Grayscale Launches First U.S. Spot Dogecoin ETF on NYSE Arca

In Brief

• Grayscale debuts GDOG, the first U.S. spot Dogecoin ETF, trading on NYSE Arca.
• GDOG launches with a 0% fee for first $1B AUM or first three months of trading.
• Dogecoin trades at $0.1452, down 8.25% over the week amid fading market momentum.

Grayscale has launched the first U.S. spot Dogecoin ETF, trading under the ticker GDOG on NYSE Arca. The product is structured under the Securities Act of 1933 and offers a competitive fee of 0% for the first $1 billion in assets or three months.

This launch introduces a low-cost vehicle for investors seeking DOGE exposure without holding the token directly. It follows declining speculative demand, though memecoins often gain traction during risk-on market phases.

The fund is not registered under the Investment Company Act of 1940 and does not carry protections typical of mutual funds. Despite that, Grayscale expects demand from retail and speculative ETF traders attracted by the fee waiver and novelty factor.

Initial inflows are expected to be moderate, with some projections ranging between $5 million and $12 million on day one. Market observers view the launch as a strategic bet on renewed meme asset interest paired with an ETF structure.

Product Offers Exposure to Dogecoin’s Network and Community

The GDOG ETF holds DOGE directly, providing indirect exposure to the network’s activity, growth, and transaction volume. However, investors are not purchasing Dogecoin itself but a security backed by DOGE holdings.

Dogecoin is widely known for its fast, low-cost transactions and active global community of users and developers. The network supports payments, tipping, and other peer-to-peer digital functions, helping it gain wider adoption.

Grayscale launched the Dogecoin Trust as a private vehicle in January 2025 for accredited investors. With the ETF now live, the firm aims to bring memecoin access to a broader investor base.

Dogecoin is currently trading at $0.1452, showing mild declines of –0.56% in the past hour, –0.07% over 24 hours, and a more notable –8.25% over the past week. This suggests short-term selling pressure and waning momentum, likely tied to broader market risk reduction. While the losses aren’t severe intraday, the 7-day drop reflects sustained weakness in sentiment.