Grayscale's newly launched spot DOGE ETF, trading under the ticker $GDOG, commenced trading on NYSE Arca on Monday with a performance that fell well below initial expectations. On its first day of trading, $GDOG recorded a volume of $1.41 million and reported net assets totaling $1.7 million. By the second trading day, the cumulative net inflow for $GDOG reached $1.8 million, with its total net assets climbing to $3.5 million, according to data from SoSoValue.
Underwhelming Start for the First Dogecoin (DOGE) Spot ETF
The debut trading volume for the Grayscale Dogecoin Trust ETF, listed as $GDOG, fell short of projections despite being the first spot DOGE ETF. $GDOG made its debut on NYSE Arca, a subsidiary of the New York Stock Exchange, on Monday, November 24th. Analysts had forecast approximately $12 million in first-day trading volume.
The first spot Dogecoin ETF* in US launches today from Grayscale, ticker $GDOG (sounds like a late '80s one hit wonder rapper). Fee is 35bps but is waived to 0.00% for first 1b or until 3mo. Day One volume predictions welcome. I'm going with $12m. *33 Act pic.twitter.com/QbdLLxejhr
— Eric Balchunas (@EricBalchunas) November 24, 2025
On Tuesday, Bloomberg's senior ETF analyst Eric Balchunas posted on X (formerly Twitter) that $GDOG recorded only $1.4 million in trading volume on its first day, significantly below his $12 million estimate. Balchunas commented that while this volume is "solid for an avg launch," it is "low for a 'first-ever spot' product."
$GDOG (first Doge ETF) saw $1.4m volume on Day One.. solid for an avg launch but low for a 'first-ever spot' product. Not too surprising tho, we actually made a rhyme a while ago predicting this: 'The further away you get from BTC, the less asset there will be.' pic.twitter.com/ermlOcID1J
— Eric Balchunas (@EricBalchunas) November 25, 2025
Grayscale's DOGE ETF became the first spot DOGE exchange-traded product available to U.S. investors after the platform received notification late last week that NYSE Arca had certified the listings for its spot XRP and DOGE ETFs. The certifications for $GDOG and the Grayscale XRP Trust ETF Shares ($GXRP) allow both products to convert from Grayscale’s existing private-placement trusts into publicly traded products.
$GDOG offers retail investors exposure to DOGE's price movement without the inherent risks and complexities of directly purchasing and securing the digital asset. Coinbase Custody serves as the ETF's custodian, while BNY Mellon administers the fund. The ETF currently holds over 11.1 million DOGE across 94,700 shares. Grayscale is temporarily waiving fees, providing a 0% expense ratio for the initial three months or until assets under management reach $1 billion. Following this period, fees will increase to 0.35%.
Grayscale’s $GXRP Falls Short of Competitors
On Monday, Grayscale's spot XRP ETF, $GXRP, and Franklin Templeton's Franklin XRP ETF ($XRPZ) also began trading. $GXRP recorded $67.4 million in net inflows, while $XRPZ saw $62.6 million in net inflows.
However, both of these funds lagged behind competitors such as Canary Capital's Canary XRP ETF ($XRPC). $XRPC posted a substantial $243 million in net inflows on its November 14th debut, alongside $58 million in first-day trading volume, marking it as the highest among over 900 ETFs launched in 2025.