After much anticipation and strong investor demand, surging interest in regulated crypto exposure continues to reshape the market landscape. Crypto asset manager Grayscale Investments responded to this need by announcing on Nov. 24 that its new Grayscale XRP Trust ETF (GXRP) and Grayscale Dogecoin Trust ETF (GDOG) have officially begun trading.

The firm announced:

Grayscale XRP Trust ETF (Ticker: GXRP) has begun trading on NYSE Arca as an ETP.

Grayscale detailed that GXRP will operate with a 0% gross expense ratio for its first three months on the initial $1 billion before shifting to 0.35%. The firm underscored the XRP Ledger’s scale, noting more than 4 billion transactions since 2012 and built-in features such as a decentralized exchange, NFT capabilities, and token-issuance tools. XRP remains integral for fees, liquidity management, and cross-border settlement across the network. The asset management firm explained that GXRP began as a private placement in 2024.

Read more: Grayscale and Franklin Load XRP ETFs for Launch—Ripple CEO Sees Pre-Thanksgiving Rush

On Nov. 24, Grayscale also launched the first pure spot dogecoin ETF in the U.S. “Gain exposure to one of the world’s most iconic and community-driven crypto ecosystems, $DOGE from the world’s largest crypto-focused asset manager,” the company wrote on social media platform X, adding: “Introducing the first dogecoin ETP in the U.S., Grayscale Dogecoin Trust ETF (ticker: $GDOG), offered with 0% fee.” Grayscale stated in a press release:

Grayscale Dogecoin Trust ETF (Ticker: GDOG) has begun trading on NYSE Arca, the first pure spot dogecoin ETP available in the United States.

The crypto asset manager noted that both GDOG and GXRP are not registered under the 1940 Act, resulting in a different regulatory profile and heightened risk relative to traditional funds. Supporters maintain that expanding XRP and dogecoin access through regulated ETPs strengthens market infrastructure, broadens investor choice, and deepens crypto’s integration into global finance.

• What is the fee structure for the new GXRP and GDOG ETFs?
  Both ETFs launch with a 0% fee for the first $1 billion or three months before shifting to 0.35%.
• Why does GXRP highlight the XRP Ledger?
  The XRP Ledger’s scale, speed, and built-in features support GXRP’s investment thesis.
• Is GDOG considered a spot dogecoin ETF?
  Analysts describe GDOG as the first U.S. spot dogecoin ETF under the ’33 Act.
• What risks come with GXRP and GDOG?
  Both carry heightened volatility and regulatory risk because they are not registered under the 1940 Act.

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