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Eric Balchunas from Bloomberg put a number on the board right before the U.S. market opened, calling for a $12 million first-day print on the new Dogecoin ETF and setting the tone for how this launch will be judged by desks that normally treat meme assets as background noise — not headline material.
Grayscale’s product, trading under GDOG, is the first spot Dogecoin ETF to hit the U.S. market under the ’33 Act. The fee structure is 35 bps, waived to 0.00% for the first $1 billion or three months — whichever burns out faster.
That alone places the fund among the cheaper crypto vehicles at launch, and it sort of signals that Grayscale wants early inflows locked in before Bitwise arrives with its own DOGE tracker, scheduled to start trading on Wednesday under BWOW.
Two issuers, two days apart, and the market gets back-to-back meme asset listings at a time when Bitcoin, Ethereum and Solana flows remain in despair.
GDOG and Dogecoin
The Bloomberg screen for GDOG shows total assets at $1.55 million prelaunch and a replication setup that holds pure DOGE exposure without swaps or leverage. With no derivatives, no hedges and no structural tricks, this is a plain position in the most popular meme coin.
Recent listings make today’s bar higher. Bitwise’s Solana ETF (BSOL) landed on Oct. 28 with $69.45 million right out of the gate and finished its first session at $289 million in NAV. The XRP product, XRPC, went live on Nov. 13 with no day-one inflows, only to pull in $243 million the next morning through cash or in-kind creations.
Speaking about Dogecoin itself, right now it trades around $0.143-$0.146 today, a range that has seen intraday swings but nothing that changes the bigger picture: DOGE remains one of the most liquid altcoins, so its depth alone makes it ETF-friendly.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team