XRP and Dogecoin (DOGE) jumped in price as the crypto investment giant Grayscale rolled out new spot exchange-traded funds (ETFs) for both assets on Monday.
Grayscale converted both new products, which are now available on the ETF and securities exchange NYSE Arca, from preexisting trusts.
The Dogecoin ETF, tickered GDOG, is the first pure spot DOGE exchange-traded fund available in the US. Multiple spot XRP ETFs have already launched this fall.
XRP is up more than 7% in the past 24 hours. The 4th-ranked crypto asset by market cap is trading at $2.20 at time of writing.
DOGE is up nearly 4.5% in the past day. The 10th-ranked crypto asset by market cap is trading at $0.152.
Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, notes that 5 spot crypto ETFs are rolling out over the next six days and many more are scheduled to launch in subsequent months.
“Beyond that, we don’t have exact [numbers], but we expect a steady supply of them (likely over 100 in the next six months). Nice chart showing what’s launched and what’s on deck from [Bloomberg Intelligence senior research analyst] James Seyffart.
Note: our 100 estimate includes ’40 Act stuff too, which includes 2x. Tons of spot, though. Land rush in effect, no matter how you define it.”
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