Grayscale Investments has expanded the U.S. cryptocurrency investment landscape by launching new spot Exchange-Traded Funds for XRP and Dogecoin, offering investors direct exposure to a wider array of digital assets beyond Bitcoin and Ethereum.
The Grayscale XRP Trust ETF (GXRP) and the Grayscale Dogecoin Trust ETF (GDOG) began trading on NYSE Arca this week. These launches mark a significant diversification of regulated crypto investment products in the U.S. market.
GXRP offers direct exposure to XRP, recognized as the third-largest digital asset by market capitalization, and is notable for its 0% fees. This move by Grayscale, the world’s largest crypto-focused asset manager, follows the recent introduction of other new crypto-linked ETFs.
> 🚀 ¡NUEVO ETF de XRP en NYSE Arca!
> Grayscale lanza su ETF al contado bajo el ticker con comisiones del 0%.
> Ofrece exposición directa a XRP, el 3er activo digital más grande.
> Se suma a otros ETFs recientes en EE. UU., como los de Solana y Dogecoin.
> Este lanzamiento… pic.twitter.com/PBhmWWtJc8
> — Diario฿itcoin (@DiarioBitcoin)
These new funds join a growing list of U.S. spot ETFs that track various cryptocurrencies, including Solana, Litecoin, and Hedera, broadening the investment options previously dominated by Bitcoin and Ethereum products.
Grayscale announced the debut of its XRP ETF via a press release and its social media channels. The company emphasized the product’s accessibility and its role in global payments innovation.
> Introducing Grayscale XRP Trust ETF (Ticker: ), now trading with 0% fees¹ from Grayscale, the world’s largest crypto-focused asset manager².
> Gain exposure to , the world’s 3rd largest digital asset³, driving innovation in global payments. Available in your brokerage… pic.twitter.com/rAzGrm0M6P
> — Grayscale (@Grayscale)
The GXRP product, which previously operated as a private trust, is now a regulated exchange-traded fund. It allows investors to track XRP’s price efficiently without needing to directly custody the digital asset.
Krista Lynch, Senior Vice President of ETF Capital Markets at Grayscale, stated that the GXRP launch represents “another significant step to broaden access to the growing XRP ecosystem.” She added that the fund is “designed to offer efficient tracking and direct exposure to XRP for investors.”
The GXRP faces competition from other asset managers like Canary Capital, Bitwise, and Franklin Templeton, which have also introduced XRP-tracking funds. Grayscale, founded in 2013, manages approximately $35 billion in assets.
Grayscale has a history of converting its private trusts for major cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and Solana into regulated ETFs. This strategy has facilitated broader regulated access to digital assets on traditional exchanges.
The expansion of crypto ETFs occurs amid a shifting regulatory environment in the U.S. This includes a more accommodating approach from the Securities and Exchange Commission (SEC) following a key legal resolution for Ripple Labs, the company associated with XRP.
The resolution addressed a lawsuit accusing Ripple of raising $1.3 billion through unregistered XRP sales. A court ruled that programmatic sales on exchanges were not securities, though direct institutional sales were. Both parties subsequently dropped their appeals.
XRP, the native token of the XRP Ledger (XRPL), facilitates rapid, low-cost cross-border payments. The XRPL also supports advanced features such as token issuance, a decentralized exchange, and non-fungible tokens (NFTs).
Following the ETF launch, the price of XRP rose 1.66% over 24 hours to trade at approximately $2.10. However, the token has seen a decline of 4.11% over the past week and nearly 20% in the last month.