Grayscale Edges Toward Dogecoin ETF Launch as Competition Heats Up

Grayscale is moving steadily closer to launching its long-awaited Dogecoin ETF, signaling what could soon become the second DOGE-focused exchange-traded product available in the United States. The firm’s effort highlights the growing competition among issuers and the different regulatory strategies being used to bring crypto-based funds to market.

Bloomberg ETF analyst Eric Balchunas recently suggested that Grayscale may debut its Dogecoin ETF as early as November 24, noting that the company’s ongoing transition of its crypto trusts into ETFs mirrors the approach taken with its other digital-asset products. While the SEC has not provided any official timeline, industry watchers are paying close attention as Grayscale pushes forward.

The company began the conversion process on August 15, 2025, by filing an S-1 registration statement for the Grayscale Dogecoin Trust. The goal is to list the ETF under the ticker GDOG. Grayscale later submitted a 19b-4 application with NYSE Arca on January 31, seeking approval to list the fund for public trading. Both filings fall under the Securities Act of 1933, meaning GDOG cannot go live until the SEC grants direct approval.

This path stands in contrast to the strategy used by REX-Osprey, which brought the first Dogecoin ETF—DOJE—to market on September 18, 2025. Instead of the 1933 Act route, REX-Osprey leveraged a structure governed by the Investment Company Act of 1940. That framework allows a fund to become automatically effective after 75 days if regulators raise no objections, enabling a significantly faster launch timeline.

DOJE also takes a different investment approach. Rather than holding Dogecoin itself, the ETF offers synthetic exposure by allocating 80% of its assets to DOGE futures and similar derivatives, with the remaining 20% held in U.S. Treasury securities. A Cayman Islands subsidiary oversees the derivatives portion, satisfying 1940 Act standards while avoiding direct custody of crypto.

Dogecoin remains one of the most prominent digital assets, currently valued at over $23 billion and ranking as the 10th largest cryptocurrency, according to CoinGecko. Its deep liquidity and active derivatives market continue to make it attractive to ETF issuers navigating strict regulatory rules for spot-based crypto products.

Other digital assets are also gaining ETF traction. Canary Capital recently released the first spot XRP ETF, and VanEck launched a zero-fee Solana ETF to appeal to cost-focused investors. If Grayscale’s GDOG wins approval, it would further expand the range of crypto ETFs available to institutions and retail investors seeking diversified exposure to the digital-asset market.