{"id":18354,"date":"2025-11-26T04:09:37","date_gmt":"2025-11-26T03:09:37","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=18354"},"modified":"2025-11-26T04:09:37","modified_gmt":"2025-11-26T03:09:37","slug":"grayscale-doge-etf-launch-sees-lower-than-expected-trading-volume","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/11\/26\/grayscale-doge-etf-launch-sees-lower-than-expected-trading-volume\/","title":{"rendered":"Grayscale DOGE ETF Launch Sees Lower-Than-Expected Trading Volume"},"content":{"rendered":"

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The much-anticipated launch of Grayscale\u2019s spot Dogecoin exchange-traded fund (ETF) didn\u2019t quite hit the mark in terms of trading volume, even though it\u2019s a pioneering product in the country focusing on this cryptocurrency.<\/p>\n

Bloomberg ETF analyst Eric Balchunas shared<\/a> on Tuesday that the Grayscale Dogecoin Trust ETF\u2019s (GDOG) first day, which was Monday, only pulled in $1.4 million in trading volume. This is a far cry from his expectation of $12 million. While he noted that it\u2019s \u201csolid for an [average] launch,\u201d it\u2019s still low for a ground-breaking \u2018first-ever spot\u2019 product.<\/p>\n

Excitingly, Grayscale isn\u2019t alone! A spot Dogecoin (DOGE<\/a>) ETF from Bitwise is also on the horizon. New York Stock Exchange subsidiary NYSE Arca filed<\/a> with regulators on Tuesday to get the Bitwise Dogecoin ETF (BWOW) approved and listed, and it\u2019s set to kick off trading on Wednesday.<\/p>\n

This flurry of new Dogecoin funds comes at a time when there\u2019s an influx of crypto ETFs<\/a>, following the Securities and Exchange Commission\u2019s decision to relax listing standards<\/a> back in September. This has asset managers eager to see if investors are keen on products associated with more speculative crypto tokens.<\/p>\n

Source: <\/em>Eric Balchunas<\/em><\/a><\/figcaption><\/figure>\n

GDOG and BWOW: Dogecoin Holders!<\/h2>\n

The REX Osprey DOGE ETF (DOJE) made its debut in September<\/a> as the first US ETF with exposure to Dogecoin. However, it took a different route and isn’t able to directly hold the cryptocurrency, allowing it to get to market quicker.<\/p>\n

DOJE was registered under the Investment Company Act of 1940, which provides a 75-day window for approval but limits investments to an offshore subsidiary that holds Dogecoin and European or Canadian Dogecoin ETFs.<\/p>\n

In contrast, Grayscale and Bitwise\u2019s Dogecoin ETFs, filed under the Securities Act of 1933, can directly hold the token but require a longer approval timeline of 240 days.<\/p>\n

DOJE had a lively start in September, with a whopping $17 million in volume on its first day, surpassing analyst expectations of only $2.5 million.<\/p>\n

New XRP ETFs Make a Splash!<\/h2>\n

In other exciting news, on Monday, Grayscale and Franklin Templeton rolled out their own spot XRP (XRP<\/a>) ETFs, which together saw an impressive net inflow<\/a> of $129.95 million, according<\/a> to SoSoValue.<\/p>\n

Related: <\/strong><\/em>VanEck quietly reverses course on BNB ETF staking in recent SEC filing<\/strong><\/em><\/a><\/p>\n

The Franklin XRP ETF (XRPZ) attracted $62.6 million in net inflows, while the Grayscale XRP Trust ETF (GXRP) brought in $67.4 million. Both still lagged behind their competitor, the Canary XRP ETF (XRPC), which welcomed a staggering $243 million on its debut back in November, as well as Bitwise\u2019s XRP ETF, which launched last Thursday with over $105 million on its first trading day.<\/p>\n