Grayscale proudly presents a bi-folded launch with XRP & DOGE ETFs storming into the NYSE ARCA this morning.
The $50 billion giant Grayscale is making history this Monday, simultaneously launching a Ripple (XRP) exchange-traded fund (ETF) along with the first-ever Dogecoin Spot ETF.
Grayscale Debuts Biggest XRP ETF So Far
Grayscale’s XRP Trust ETF marks the second case of a Ripple coin’s Spot price-tracking ETF, set to debut today on the NYSE Arca. With Canary’s XRPC ETF debuting a few weeks ago, it’s important to note Grayscale is operating $50 billion in assets under management (AUM), a figure roughly 157 times larger than Canary’s $318 million.
The second Ripple (XRP) ETF put into existence operates on a 0.35% management fee, choosing Coinbase Custody for crypto holdings. Moreover, the ETF basket creations are divided by 10,000-share blocks starting with over $11 million assets under management (AUM) & going live today with the ticker symbol of GXRP.
Top Dog Storms Into Traditional Stock Markets
For Dogecoin (DOGE), this marks a historical moment with the first meme coin-based ETF to ever hit the traditional markets. Going live today as well with the ticker GDOG, this ETF is considerably smaller than XRP’s, beginning with $1.5 million assets under its belt.
“Dogecoin is a viral social and financial phenomenon that has appreciated in value alongside the crypto asset class as a whole”, – reads Grayscale’s official statement, positioning the top dog meme coin as a hedge against United States equity dips due to lesser correlation than most other digital currencies.
Gaining exposure without directly owning Dogecoin (DOGE), traders on the New York Stock Exchange (NYSE) Arca are able to diversify their portfolios with both Ripple (XRP) & DOGE without having to safe-keep their tokens on a crypto wallet. The news slightly reflected on XRP’s price, as the altcoin gained 2% to sustain above $2.07.
However, Dogecoin’s (DOGE) price remained unmoved as market watchers are waiting for the ETF debut day results to come in before making conclusions. With the market restoring the $3 trillion mark today, the broader sentiment softened since last week, but remains fearful overall.
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