A Slow Debut for Grayscale's Spot Dogecoin ($DOGE) ETF

Source: CryptoDaily Original Title: A Slow Debut for Grayscale’s Spot Dogecoin ($DOGE) ETF Original Link: https://cryptodaily.co.uk/2025/11/a-slow-debut-for-grayscales-spot-dogecoin-doge-etf Grayscale’s newly launched spot $DOGE ETF ($GDOG) commenced trading on NYSE Arca on Monday, delivering a performance well below expectations. On its first day, $GDOG recorded a trading volume of $1.41 million and reported net assets of $1.7 million.

By its second trading day, $GDOG’s cumulative net inflow reached $1.8 million, and its total net assets $3.5 million, according to market data.

Underwhelming Start for the First Dogecoin (DOGE) Spot ETF

The debut trading volume for the Grayscale Dogecoin Trust ETF, listed under the ticker $GDOG, fell short of expectations despite being the first spot DOGE ETF. $GDOG made its debut on NYSE Arca, a subsidiary of NYSE on Monday, 24 November, with analysts forecasting approximately $12 million in first-day trading volume.

On Tuesday, Bloomberg’s senior ETF analyst reported that $GDOG recorded just $1.4 million in trading volume on day one – far below the $12 million estimate. The analyst noted that while this is “solid for an avg launch” it is “low for a ‘first-ever spot’ product,” highlighting the principle that “the further away you get from BTC, the less asset there will be.”

Grayscale’s DOGE ETF became the first spot $DOGE exchange-traded product available to U.S. investors after the platform received notification that NYSE Arca had certified the listings for its spot $XRP and $DOGE ETFs. The certifications enable both products to convert from Grayscale’s existing private-placement trusts into publicly traded products.

$GDOG provides retail investors exposure to $DOGE’s price movement without the risks and complexities of directly purchasing and securing the asset. A major custodial provider serves as the ETF’s custodian while another administrator manages the fund. The ETF holds over 11.1 million $DOGE across 94,700 shares. Grayscale is temporarily waiving fees - offering a 0% expense ratio for the first three months, or until assets under management reach $1 billion. Afterward, fees will increase to 0.35%.

Grayscale’s $GXRP Falls Short of Competitors

On Monday, Grayscale’s spot XRP ETF, $GXRP, and Franklin Templeton’s Franklin XRP ETF ($XRPZ) also began trading. $GXRP recorded $67.4 million in net inflows, while $XRPZ saw $62.6 million.

However, both funds lagged behind competitors such as Canary Capital’s Canary XRP ETF ($XRPC), which posted a massive $243 million in net inflows on its 14 November debut, alongside $58 million in first-day trading volume - the highest of any of the more than 900 ETFs launched in 2025.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.