Grayscale launches US spot XRP, Dogecoin ETFs as markets welcome more altcoin products

• Asset managers Grayscale and Franklin Templeton have rolled out US spot XRP ETFs.
• Grayscale also debuted the first US spot Dogecoin ETF, with zero management fees for initial investors.
• The move adds to a wave of altcoin ETF debuts this quarter.

Grayscale has officially rolled out exchange-traded funds (ETFs) for XRP and Dogecoin (DOGE), joining a wave of firms launching altcoin products in Q4.

Grayscale debuts two new altcoin funds for institutional investors

Grayscale Investments rolled out two new exchange-traded products on Monday, including the Grayscale XRP Trust ETF (GXRP) and the Grayscale Dogecoin Trust ETF (GDOG),  on NYSE Arca.

GXRP offers investors a straightforward way to access XRP through a spot-based structure that mirrors the underlying asset. GDOG operates on a similar model by providing direct, regulated exposure to Dogecoin rather than relying on derivatives or synthetic instruments.

"Dogecoin has evolved from internet culture to real world utility, and that maturation aligns with our objective to make digital assets more accessible to a greater number of investors," said Krista Lynch, Senior Vice President, ETF Capital Markets, at Grayscale.

Each ETF carries a management fee of 0.35%, but it is waived for the first $1 billion in flows.

Franklin Templeton also introduced its own XRP product, with the launch of the Franklin XRP ETF (XRPZ) on NYSE Arca. The fund provides exposure to XRP similar to that of Grayscale's fund. XRPZ is structured as a grantor trust that holds XRP directly, with its net asset value determined each day using the CME CF XRP-Dollar Reference Rate.

The design allows investors to track XRP's price movements through a regulated vehicle without handling custody themselves. Institutional operations are supported by Coinbase Custody Trust Company, LLC as custodian, the Bank of New York Mellon as administrator and cash custodian, and CSC Delaware Trust Company as trustee. 

The structure is intended to offer a familiar and secure framework for investors seeking exposure to the XRP ecosystem.

The new product launches mirror a broader trend in the ETF market, where issuers are rapidly expanding into altcoin-focused offerings. The shift reflects rising demand for diversified crypto exposure that extends beyond Bitcoin (BTC) and Ethereum (ETH) as investors explore other major tokens.

In recent weeks, multiple issuers, including Grayscale, have rolled out Solana-based products. The momentum has encouraged issuers to broaden their lineups as capital begins to flow toward alternative Layer 1 assets.

Other altcoin ETF launches include Canary Capital's Litecoin and HBAR funds.