On November 25, 2025, the U.S. market saw the launch of Grayscale Investments’ spot Dogecoin ETF, trading under the ticker GDOG. The debut day closed with a trading volume of $1.4 million, below market expectations.
Bloomberg analyst Eric Balchunas described this performance as “typical for an average launch,” though modest compared to first-day activity of similar spot ETFs.
The launch comes just ahead of a competing product: Bitwise Dogecoin ETF (BWOW). NYSE Arca filed the listing documents on November 25, 2025, with trading expected to start November 26, 2025. The entry of BWOW is anticipated to intensify competition for investors seeking direct exposure to Dogecoin.
The surge in new crypto ETFs follows regulatory relief from the U.S. Securities and Exchange Commission (SEC) in September, which loosened listing requirements. Fund managers have responded by promoting products targeting more speculative cryptocurrencies, testing investor demand for these instruments.
Unlike previous offerings, the Grayscale and Bitwise spot ETFs are registered under the Securities Act of 1933, allowing them to hold tokens directly.
The GDOG debut contrasts with the launch of REX Osprey DOGE (DOJE) in September, which recorded $17 million in first-day volume—well above analysts’ expectations. However, DOJE is not technically a spot ETF, as it invests in Canadian and European Dogecoin ETFs and an offshore structure holding the underlying asset.
Investor interest is also shifting toward XRP-focused funds. On Monday, Grayscale and Franklin Templeton launched their own spot ETFs on XRP, collectively attracting $129.95 million.
According to Balchunas and colleague James Seyffart, the crypto ETF sector is entering a period of rapid expansion. Analysts predict that within six months, the number of crypto ETFs in the U.S. could exceed 100, significantly altering the competitive landscape.
Earlier this year, Fidelity Investments introduced its spot Solana ETF in the U.S., further reflecting the growing appetite for cryptocurrency ETFs.
