NYSE Greenlights Grayscale’s XRP and Dogecoin ETF Listings
The New York Stock Exchange (NYSE) has given the nod to Grayscale’s XRP and Dogecoin exchange-traded funds (ETFs), paving the way for the two products to commence trading on Monday. This development marks a significant milestone for the cryptocurrency market, as it brings two of the most widely traded digital assets closer to mainstream investors.
Grayscale’s ETF Conversions: A Significant Development
Notably, both products involve the conversion of long-standing private trusts into fully listed ETFs, a move that is expected to increase their appeal to a broader range of investors. The NYSE Arca, the exchange’s ETF-focused subsidiary, filed certifications on Friday, confirming the listing and registration of the Grayscale XRP Trust ETF Shares and the Grayscale Dogecoin Trust ETF Shares under the Securities Exchange Act of 1934.
XRP, the fourth largest cryptocurrency, and Dogecoin, the world’s largest memecoin, will now have ETF access, potentially leading to increased liquidity and trading activity. Grayscale’s latest conversions come amid a wave of new crypto ETFs in the United States, with funds tracking Litecoin, HBAR, XRP, and Solana securing listings in recent months.
ETF Outflows and Market Sentiment
Despite the positive news, sentiment around crypto ETFs has weakened significantly, with U.S. spot Bitcoin ETFs suffering outflows of nearly $1 billion on Thursday, the second-largest daily outflow on record. BlackRock’s IBIT saw $355 million leave the fund, while Grayscale’s GBTC and Fidelity’s FBTC lost nearly $200 million each. The sector is heading for its worst week since February, with about $4 billion withdrawn last month, while Bitcoin fell about 30% over the same period.
Analysts warn that sustained ETF withdrawals could push Bitcoin towards $82,000, with Citi Research estimating that every $1 billion in outflows corresponds to a 3.4% decline in the price of Bitcoin. Bitcoin is currently trading at around $85,000, having hit $80,553 earlier on Friday. Despite the turbulence, issuers are not slowing down, with 17 new crypto-related ETFs launched since October 10, and dozens more awaiting SEC review.
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