Trading volume for Grayscale’s first U.S. spot Dogecoin ETF fell short of expectations on its debut, even as Bitwise prepared to launch its own competing fund.
Debut-day volume for the Grayscale Dogecoin Trust ETF (GDOG) reached $1.4 million on Monday, according to Bloomberg ETF analyst Eric Balchunas. He noted that while the figure was “solid for an average launch,” it was well below his projection of $12 million for a first-of-its-kind spot product.
Bitwise is set to follow closely behind. On Tuesday, NYSE Arca — a subsidiary of the New York Stock Exchange — filed with regulators to finalize approval and listing for the Bitwise Dogecoin ETF (BWOW). Bitwise said the fund is scheduled to begin trading on Wednesday.
The new Dogecoin ETFs are launching during a wave of crypto-related fund approvals, following the U.S. Securities and Exchange Commission’s move in September to relax listing requirements. Asset managers are now racing to gauge investor interest in more speculative cryptocurrency products.
Spot Dogecoin ETFs: GDOG and BWOW Hold DOGE Directly
Grayscale and Bitwise differ from the REX Osprey DOGE ETF (DOJE), which debuted in September as the first U.S. ETF offering Dogecoin exposure. DOJE does not directly hold Dogecoin; instead, it invests through an offshore subsidiary and in European and Canadian Dogecoin ETFs to bypass longer approval timelines.
DOJE was filed under the Investment Company Act of 1940, which provides a faster 75-day approval window but restricts direct token ownership.
By comparison, Grayscale and Bitwise filed under the Securities Act of 1933, allowing their funds to hold Dogecoin directly but requiring a longer approval period of up to 240 days.
DOJE’s debut was far stronger than GDOG’s. It saw $17 million in volume on its first trading day in September, easily surpassing analyst expectations of $2.5 million.
New XRP ETFs Attract Nearly $130 Million in First-Day Inflows
On Monday, Grayscale and Franklin Templeton also launched their own spot XRP ETFs, drawing a combined $129.95 million in net inflows, according to SoSoValue.
The Franklin XRP ETF (XRPZ) attracted $62.6 million, while the Grayscale XRP Trust ETF (GXRP) posted $67.4 million. Both trailed behind the earlier Canary XRP ETF (XRPC), which recorded $243 million on its Nov. 14 debut, and the Bitwise XRP ETF, which launched Thursday and took in over $105 million on its first day.
Balchunas noted that the newly released DOGE and XRP ETFs are only the beginning. He and ETF analyst James Seyffart estimate that “likely over 100” additional crypto ETFs could come to market in the next six months.
