Dogecoin ETF Launch by Grayscale Underperforms Market Expectations

Grayscale Investments, one of the leading digital asset managers, officially launched the first U.S. spot Dogecoin ETF (GDOG) on NYSE Arca on November 24, 2025. Despite the high optimism, the product struggled to build momentum, recording underwhelming trading volume on its debut day. The latest data suggest that the ETF posted zero net inflows on its first day, meaning no investor capital entered. The newly launched Grayscale Dogecoin Trust ETF (GDOG) only managed to take in $1.4 million in volume on its debut day, falling below its expected $12 million. Crypto enthusiasts believe that it is solid for an average project, but low for the United States’ first-ever spot product of the digital asset.     

Bloomberg senior ETF analyst Eric Balchunas officially confirmed and posted on X that GDOG (the first Doge ETF) had seen $1.4 million in volume on Day One, which was solid for an average launch but low for a ‘first-ever spot’ product. He mentioned that this was not too surprising, as they had actually made a rhyme a while ago, predicting that the further away one gets from BTC, the fewer assets there will be.

In comparison with other recent altcoin ETF launches, Canary Capital’s XRP ETF (XRPC) recorded $58 million in trading volume on its debut day, marking the highest first-day volume for any ETF this year. Similarly, Bitwise’s spot Solana ETF (BSOL) delivered a strong performance, attracting $57 million in trading volume during its launch last month. 

According to current data, Grayscale Dogecoin Trust ETF (GDOG) on Nov 25, 2025, received $1.8 million in new capital, highlighting the positive inflow. The cumulative total net inflows, meaning the total net inflow since the ETF began trading, are the same ($1.8 million). The GDOG ETF recorded a total trading value of $381.65 K, while its net assets currently stand at $3.5 million in Dogecoin, representing approximately 0.02% of DOGE’s overall market capitalization.

The table shows the historical data of the GDOG ETF. It observes that the ETF doubled its net assets from day 1 to day 2, indicating a substantial new investment on November 25 and strong investor interest. Total assets under management show a significant increase, with the net asset rising from $1.71 million to $3.50 million, continuing the momentum with the large inflow. The latest data shows that the value traded decreased today, even as asset size increased.  

Bitwise’s BWOW ETF Debuts With Warnings on Risk and Volatility

Bitwise Asset Management launched the Bitwise Dogecoin ETF (BWOW) on November 25, 2025, and will go live trading on the NYSE on November 26, 2025. The ETF will trade on NYSE under the ticker BWOW and will have a management fee of 0.34%. Analyst Krisspax confirmed that the new Bitwise spot Dogecoin ETF was set to begin trading on Wednesday, November 26th, under the ticker $BWOW. With the Grayscale $DOGE ETF now trading as $GDOG, he stated that these two powerhouses brought big-time investment firms into the Ðoge community.

Bitwise claims that BWOW is not suitable for all investors, also notes that it is high-risk, can be highly volatile, and may result in significant or total loss. According to them, the ETF is not registered under the Investment Company Act of 1940, implying that the product lacks 940-Act protections. They also claim that investing in $BWOW is not the same as owning Dogecoin. 

Bitwise advised the investors and posted on X that the Bitwise Dogecoin ETF (“BWOW”) was not suitable for all investors. They noted that an investment in BWOW was subject to a high degree of risk, had the potential for significant volatility, and could result in significant or complete loss of investment. They clarified that it was not subject to the same protections as mutual funds or ETFs registered under the 1940 Act and that an investment in BWOW was not the same as a direct investment in Dogecoin.    

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