Grayscale launches first Dogecoin spot ETF in US

• Grayscale has listed its Dogecoin spot ETF in the United States.
• GDOG will trade on the NYSE Arca, and analysts expect $12 million in debut volume.
• The ETF, which tracks the leading memecoin, is one of many expected in the coming days.

Cryptocurrency asset manager Grayscale has launched the first spot Dogecoin exchange-traded fund in the United States.

The spot ETF, which began trading on the NYSE Arca under the ticker ‘GDOG’ on November 24, 2025, marks another milestone in the crypto market – particularly for memecoins.

GDOG marks the next step as more ETFs come to the US market, says senior ETF analyst Eric Balchunas.

Dogecoin spot ETF enters the US market

Grayscale’s Dogecoin spot ETF, GDOG, is live for investors, who can now buy shares of the product via their brokerage accounts.

Structured under the Securities Act of 1933, GDOG is a spot exchange-traded fund that directly holds physical Dogecoin tokens in secure custody rather than relying on derivatives or futures contracts.

GDOG will closely track the real-time market price of DOGE.

This means investors have transparent and efficient exposure to Dogecoin, without the complexities of direct cryptocurrency ownership, such as managing private keys or navigating exchange risks.

As it looks to attract early inflows, Grayscale has implemented an aggressive fee structure. The sponsor fee is set at 0.35% annually.

However, it will be fully waived to 0% for the first three months or until the fund reaches $1 billion in assets under management, whichever comes first.

Grayscale’s fee waiver will end on February 24, 2026.

Crypto enthusiasts and analysts predict potential for GDOG to attract both retail and institutional players eyeing the top memecoin.

According to senior Bloomberg ETF analyst Eric Balchunas, the debut performance of GDOG could see a first-day volume of $12 million.

DOGE price and more spot crypto ETFs

The US saw its first spot crypto ETFs launch in 2024, with Bitcoin and Ethereum.

Over the past few months, this offering has increased with the rollout of multiple funds.

Notably, the flurry is expected to accelerate following the SEC’s new listing standard, and could see more added to ETFs on Solana, Hedera, XRP and Litecoin.

Balchunas says GDOG will soon be followed by more, including nearly 100 over the next six months.

The launch comes as Dogecoin trades at $0.14 amid broader market turmoil.

Despite macroeconomic pressures and sector-wide sell-offs, DOGE price could see a bounce to $0.20 and higher in the coming days.

As well as the ETF buzz, other catalysts for DOGE could be a memecoin rally, treasury company purchases and broader altcoin market resilience.

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