Bitwise Dogecoin ETF Approved, Joins Grayscale’s GDOG

The Securities and Exchange Commission filing from Tuesday confirmed NYSE Arca’s approval of Bitwise’s Dogecoin ETF, BWOW, registered under the Securities Act of 1933. This regulatory certification positions BWOW to begin trading shortly, joining Grayscale’s spot Dogecoin ETF—GDOG—which launched just one day earlier. Both products represent significant milestones for Dogecoin investors seeking exposure through traditional financial channels rather than direct cryptocurrency ownership.

According to the filing documentation, Bitwise’s BWOW will custody its assets with Coinbase Custody Trust, providing institutional-grade security for the underlying Dogecoin holdings. The back-to-back approvals demonstrate regulatory comfort with meme coin investment vehicles, though both products operate under the 1933 Act framework rather than the more common 1940 Act structure used for many traditional ETFs. This distinction reflects the evolving regulatory approach to cryptocurrency-based financial products.

Initial trading data reveals tempered investor enthusiasm for Dogecoin ETFs compared to other cryptocurrency offerings. Grayscale’s GDOG generated approximately $1.4 million in daily trading volume during its debut, a figure Bloomberg ETF analyst Eric Balchunas described as “solid for an average launch but low for a ‘first-ever spot’ product.” The performance fell significantly short of Balchunas’s initial prediction of $12 million in day-one trading, highlighting the gap between expectations and market reality.

Balchunas contextualized the muted reception by noting, “The further away you get from BTC, the less asset there will be,” suggesting that investor interest diminishes for cryptocurrencies further removed from Bitcoin in both market positioning and perceived legitimacy. This pattern appears consistent across the altcoin ETF space, with Dogecoin products facing particular headwinds given the token’s origins as a meme-based digital asset rather than a technology-focused cryptocurrency like Ethereum or Solana.

The contrast with other recently approved altcoin ETFs is stark. Canary Capital’s spot XRP fund produced more than $58 million in trading volume on its debut, setting the first-day ETF record for this year. Meanwhile, Bitwise’s own Solana staking ETF, BSOL, generated approximately $57 million in trading volume during its October launch. These figures dramatically outpace Dogecoin ETF volumes, suggesting institutional and retail investors remain more comfortable with established blockchain platforms than meme-inspired cryptocurrencies.

Despite the modest initial reception, fund issuers continue developing innovative Dogecoin investment products. Last week, 21Shares unveiled TXXD—a 2x leveraged long DOGE ETF that gives traders on the Nasdaq the opportunity to earn approximately twice the daily performance of the token. This product expansion indicates ongoing institutional belief in Dogecoin’s market relevance, even as the token faces significant price challenges.

Dogecoin’s market performance provides important context for the ETF launches. The token has declined more than 24% over the past month and recently traded at $0.15—representing a 79% drop from its 2021 all-time high of $0.73. This substantial downturn reflects broader cryptocurrency market weakness and specific challenges facing meme coins as investor preferences shift toward utility-focused blockchain projects.

As the tenth largest cryptocurrency by market capitalization, Dogecoin maintains significant brand recognition and community support, factors that could drive future ETF adoption. The sequential approvals of GDOG and BWOW within days of each other suggest regulators see sufficient market demand for multiple Dogecoin investment vehicles, potentially paving the way for additional cryptocurrency ETFs beyond the current Bitcoin and Ethereum offerings that dominate the space.