Grayscale and Franklin Templeton Launch Competing Spot XRP and Dogecoin ETFs on NYSE Arca

Alt-Coin ETFs Attract Heavy Volumes, Fee Waivers, and Market Attention as Trading Begins

TL;DR

• Grayscale launched spot XRP (GXRP) and Dogecoin (GDOG) ETFs on NYSE Arca on Nov. 24, 2025, marking a major expansion of U.S. regulated alt-coin ETFs.
• Franklin Templeton debuted its competing XRP ETF, XRPZ, the same day, triggering sharp moves in crypto price, derivatives volume, and coin market cap metrics.
• Fee waivers, surging trading volumes, and renewed institutional competition signaled a new phase for alt-coin products beyond Bitcoin and Ether.

Grayscale Investments pushed the U.S. market into new territory on November 24, 2025, with the debut of two spot cryptocurrency ETFs on NYSE Arca: GXRP, backed by XRP, and GDOG, backed by Dogecoin. The launch converted the firm’s long-running private trusts into fully regulated exchange-traded funds and came with a promotional 0% management fee for three months or until the funds reach $1 billion in assets, after which fees revert to 0.35% annually. GXRP opened with custody managed by Coinbase Custody and held roughly 6 million XRP, valued at $11.67 million as of November 21. The move represented one of the largest expansions of regulated alt-coin exposure since spot Bitcoin and Ether products went mainstream earlier in the cycle.

Franklin Templeton’s competing product, XRPZ, also went live the same day with a sharply lower long-term fee structure. The fund charges 0.19%, though all fees on the first $5 billion in assets are waived through May 31, 2026. Franklin Templeton’s head of ETF product and development, David Mann, said the launch offers investors a regulated channel to access a digital asset “that plays a foundational role in global settlement infrastructure,” framing XRPZ as a bridge between traditional markets and emerging blockchain-based payment rails. Trading opened with 768,692 shares exchanged in XRPZ early in the session, while broader XRP derivatives volume had already climbed 51%, reaching $12.74 billion ahead of the listing. Dogecoin derivatives rose 30%, touching $7.22 billion, underscoring how speculation built rapidly before the ETFs hit the tape.

Market reaction unfolded quickly across key metrics. XRP rose roughly 8.94% over 24 hours, supported by a 63% jump in daily trading volume to more than $6.3 billion, while broader crypto price activity reflected a rotation into assets tied directly to newly listed ETFs. Dogecoin saw an uptick in liquidity as GDOG established itself as one of the first regulated U.S. spot ETFs tied to a meme-coin asset. Shifts across the crypto price index and coin market cap data highlighted a measurable effect on investor positioning, particularly among traders moving from offshore venues into U.S. brokerage channels that do not require wallets or private-key management.

Competitive pressures intensified further as analysts pointed to rising institutional flows. One notable development came from Bitwise, which reported $118 million in inflows into its own XRP-related product during the week leading into launch. Analysts widely interpreted the fee wars between Grayscale and Franklin Templeton as a signal that issuers expect meaningful long-term demand for regulated access to XRP, Dogecoin, and potentially other alt-coins once pending listings, such as Grayscale’s planned GLNK product, clear final approvals. The day also renewed attention on the regulatory path that opened the door for these ETFs, arriving roughly five years after the SEC’s lawsuit against Ripple was formally resolved through a $125 million settlement, clearing the way for broader institutional participation.

The concurrent rollout of spot XRP and Dogecoin ETFs created a rare synchronized event for the alt-coin sector, pushing attention across crypto price behavior, derivatives markets, and coin market cap rankings. The trading debut demonstrated that investor appetite has expanded well beyond Bitcoin and Ether, particularly as zero-fee periods and custody-backed structures lower barriers for traditional brokerage clients. It also marked the strongest signal yet that regulated alt-coin ETF infrastructure is moving into its next phase, driven by liquidity incentives, lower fees, and intensifying competition among major U.S. asset managers.

This article has been refined and enhanced by ChatGPT.