Grayscale has officially launched the United States’ first spot Dogecoin exchange-traded fund (ETF), marking another milestone in the expansion of crypto-based investment products across traditional financial markets.
The ETF, trading under the ticker GDOG, was first highlighted by Bloomberg ETF analyst Eric Balchunas, who noted that Grayscale has set a 35-basis-point management fee, fully waived for the first $1 billion in assets or the first three months, whichever comes first.
Balchunas described the fee structure as an aggressive move designed to attract early inflows and capitalize on Grayscale’s position as the first issuer to bring a spot Dogecoin ETF to U.S. markets. He humorously added that “GDOG sounds like a late ’80s one-hit-wonder rapper,” while predicting around $12 million in first-day trading volume.
Market Competition and Investor Exposure
The launch gives Grayscale a short but important head start. Bitwise Asset Management is set to debut its competing Dogecoin ETF, BWOW, on Wednesday. Balchunas noted that he appreciates how different issuers have each had their “moment to shine” as they roll out ETFs tied to different cryptocurrencies, adding that many firms have worked for years to help move the industry toward mainstream adoption.
The introduction of GDOG marks the first time U.S. investors can gain direct, regulated exposure to Dogecoin, one of the market’s most recognizable memecoins, through a spot ETF structure.
It follows a broader wave of crypto ETF approvals, including spot Bitcoin and Ethereum products earlier this year, which have drawn billions in inflows and opened the door for issuers to expand into alternative cryptocurrencies.
Grayscale's Strategic Position
Grayscale, already known for its large crypto trust products, continues to reposition itself as a leader in regulated crypto ETFs following last year’s landmark court victory against the SEC.
The firm is expected to leverage brand recognition, early mover advantage, and temporary fee waivers to attract retail and institutional interest.
Future Outlook
With Bitwise entering the market within days, analysts expect competition to intensify, potentially leading to lower fees and tighter spreads as issuers fight for market share in the emerging memecoin ETF segment.

