The U.S. Securities and Exchange Commission (SEC) has officially acknowledged Grayscale’s filings for spot XRP and Dogecoin exchange-traded funds (ETFs), marking a significant step toward potential approval. This move initiates a formal review process that could see these crypto-based investment products hit the market later this year.
On February 13, the SEC published notices for Grayscale’s Form 19b-4 filings, a procedural step preceding a 240-day review period. The clock begins once these filings are entered into the Federal Register, which typically happens within a few days of acknowledgement. If processed swiftly, a final decision could come in October 2025 as previously hinted by Valkyrie’s co-founder in 2024.
While acknowledgement doesn’t guarantee approval, it signals a more open approach from the U.S. SEC, especially compared to the past leadership of Gary Gensler. Fox Business journalist Eleanor Terrett noted that the agency, under its current leadership, seems more willing to engage with crypto ETF proposals rather than outright rejecting them.
The SEC’s willingness to review Grayscale’s applications represents a shift in approach. Terrett recalled that in December 2023, exchanges withdrew Solana ETF applications after the SEC, led by Gary Gensler, refused to engage with them.
However, under the new leadership, the regulatory commission appears more receptive to crypto-based financial products.
Following Grayscale’s filings, other firms, including Bitwise, 21Shares, Canary Capital, and WisdomTree, have submitted their own XRP ETF proposals, which are now awaiting acknowledgement from the SEC. This growing interest highlights a strong demand for regulated investment vehicles linked to XRP and DOGE.
Bloomberg Analysts Predict Approval Odds at 65%–70%
Analysts at Bloomberg, James Seyffart and Eric Balchunas, estimate that the chances of approval for spot XRP and Dogecoin ETFs stand at 65% and 70%, respectively. Should they be approved, these ETFs would provide traditional investors easier access to XRP and DOGE, potentially driving greater institutional adoption of both cryptocurrencies.
Additionally, XRP and DOGE could see increased liquidity and mainstream adoption, further cementing their status as leading cryptocurrencies.
Following this positive development, XRP and DOGE have posted impressive price gains in the crypto market. In the past 24 hours, XRP price has increased by 9% to reclaim $2.77 while DOGE has posted a gain of over 5%, trading at $0.27 at the time of writing.
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