Grayscale Dogecoin ETF GDOG Falls Short In First Trading Days

Grayscale’s Dogecoin ETF GDOG had a slow start on NYSE Arca, despite being a new spot Dogecoin ETF for U.S. investors.

On the first trading day, GDOG recorded $1.41 million in trading volume and reported $1.7 million in net assets.

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By the second trading day, data from SoSoValue showed the Grayscale Dogecoin ETF with $1.8 million in cumulative net inflows and $3.5 million in total net assets. These figures describe the early scale of the Dogecoin ETF GDOG in the spot ETF market.

The spot Dogecoin ETF began trading on Monday, November 24, on NYSE Arca, a subsidiary of the New York Stock Exchange. Before launch, analysts discussed possible higher numbers, but the real trading data for GDOG settled at the levels reported by SoSoValue and exchange records.

On Tuesday, Bloomberg senior ETF analyst Eric Balchunas commented on GDOG in a post on X. He wrote that the Dogecoin ETF GDOG logged about $1.4 million in first-day trading volume, compared with his earlier expectation of around $12 million.

He called the volume “solid for an avg launch” but “low for a ‘first-ever spot’ product,” describing how the Dogecoin spot ETF performed against his own projection.

Grayscale GDOG ETF First Day Volume. Source: Eric Balchunas X

How Grayscale Dogecoin ETF GDOG Delivers Spot DOGE Exposure

The Grayscale Dogecoin ETF GDOG is built as a spot Dogecoin ETF, meaning the fund holds Dogecoin (DOGE) directly rather than using futures.

A spot ETF tracks the real-time price of the asset it holds, so GDOG moves with the underlying Dogecoin price stored in the fund’s custody accounts.

The listing of the Dogecoin ETF GDOG followed a notification that NYSE Arca had certified the listings for both Grayscale’s spot Dogecoin ETF GDOG and the Grayscale XRP ETF GXRP.

This certification allowed Grayscale to convert earlier private-placement trusts into publicly traded products. As a result, both the Grayscale Dogecoin ETF and the Grayscale XRP ETF GXRP now trade on a national exchange in standard brokerage accounts.

For investors, the Dogecoin ETF GDOG offers exposure to Dogecoin without managing wallets or private keys. Instead of sending on-chain transactions, investors buy or sell shares of the Dogecoin spot ETF through regular stock trading platforms.

This structure aligns GDOG with other spot crypto ETFs that hold coins directly while issuing shares backed by those holdings.

In terms of operations, Coinbase Custody holds the Dogecoin that backs the Grayscale Dogecoin ETF GDOG, while BNY acts as the fund administrator.

Launch information shows that the Dogecoin ETF GDOG holds over 11.1 million DOGE across 94,700 shares. These holdings define the scale of the spot Dogecoin ETF at the start of trading.

The Grayscale Dogecoin ETF GDOG also has a temporary fee structure. Grayscale is waiving the expense ratio, so GDOG charges 0% fees for the first three months or until assets under management reach $1 billion.

After that, the expense ratio for the Dogecoin ETF GDOG will rise to 0.35%. This fee schedule sets the cost of holding the Dogecoin spot ETF for different stages of its growth.