Grayscale Set to Debut Dogecoin ETF as VanEck Launches Solana Fund Amid Growing Crypto ETF Market
The Grayscale Dogecoin Trust (DOGE) ETF is poised to begin trading on the NYSE as early as next Monday. This ETF launch is a conversion from an existing fund and requires a formal listing notice in line with SEC guidance. Meanwhile, Bitwise is also expected to start trading its Dogecoin ETF later this month following an SEC filing earlier in November.
VanEck recently launched its Solana ETF (VSOL), which tracks the price of Solana, marking a new addition to the growing crypto ETF market. Canary Capital’s spot XRP ETF (XRPC) opened last week, registering approximately $58 million in first-day trading volume. Bitwise's Solana Staking ETF (BSOL) debuted with roughly $57 million on its first day and has since amassed over $550 million in assets.
Other emerging products include the Rex-Osprey DOGE ETF (DOJE) and a Rex-Osprey XRP fund, both utilizing a Cayman Islands subsidiary fully owned and controlled by the fund. Ric Edelman from the Digital Assets Council remarked that new ETF products will continue to enter the market steadily as cryptocurrency gains broader acceptance as a recognized asset class.
In the context of the broader crypto market, Bitcoin experienced a drop to below $92,000, Solana declined over 22% last week, and XRP along with DOGE each decreased by about 16%. The SEC is currently reviewing roughly 90 digital asset ETF applications submitted by both crypto-focused firms and traditional financial institutions.
Spot Bitcoin and Ethereum ETFs, which started trading last year, now oversee investment portfolios totaling approximately $134 million and $19 million respectively, underscoring the expanding footprint of digital asset ETFs.
