Grayscale’s spot DOGE ETF sees slow start with $1.41M in first day volume

The Grayscale spot DOGE ETF opened far below projections and well under expectations set by recent altcoin exchange-traded fund launches.

Grayscale’s new Dogecoin ETF fund (ticker: GDOG) opened on the NYSE with softer-than-expected activity, drawing modest trading on its first day.

According to data from SoSoValue, GDOG recorded $1.41 million in first-day trading volume, with net assets of $1.71 million.

Grayscale launches the first U.S. spot DOGE ETF

The ETF debuted on NYSE Arca on Nov. 24, becoming the first spot DOGE exchange-traded product available to U.S. investors. The fund is a conversion of Grayscale’s private Dogecoin ( DOGE ) Trust, which launched earlier this year for accredited participants.

Investors can obtain exposure without managing wallets or custody thanks to GDOG, which holds physical DOGE and monitors the token’s spot price. Coinbase Custody is the asset custodian, and BNY is the administrator for the ETF, which uses cash creation and redemption.

At launch, the fund held 11.1 million DOGE across 94,700 shares, with DOGE per share set at 117.58. Grayscale is temporarily waiving fees, offering a 0% expense ratio for either the first three months or until assets reach $1 billion; afterward, the fee rises to 0.35%.

The rollout drew wide attention as another milestone linking meme-driven digital assets to regulated markets. But despite strong anticipation, early activity landed well below forecasts. Bloomberg ETF analyst Eric Balchunas had predicted  $10–12 million in day one volume.

Muted debut contrasts with DOGE price bump

GDOG’s first-day total of $1.41 million was far from projections and well behind recent altcoin ETF openings. Some market watchers described the debut as a cautious start rather than a setback, noting that meme-aligned products may attract steady flows over time instead of flash surges.

Dogecoin itself reacted with a mild rally. DOGE traded around $0.152 after a 3-5% rise, with global spot and derivatives activity reaching $1.93 billion in 24-hour turnover. While not a major breakout, the move suggested traders were monitoring the ETF even if institutional desk participation remained thin.

Looking ahead, Grayscale is preparing for a Chainlink ( LINK ) ETF, framing it as a future bridge for tokenized RWA markets and cross-chain settlement. The firm says the lineup aims to give investors clear access to digital assets as the asset class matures.