Starting this Monday, Grayscale’s spot ETFs on DOGE and XRP will make their stock market debut on NYSE Arca. Here’s a look at this development, which marks a new milestone in the integration of altcoins into traditional markets.
Grayscale’s DOGE and XRP ETFs Launch This Monday
Recently, the Securities and Exchange Commission (SEC) has been approving the listing of new altcoin spot ETFs in the United States on a piecemeal basis.
In this context, the NYSE Arca exchange filed a letter with the SEC on Friday, announcing its approval of Grayscale’s Dogecoin (DOGE) ETF:
Letter from NYSE Arca regarding the Grayscale Dogecoin Trust ETF
At the same time, NYSE Arca also published a similar letter regarding the Grayscale XRP Trust ETF. As a result, trading in these new spot ETFs is set to begin this Monday, as noted by Bloomberg analyst Eric Balchunas, while an ETF tracking Chainlink’s LINK token is expected to follow within a few days:
Grayscale’s Dogecoin ($GDOG) ETF has received approval for listing on the NYSE and is expected to begin trading on Monday. Its XRP ETF will also launch on Monday. The $GLNK ETF will follow soon, likely a week later.
While Bitwise’s and Canary’s XRP ETFs are already on the market, the launch of the DOGE ETF is a first.
To date, Grayscale’s GDOG, GXRP, and GLNK report $1.54 million, $11.67 million, and $15.75 million in assets under management, respectively. Holders of these shares will thus have the opportunity to exit their positions, and, against the backdrop of a cryptocurrency market pullback, investor behavior during the first few days of trading will be particularly revealing of their sentiment.
Meanwhile, the prices of DOGE and XRP stand at $0.146 and $2.07, respectively, at the time of writing, up 2.3% and 1.8% over the past 24 hours.
