A Slow Debut for Grayscale’s Spot Dogecoin ($DOGE) ETF

Grayscale’s newly launched spot $DOGE ETF ($GDOG) commenced trading on NYSE Arca on Monday, delivering a performance well below expectations. On its first day, $GDOG recorded a trading volume of $1.41 million and reported net assets of $1.7 million 

By its second trading day, $GDOG’s cumulative net inflow reached $1.8 million, and its total net assets $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 under the ticker $GDOG, fell short of expectations despite being the first spot DOGE ETF. $GDOG made its debut on NYSE Arca, a subsidiary of NYSE on Monday, 24 November, with analysts forecasting 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 that $GDOG recorded just $1.4 million in trading volume on day one – far below his $12 million estimate. Balchunas noted that while this 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) enable both products to convert from Grayscale’s existing private-placement trusts into publicly traded products.  

$GDOG provides retail investors exposure to $DOGE’s price movement without the risks and complexities of directly purchasing and securing the asset. Coinbase Custody serves as the ETF’s custodian while, BNY administers the fund. The ETF  holds over 11.1 million $DOGE across 94,700 shares. Grayscale is temporarily waiving fees - offering a 0% expense ratio for the first three months, or until assets under management reach $1 billion. Afterward, 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.

However, both funds lagged behind competitors such as Canary Capital’s Canary XRP ETF ($XRPC), which posted a massive $243 million in net inflows on its 14 November debut, alongside $58 million in first-day trading volume - the highest of any of the more than 900 ETFs launched in 2025. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.