XRP, DOGE ETFs Go Live as Institutions Broaden Crypto Focus
- NYSE approval of XRP and DOGE ETFs marks a shift as institutions expand beyond BTC and ETH.
- Major issuers, including Grayscale and Franklin Templeton, are increasing ETF competition.
- Institutional adoption may reshape liquidity, custody standards, and index classifications.
The crypto market entered a new phase this week. The New York Stock Exchange approved multiple spot ETFs backed by XRP and Dogecoin. Major asset managers are prepared to launch products that give investors regulated exposure to these assets. Bitcoin and Ethereum dominated the regulated investment product landscape. Now, top institutions have expanded ETF access to XRP and DOGE.
XRP ETFs Move to the Big Stage
Franklin Templeton secured NYSE Arca approval for its spot XRP ETF. The product will begin trading today under the ticker XRPZ and charge a 0.19% fee. Franklin waived the fee on the first $5 billion in assets until May 2026. Investors will be able to access XRP exposure through a framework familiar to traditional markets.
NYSE Arca also certified Grayscale’s XRP and DOGE ETFs and notified the Securities and Exchange Commission. According to the listings, the trading will commence today.
Grayscale built the DOGE product by converting its existing trust. The conversion enables investors to hold DOGE through exchange-traded structures. Bloomberg analyst Eric Balchunas estimated first-day trading volume at around $11 million.
Competition in spot XRP ETFs increased quickly. Several issuers moved forward with competing products. Canary Capital launched the first U.S. XRP ETF on November 13. The product recorded a cumulative net inflow of over $306 million. Following its launch, Bitwise also listed its XRP ETF on November 20.
Institutional Crypto Enters a New Category
The expansion of XRP and DOGE ETFs signaled more than new products. It marked a structural shift in how institutions classify altcoins. Historically, asset managers and index providers treated altcoins as speculative instruments. Now, they increasingly treat some of them as core digital assets.
Index providers now face pressure to define new categories. If more altcoins enter regulated products, index families will need to formalize inclusion criteria. Providers may need to classify “digital asset exposed corporates” and direct investment funds separately from traditional equities.
Asset managers also need clearer rules for ETF custody. XRP, DOGE, and similar tokens require specialized secure storage. Custodians need technology that protects client assets while meeting regulatory expectations. Many custodians have begun expanding systems to manage multiple supported assets.
Related: Bitcoin ETFs Top Gold ETFs, Yet Safe-Haven Doubts Persist
Market performance did not immediately reflect optimism. XRP declined roughly 8% in the last 7 days, and DOGE around 9%. The price movement reflected broader macro conditions rather than a reaction to ETF approvals. Markets may adjust as trading volumes build across ETF products.
Large inflows could validate the thesis that institutions are ready to include altcoins in portfolios. Smaller flows may signal a slower adoption curve. Either outcome will offer data for index designers and regulators.
ETF issuers also expect increased international interest. Some global markets continue reviewing similar filings. Approval in the U.S. may support faster progress in those jurisdictions. Issuers expect more filings at the end of 2025.
