ETF analyst Eric Balchunas shared that Grayscale has launched the first US spot Dogecoin exchange-traded fund.
The product, listed under the ticker GDOG, gives everyday investors a simple way to buy exposure to the popular meme asset without holding the token themselves..
A New Way to Access Dogecoin
The GDOG fund charges a 35 basis point fee. A basis point is a small unit equal to one hundredth of a per cent and helps investors compare costs. To attract early interest, the issuer is waiving all fees for the first one billion dollars in assets or the first three months, whichever comes first. This type of promotion is common in the ETF world and often helps new products gain traction.
Dogecoin has long been known for its playful image. Yet it has grown into a large crypto asset with deep liquidity and a strong community. One real-world example is its use by some sports teams and online shops that accept it for small everyday payments. By packaging Dogecoin inside an ETF, the issuer offers a path for traditional investors who want exposure while staying inside their regular brokerage accounts.
The first spot Dogecoin ETF* in US launches today from Grayscale, ticker $GDOG (sounds like a late ’80s one hit wonder rapper). Fee is 35bps but is waived to 0.00% for first 1b or until 3mo. Day One volume predictions welcome. I’m going with $12m. *33 Act pic.twitter.com/QbdLLxejhr
— Eric Balchunas (@EricBalchunas) November 24, 2025
Competition Builds as Bitwise Steps In
The launch will not go unchallenged. Asset manager Bitwise is preparing its own rival product named BWOW, which is scheduled to list on Wednesday. Competing listings often help investors because they tend to push fees down and improve the overall quality of the market.
🚨Bitwise is preparing to launch a spot Dogecoin ETF with the ticker $BWOW on NYSE Arca. pic.twitter.com/nPkzQHqjCZ
— Crypto Coin Show (@CryptoCoinShow) November 8, 2025
This activity reflects a recent trend toward spot crypto ETFs gaining broader acceptance. The industry saw strong inflows into Bitcoin and Ethereum spot products earlier this year. According to public fund data, these products helped bring in billions of dollars in new assets, showing clear demand for simple investment tools tied directly to crypto prices.
A Market Shaped by Growing Investor Interest
The creation of these new Dogecoin ETFs highlights how the crypto world continues to blend with traditional finance. Investors who may have been unsure about holding tokens directly now have an easy on-ramp. As new products come to market, it is worth taking time to understand how each fund works and how it fits within a broader investment plan.
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