Grayscale Launches First US Spot Dogecoin ETF with Low Volume

Grayscale Investments launched the first U.S. spot Dogecoin exchange-traded fund on November 24, marking a milestone for the meme cryptocurrency but drawing a muted market response in New York.

The Grayscale Dogecoin Trust ETF, trading under the ticker GDOG on NYSE Arca, recorded just 1.41 million dollars in trading volume on its debut day, well below analyst expectations of around 12 million dollars. Data from ETF trackers showed zero net inflows, indicating no new capital entered the fund through creations by authorized participants. Dogecoin, the underlying asset, traded near 0.15 dollars at the close, reflecting a modest 4.6 percent gain over the prior 24 hours but remaining in a broader downtrend from earlier highs near 0.26 dollars in October.

The launch follows regulatory approvals that have accelerated the rollout of spot crypto ETFs since September, when the Securities and Exchange Commission eased listing standards. GDOG directly holds Dogecoin tokens, unlike earlier products such as the REX Osprey DOGE ETF, which launched in September with indirect exposure and saw 17 million dollars in debut volume. Bitwise Asset Management plans to introduce its own spot Dogecoin...