Amid accelerating demand for regulated cryptocurrency investment vehicles, Grayscale Investments announced on November 24, 2025, that its two new exchange-traded products — the Grayscale XRP Trust ETF (ticker: GXRP) and the Grayscale Dogecoin Trust ETF (ticker: GDOG) — have officially commenced trading on the NYSE Arca exchange. These launches expand mainstream access to XRP and dogecoin, reflecting the growing maturity of digital asset market infrastructure.
GXRP: Low Fees and XRP Ledger Advantages
Grayscale stated in a press release that GXRP will charge a 0% gross expense ratio for the first three months or the first $1 billion in assets under management, after which the fee will shift to 0.35%. The firm highlighted the scale of the XRP Ledger, noting that it has processed more than 4 billion transactions since its inception in 2012 and features built-in capabilities such as a decentralized exchange, NFT functionality, and token issuance tools. XRP remains integral for fee payments, liquidity management, and cross-border settlement across the network.
GXRP originally launched as a private placement in 2024 and has now converted into a publicly traded ETP, offering a compliant vehicle for investors seeking exposure to XRP.
GDOG: America’s First Pure Spot Dogecoin ETP
On the same day, Grayscale introduced the first pure spot dogecoin ETF in the United States. “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.” The firm confirmed that GDOG also follows a similar fee structure, with 0% for the initial period before transitioning to 0.35%.
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.
Risk Considerations and Regulatory Framework
Grayscale cautioned that both GXRP and GDOG are not registered under the Investment Company Act of 1940, resulting in a different regulatory profile and heightened risk compared to traditional funds. Investors should be aware of potentially higher volatility and regulatory uncertainties. The company advises thorough evaluation before investing.
As Grayscale’s XRP and Dogecoin ETFs begin trading, the momentum for regulated crypto products is expected to accelerate further, opening doors for more institutional and retail participants.