Simply put
- Grayscale has launched XRP and DOGE ETFs on NYSE Arca.
- The funds offer a 0% expense ratio for the initial three months or until they hit $1 billion in trading volume.
- This launch is part of a wider trend with many altcoin ETFs coming to market, and more are anticipated soon.
Grayscale, a firm focused on cryptocurrency investments, announced on Monday the introduction of an exchange-traded fund specifically for Dogecoin (DOGE) and XRP, which is associated with Ripple.
These two ETFs, evolving from Grayscale’s earlier funds, trade under the tickers GDOG and GXRP on NYSE Arca.
“With GDOG now listed on NYSE Arca, we’re enhancing investor access to a network that is quick, cost-effective, and used daily by numerous individuals,” said Krista Lynch, the senior vice president at Grayscale ETF Capital Markets.
In another comment, he emphasized that the GXRP fund is structured to give investors an efficient way to track and engage with XRP.
Initially, both funds will not charge any fees for the first three months, or until the trading reaches $1 billion. It’s common for fund managers to lower or temporarily waive fees to bring in investors.
The trading debut of these ETFs comes at a time when various altcoin ETFs are entering the market, with analysts from Bloomberg forecasting that over 100 crypto ETFs could be launched in the next six months.
“No matter how you define it, the rush is real,” Balchunas noted on social media about the ETF launch.
Investors in traditional markets seem eager to engage with these new offerings.
Earlier this month, the XRP ETF from Canary Capital pulled in over $58 million, while Bitwise also provides a fund that tracks the fourth-largest cryptocurrency with a market cap exceeding $125 billion.
There are also increasing opportunities for those ready to take on more risk, including leveraged ETFs for assets like Dogecoin, Bitcoin, and Ethereum that have recently become available.
XRP, at the moment, has seen a slight increase of about 1% in the last 24 hours, trading at around $2.07. However, it’s down roughly 43% from its peak of $3.65 in July.
Meanwhile, DOGE is trading at $0.14, having dropped about 0.4% in the last day, which is quite a drop—around 80% from its all-time high of $0.73 in 2021.
Both XRP and DOGE experienced declines during last week’s broader market downturn, dropping 6.1% and 10.8%, respectively, in that period.
