Debut trading volume for Grayscale’s spot Dogecoin exchange-traded fund (ETF) fell short of expectations, even as it became the country’s first spot product tied to the meme-inspired cryptocurrency.
Bloomberg ETF analyst Eric Balchunas said Tuesday that the Grayscale Dogecoin Trust ETF (GDOG) recorded $1.4 million in first-day volume—well below his forecast of $12 million. Balchunas noted the figure was “solid for an average launch but low for a ‘first-ever spot’ product.”
Grayscale’s offering will soon have company. NYSE Arca, a subsidiary of the New York Stock Exchange, filed on Tuesday to certify the approval and listing of the Bitwise Dogecoin ETF (BWOW). Bitwise said its fund is scheduled to begin trading on Wednesday.
The new Dogecoin ETFs arrive amid a wave of crypto fund launches following the Securities and Exchange Commission’s move in September to relax listing standards, encouraging asset managers to gauge investor demand for products tied to more speculative digital assets.
GDOG and BWOW Directly Hold Dogecoin
The REX Osprey DOGE ETF (DOJE), which launched in September as the first U.S. fund offering exposure to Dogecoin, took a different path to market by avoiding direct ownership of the token.
Filed under the Investment Company Act of 1940, DOJE benefited from a shorter 75-day approval window but is restricted to investing in an offshore subsidiary that holds Dogecoin and in shares of European and Canadian Dogecoin ETFs.
By contrast, Grayscale and Bitwise’s Dogecoin ETFs—GDOG and BWOW—were filed under the Securities Act of 1933, allowing them to directly hold Dogecoin but subjecting them to a longer 240-day approval period.
DOJE enjoyed a far more active debut in September, logging $17 million in first-day trading volume and easily beating analyst expectations of around $2.5 million.
New XRP ETFs Draw Nearly $130M on Debut
Separately, spot XRP ETFs continue to gain momentum. Grayscale and Franklin Templeton’s newly launched products brought in a combined $129.95 million in net inflows on Monday, according to SoSoValue.
The Franklin XRP ETF (XRPZ) recorded $62.6 million in inflows, while the Grayscale XRP Trust ETF (GXRP) drew $67.4 million. Both trailed the sector’s current standout performers—the Canary XRP ETF (XRPC), which amassed $243 million at its Nov. 14 debut, and Bitwise’s XRP ETF, which launched Thursday with over $105 million in first-day inflows.
ETF analysts Eric Balchunas and James Seyffart said Monday that the recent DOGE and XRP launches are just the beginning, forecasting “likely over 100” crypto ETFs to hit the market within the next six months.
