Grayscale's Spot Dogecoin ETF Debut
Grayscale’s highly anticipated spot Dogecoin ETF (GDOG) debuted with lower-than-expected trading volume, marking a softer start for the first direct-holding DOGE ETF in the United States. Bloomberg ETF analyst Eric Balchunas reported that the fund recorded $1.4 million in first-day volume, significantly below his expectation of $12 million, describing the debut as “solid for an average launch but low for a first-ever spot product.”
The debut arrives during a period of accelerating crypto ETF approvals in the U.S., following the Securities and Exchange Commission's easing of listing standards in September, which opened the door for more speculative asset-based products. Grayscale’s DOGE ETF, which is filed under the Securities Act of 1933, is among the first to offer direct exposure to Dogecoin.
Bitwise DOGE ETF Set to Begin Trading
Grayscale’s new product will soon face competition. On Tuesday, the New York Stock Exchange’s NYSE Arca filed to certify the approval and listing of the Bitwise Dogecoin ETF (BWOW). Bitwise confirmed that BWOW will begin trading on Wednesday, expanding the rapidly growing lineup of spot DOGE investment products.
This marks the arrival of multiple Dogecoin ETFs in a short time frame as major asset managers rush to test market demand for altcoin-focused exchange-traded funds.
Comparison of Dogecoin ETFs
While Grayscale and Bitwise now offer direct DOGE exposure, the REX Osprey DOGE ETF (DOJE) was technically the first Dogecoin-related ETF in the U.S. after launching in September. DOJE, however, cannot directly hold DOGE due to its filing under the Investment Company Act of 1940, which offers a faster 75-day approval path but restricts asset custody.
DOJE debuted with $17 million in first-day trading volume, outperforming analyst forecasts of $2.5 million and significantly outshining GDOG’s quieter launch.
XRP ETFs See Strong Inflows
Dogecoin wasn’t the only crypto asset drawing ETF attention this week.
Two new spot XRP ETFs launched on Monday, attracting a combined $129.95 million in net inflows, according to SoSoValue.
- •Franklin XRP ETF (XRPZ): $62.6M inflows
- •Grayscale XRP Trust ETF (GXRP): $67.4M inflows
These totals, however, remained below the record-breaking levels seen by earlier launches, including:
- •Canary XRP ETF (XRPC): $243M on debut (Nov. 14)
- •Bitwise XRP ETF: $105M on first day (launched Thursday)
ETF analysts Eric Balchunas and James Seyffart believe this is only the beginning. They estimate more than 100 new crypto ETFs could enter the market over the next six months, highlighting a rapidly expanding landscape driven by investor demand and shifting regulatory sentiment.
Conclusion
While Grayscale’s DOGE ETF started slower than many expected, the wave of upcoming altcoin ETFs indicates increasing institutional interest in speculative crypto assets. With Bitwise entering the Dogecoin category immediately after Grayscale, the competition for market share is set to intensify.