Grayscale Eyes First U.S. Spot Dogecoin ETF Launch on Nov. 24

Grayscale Investments is poised to launch the first U.S. spot Dogecoin exchange-traded fund as early as November 24, according to Bloomberg ETF analyst Eric Balchunas, potentially marking a milestone for the meme cryptocurrency amid a broader market downturn.

Balchunas, in a post on X dated November 17, 2025, stated that based on a 20-day review clock under Section 8a of the Securities Act, "Grayscale will be out with the first Doge ETF in a week, 11/24." He added a note of caution, saying it "won't be 100 till exchange notice, but based on SEC guidance it looks good." The filing aims to convert Grayscale's existing Dogecoin Trust, launched in January 2025, into a publicly traded ETF that would hold actual Dogecoin through Coinbase Custody. This structure would allow investors to gain direct exposure to the token via traditional brokerage accounts, without managing wallets or exchanges.

The move follows approvals for spot ETFs tracking other altcoins like Solana, Litecoin and Hedera earlier in October 2025. Bitwise and 21Shares have also filed for similar Dogecoin spot ETFs, with Bitwise's application potentially effective shortly after Grayscale's, using the same automatic...