Bloomberg ETF analyst Eric Balchunas has predicted that Grayscale's Dogecoin ETF (GDOG) could begin trading as early as November 24, 2025, potentially marking the second Dogecoin investment product in U.S. markets.
Grayscale filed its S-1 registration statement with the SEC on August 15, 2025, aiming to convert the private Grayscale Dogecoin Trust into a publicly traded ETF under the ticker GDOG. The firm also submitted a corresponding 19b-4 application to NYSE Arca on January 31, 2025, for listing approval, though no formal SEC approval timeline has been announced.
This prediction contrasts with REX-Osprey's Dogecoin ETF (DOJE), which launched on September 18, 2025, under the ticker DOJE on the CBOE exchange. DOJE utilized the Investment Company Act of 1940, allowing automatic effectiveness after 75 days without explicit SEC approval, and provides synthetic Dogecoin exposure through derivatives and futures contracts, with 80% of assets allocated to DOGE exposure and 20% in U.S. Treasury securities.
In comparison, Grayscale's GDOG will hold physical Dogecoin via Coinbase Custody, using the CoinDesk DOGE CCIXber Reference Rate for daily pricing based on data from major U.S. exchanges like Coinbase, Kraken, and Crypto.com. Dogecoin's market cap stands at $24.2 billion, ranking it as the 10th largest cryptocurrency.
Other recent altcoin ETF developments include Canary Capital's spot XRP ETF and VanEck's Solana ETF with zero fees, highlighting growing institutional interest in crypto assets.
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