Grayscale Dogecoin, XRP ETFs Add to Flurry of Altcoin Fund Debuts

Crypto-focused investment firm Grayscale officially unveiled  exchange-traded funds for leading memecoin Dogecoin (DOGE) and Ripple-linked asset, XRP, on Monday. 

Both ETFs, which are conversions from previous funds, began trading on NYSE Arca under tickers GDOG and GXRP, respectively. 

“With GDOG’s uplisting on NYSE Arca, we’re expanding investor exposure to a network that’s fast, low-cost, and leveraged by thousands of users every day,” said Grayscale Senior Vice President of ETF Capital Markets Krista Lynch in a statement. 

In a separate statement, she added that the firm’s GXRP fund is “designed to offer efficient tracking and straightforward exposure to XRP for investors.”

Both funds will carry a  0% expense ratio for the first 3 months or until $1 billion is traded. Issuers frequently waive or set low fees to entice investors.  

The pair’s trading debut  comes amid a flurry of altcoin ETFs hitting the market with a growing number expected to go live soon. Bloomberg ETF analysts Eric Balchunas and James Seyffart estimate more than 100 crypto ETFs for various assets listing  over the next six months. 

“Land rush in effect no matter how you define it,” Balchunas posted to his followers on X on the crypto ETF launches. 

Traditional market investors have not been shy in trading these new ETFs. 

Earlier this month, Canary Capital’s XRP ETF generated more than $58 million in day-one trading volume, making it this year’s strongest ETF debut.. Bitwise also offers a fund tracking the performance of the fourth largest crypto asset with a more than $125 billion market capitalization.

There’s also a growing list of products for those seeking more risk, with the debuts of leveraged ETFs for assets like Dogecoin, Bitcoin, and Ethereum hitting the markets in recent days. 

XRP is up around 1% in the last 24 hours, now changing hands at $2.07. The token is down around 43% from its July all-time high of $3.65. 

DOGE is down around 0.4% in the last 24 hours, trading at $0.14. It’s down 80% from its 2021 all-time high of $0.73. 

Both XRP and DOGE have fallen amid the broader market selloff in the last week, dropping 6.1% and 10.8%, respectively over that time.