Grayscale’s new Dogecoin ETF (ticker: GDOG) made a quiet debut on the NYSE, generating lighter-than-expected activity on its first trading day.
Data from SoSoValue shows GDOG posted $1.41 million in opening-day volume, with total net assets at $1.71 million.
Grayscale launches first U.S. spot DOGE ETF
Listed on NYSE Arca on Nov. 24, GDOG is the first spot Dogecoin ETF available to U.S. investors. The product is a conversion of Grayscale’s private Dogecoin Trust, introduced earlier this year for accredited investors.
The fund gives investors exposure to DOGE without the need for self-custody, holding physical Dogecoin and tracking its spot price. Coinbase Custody serves as custodian, while BNY administers the ETF. GDOG uses a cash creation and redemption model.
At launch, the ETF held 11.1 million DOGE across 94,700 shares — equivalent to 117.58 DOGE per share. Grayscale has temporarily set the fee at 0% for the first three months or until assets reach $1 billion, after which the expense ratio will rise to 0.35%.
Despite the hype surrounding the listing — seen as another sign of meme assets entering regulated markets — trading activity fell short of expectations. Bloomberg ETF analyst Eric Balchunas had projected a day-one volume of $10–12 million.
Muted debut despite DOGE price bump
GDOG’s $1.41 million opening day was far below forecasts and lagged behind recent altcoin ETF launches. Still, analysts framed the performance as a cautious start, noting that meme-focused products often attract consistent inflows over time rather than immediate surges.
Dogecoin itself recorded a modest uptick, trading near $0.152 after a 3–5% rise. Combined spot and derivatives volume hit $1.93 billion over 24 hours — a signal that traders were watching the ETF launch, even as institutional flows remained limited.
Looking ahead, Grayscale is preparing to introduce a Chainlink ETF, positioning it as a future gateway to tokenized real-world assets and cross-chain settlement. The firm says its expanding product suite is designed to offer clearer institutional access as digital assets mature.
