Last year, the US saw the launch of exchange-traded funds (ETFs) for both Bitcoin and Ethereum. These so-called ETFs were an immediate success. However, it took some time before the market received new funds for other cryptocurrencies.
Tomorrow, two important ones are up next: funds for XRP and Dogecoin from Grayscale. The prices of both coins are already on the rise.
New XRP and Dogecoin Funds on the Way: Prices Rise #
On Friday, NYSE Arca, a part of the New York Stock Exchange, announced it had approved the listing and registration of the Grayscale XRP Trust ETF Shares and the Grayscale Dogecoin Trust ETF Shares.
This allows Grayscale to launch both funds on Monday. The prices of both coins are already rising significantly ahead of the launch.
The XRP price is up a notable 6% today and is trading back above the crucial $2 mark. The DOGE price is rising by 4% to $0.144.
Both cryptocurrencies are among the top gainers in the top ten largest coins today. However, XRP has fallen 30% in the last two months, and Dogecoin has dropped 40%.
More Crypto-Related Products Coming to Market #
Both of Grayscale’s funds already existed, but as so-called ‘private placement products’. These funds were only accessible to a select group of investors. The ETFs will soon be available to everyone.
The new ETFs are not Grayscale’s first crypto products. The company previously launched funds for Bitcoin, Ethereum, and Solana.
With the arrival of the XRP fund, Grayscale is now adding the fourth-largest cryptocurrency to its offering. Additionally, with Dogecoin, the company is introducing its first memecoin fund.
However, Grayscale is not the first provider to bring ETFs for these coins to market. REX Shares and Osprey Funds recently beat Grayscale to it.
Those funds, however, were not traditional ETFs but a simpler variant for which approval was granted more quickly. Expectations are therefore possibly higher for these new funds.