- Grayscale launched its Dogecoin ETF (GDOG) on NYSE Arca amid a challenging period for the crypto market.
- Dogecoin’s price traded around $0.15, significantly below its 2021 peak of $0.73.
- Analysts expect GDOG to hold the spotlight briefly before Bitwise launches its Dogecoin ETF (BWOW) two days later.
- GDOG debuted alongside heavy outflows from Bitcoin ETFs, adding pressure to broader crypto prices.
- The fund’s initial 0.35% fee is being waived for the first $1 billion in assets or for the first three months.
Grayscale officially began trading its Dogecoin ETF (GDOG) on NYSE Arca on Monday, providing investors with new exposure to the popular cryptocurrency. The launch comes as the digital asset market faces headwinds, including recent large outflows from Bitcoin ETFs.
The first trading session for GDOG saw mixed performance, with the fund trading up 4.5% in afternoon hours as the overall crypto market climbed 2.3% over the last 24 hours. According to Bloomberg ETF analyst Eric Balchunas, GDOG is “likely to have a brief spotlight” before the planned debut of Bitwise’s Dogecoin ETF (BWOW), as stated in a recent post. Balchunas estimated GDOG’s first-day volume would reach $12 million. Data from SoSoValue showed daily share volume above 27,000.
GDOG’s listing follows a difficult week for the sector. Bitcoin fell below $81,000 on Friday before rebounding; it traded near $88,000 on Monday after a minor uptick. This period also saw GDOG’s launch coincide with significant outflows from Bitcoin ETFs, which further pressured market sentiment.
Dogecoin’s price increased 4.4% in the past 24 hours, trading near $0.15, but retail sentiment among traders shifted to “bearish” from “neutral” according to Stocktwits data. The cryptocurrency remains well below its all-time high of $0.73 from 2021.
Grayscale confirmed that GDOG will carry a standard fee of 0.35%, though this will be waived for the first $1 billion in assets or for the initial three months, whichever comes first. For more comments on market impact, Eric Balchunas noted, “It’s encouraging to see multiple issuers gain their moment in the market. Grayscale has been a pioneer, pushing the industry toward this milestone for years.”
The next competitor in Dogecoin ETFs, Bitwise, is expected to launch BWOW on Wednesday, increasing competition in the segment.
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