billion in outflows corresponds to a 3.4% drop in Bitcoin’s price, according to a report from Bloomberg.
Analyst Alex Saunders now places a bear-case target of $82,000 for year-end, citing hesitant long-term holders and a lack of new inflows, per the reprot
Bitcoin is currently trading NEAR $85,000, after touching $80,553 earlier on Friday.
Despite the turbulence, issuers are not slowing down. Since October 10, 17 new crypto-linked ETFs have launched, about a quarter of this year’s total, with dozens more awaiting SEC review.
Even so, institutional desks report growing caution. FRNT Financial CEO Stephane Ouellette said clients increasingly fear the October top near $125,000 may have been the cycle peak. Newly launched ETFs are now posting double-digit declines.
“With all this talk about bubbles, the inability of the asset class to mount a convincing bounce is putting real fear into the market,” said Matt Maley, chief market strategist at Miller Tabak.
