Grayscale’s Dogecoin ETF Sees Muted $1.4M Debut on NYSE

Grayscale’s new spot Dogecoin ETF, trading under the ticker GDOG, opened quietly on NYSE Arca with just $1.4 million in trading volume on its first day. This muted debut fell well short of public forecasts, particularly Bloomberg analyst Eric Balchunas’ prediction of roughly $10-12 million in opening-day volume. The gap between expectations and reality drew immediate commentary from traders and analysts, who noted the launch exposure was smaller than anticipated for what represents the first spot Dogecoin ETF product.

According to Grayscale’s filings, the ETF began trading with holdings of approximately 11 million DOGE and roughly 94,700 shares outstanding. Assets under management were reported at approximately $1.7 million when the fund started trading. The sponsor set a management fee of 0.35%, but that charge is being waived entirely—the fund will carry a 0% expense ratio either until it reaches $1 billion in assets or for the first three months, whichever occurs first.

Bloomberg analyst Eric Balchunas provided context for the subdued debut, noting on social media platform X that while $1.4 million in volume was ‘solid for an avg launch,’ it was ‘low for a first-ever spot product.’ He referenced a previous prediction rhyme: ‘The further away you get from BTC, the less asset there will be,’ suggesting that distance from Bitcoin in the cryptocurrency hierarchy may explain the tempered investor response to a Dogecoin-focused product.

The contrast with other recent altcoin ETF launches was particularly striking. Reports from market trackers indicated that other vehicles, including those for XRP and Solana, drew stronger early demand during their openings. This comparison has been used to explain why meme-coin exposure did not attract as much fresh capital on day one. Traders suggest that current capital flows may reflect a preference for certain established tokens over meme-style names when packaged in regulated wrappers like ETFs.

Dogecoin’s spot market showed only mild movement following the ETF listing, trading near $0.15 as GDOG opened for trading. This price action suggests traders reacted to the news but did not rush to establish positions, leaving questions about long-term institutional appetite for Dogecoin exposure through regulated products. The data so far indicates that listing alone does not guarantee significant capital flows, even for a pioneering product in the cryptocurrency ETF space.

Market observers are now focused on several key factors that could influence GDOG’s trajectory. The fee waiver period presents a critical window for the fund to gather assets, with analysts watching whether the zero-expense structure will attract investors in the coming weeks. Additionally, how DOGE’s market price behaves as more products list—including a competing Dogecoin ETF from Bitwise—could significantly impact flows into GDOG. Some analysts are monitoring short-term creation and redemption activity and the order books around the ETF to distinguish between real demand and headline interest.

The next few weeks, while the fee waiver remains active and competing listings potentially arrive, will be crucial for determining whether GDOG can expand its reach or remains a subdued debut in what has become a busy ETF calendar. The initial performance suggests that while the infrastructure for meme coin investment through regulated channels now exists, sustained investor interest cannot be taken for granted, even with first-mover advantage in a new product category.