Dogecoin ETF Launch Falls Short, Only Generates $1.4 Million

Grayscale's new spot Dogecoin ETF, ticker GDOG, had a disappointing debut, attracting only $1.4 million in trading volume on its first day on NYSE Arca. Analyst predictions had estimated much higher figures. The muted performance drew attention, and market dynamics indicate a shift in trader preferences towards different altcoins.

Key Takeaways

Grayscale's spot Dogecoin ETF, GDOG, launched on NYSE Arca with $1.4 million in volume on its first day.
This figure fell significantly short of analysts' expectations, which forecasted $10–12 million in opening-day volume.
In comparison, other altcoin ETFs like XRP and Solana experienced stronger openings.
The ETF began with approximately 11 million DOGE and assets under management of $1.7 million.
A management fee of 0.35% is currently waived, potentially to stimulate asset growth.
The upcoming weeks will be critical in determining the ETF's performance and market reception.

Dogecoin

Dogecoin ETF’s Uneventful Start on NYSE Arca

Grayscale’s new Dogecoin ETF, GBH, debuted quietly with only $1.4 million in trading volume during its first day on NYSE Arca, according to trading data and company filings. This performance notably fell short of earlier predictions.

Disappointing Initial Volume

Analyst Eric Balchunas from Bloomberg had hinted that the fund could see opening trading volumes around $10 to $12 million, a target that the actual figures did not meet. This discrepancy has sparked commentary from traders and analysts who believe the initial exposure was minimal for such a high-profile product.

Grayscale’s official documentation reveals that the ETF commenced operations with around 11 million DOGE and approximately 94,700 shares available, boasting assets under management of about $1.7 million upon launch. The fund has a management fee of 0.35%; however, this fee is currently waived, leading to a temporary expense ratio of 0% until the fund accumulates $1 billion in assets or for the first three months, whichever occurs first.

"$GDOG (the first Doge ETF) saw $1.4 million in volume on Day One... solid for an average launch but low for a 'first-ever spot' product. Not too surprising though, we actually made a rhyme a while ago predicting this: ‘The further away you get from BTC, the less asset there will be.’" — Eric Balchunas (@EricBalchunas) November 25, 2025

Growing Interest in Other Altcoins

Recent market trackers highlight that other altcoin ETFs have generated stronger early interest, making GDOG’s debut appear lackluster in comparison. Vehicles associated with XRP and Solana, for example, saw more considerable inflows during their openings. This disparity suggests that investors may be leaning towards established tokens rather than meme-inspired options like Dogecoin when it comes to regulated investment vehicles.

DOGE market cap currently at $22.6 billion. Chart: TradingView

Market observers are keen to monitor developments such as the effectiveness of the fee waiver in attracting new assets, DOGE’s price movements as additional products become available, and the impact of competing Dogecoin ETFs, like one from Bitwise.

Analysts are also focused on short-term creation and redemption activities around the ETF, analyzing order books to distinguish between genuine demand and mere interest from headlines.

Following the ETF's launch, Dogecoin’s spot market reflected mild fluctuations, trading near $0.15 as the ETF started. This suggests some trader engagement without a significant rush, leaving the potential for long-term institutional interest uncertain.

The quiet performance of GDOG on its first day indicates that a mere listing is insufficient for substantial capital inflows. The coming weeks, while the fee waiver remains active and with the potential for competing listings, will be pivotal in determining whether the fund can expand its reach or remain subdued amidst a busy ETF landscape.

Featured image from Gemini, chart from TradingView