Grayscale’s spot Dogecoin ETF opened trading with only $1.4 million in debut-day volume, falling short of Bloomberg analyst Eric Balchunas’ estimate of $12 million. While Balchunas called the figure solid for an average ETF launch, he said it was notably low for a first-ever spot Dogecoin product.
Bitwise is preparing to launch its own spot Dogecoin ETF, after NYSE Arca filed with regulators to certify approval. The Bitwise fund is expected to begin trading on Wednesday. These filings come during a wave of new crypto ETFs after the SEC eased listing standards in September, encouraging issuers to explore investor appetite for risk-heavy digital assets.
The Dogecoin ETF space already saw an earlier entrant — the REX Osprey DOGE ETF — which debuted in September with $17 million in trading volume, well above forecasts. However, it reached the market faster by holding Dogecoin indirectly through offshore structures, unlike Grayscale and Bitwise, which filed under rules allowing direct token custody.
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