Grayscale Doubles Down on Dogecoin ETF as Rivals Shatter Debut Records

Grayscale just upped the ante in the crypto ETF race—throwing serious weight behind a Dogecoin fund while competitors notch historic launch numbers.

The Contenders Pull Ahead

Rival ETFs aren’t just entering the market—they’re exploding into it. Record-shattering debuts show institutional money’s hunger for crypto exposure, no matter how Wall Street traditionalists scoff. Grayscale’s move feels like a counter-punch—an aggressive bid to capture the meme coin momentum before the window closes.

Why Dogecoin? Why Now?

Love it or laugh at it, DOGE’s retail appeal can’t be ignored. Grayscale isn’t just betting on a joke; they’re banking on the power of community-driven assets. While finance purists roll their eyes, the numbers—and the inflows—speak louder than cynicism.

A New Playbook

This isn’t your grandfather’s ETF rollout. We’re watching a high-stakes game where narrative trumps P/E ratios and viral sentiment outweighs valuation models. Some call it reckless; others call it the future.

Let’s be real—since when has conventional finance ever been this much fun?

Grayscale Updates Filing for Dogecoin ETF

If the proposal is cleared, the fund WOULD trade on NYSE Arca under the ticker GDOG, with Coinbase lined up as both prime broker and custodian.

“The Trust’s purpose is to hold “DOGE”, which are digital assets that are created and transmitted through the operations of the peer-to-peer dogecoin Network, a decentralized network of computers that operates on cryptographic protocols,” the filing added.

The amendment reflects Grayscale’s intent to keep pace with competitors, particularly as investor appetite for meme-coin-linked vehicles grows.

That urgency was evident in Rex Shares’ Osprey’s Dogecoin ETF, which immediately drew heavy interest at its launch.

Bloomberg analyst Eric Balchunas reported that DOJE traded nearly $6 million within the first hour and closed at $17 million in volume, ranking among the top five ETF debuts of 2025.

The strong showing illustrates how speculative assets like Dogecoin can still generate outsized demand when offered through regulated products.

GDLC’s Strong Market Debut

Notably, Grayscale’s rollout of the CoinDesk crypto 5 ETF (GDLC) reinforced the rising interest in the crypto market.

The fund, designed to track the five largest cryptocurrencies by market capitalization, attracted $22 million in inflows on its first trading day.

$GDLC (the first spot crypto '5' basket ETF) did $22m on its first day as an ETF. Really solid. $DOJE did $12m and $XRPR did $15m. All of them crush the avg ETF launch altho far cry from bitcoin. Still, gotta be happy with that if you are those issuers.

Balchunas noted that while these figures fall short of Bitcoin ETF records, they still far outpace the average ETF launch, highlighting the growing willingness of investors to allocate through regulated crypto baskets.

Meanwhile, the results also align with broader regulatory developments that have made the emerging industry attractive.

The SEC recently introduced a Generic Listing Standard for crypto ETFs, a rule designed to shorten approval times and bypass the traditional 240-day waiting period for filings that meet Core requirements.

Market analysts believe this adjustment could unlock more than 100 new applications within a year, setting the stage for intensified competition among issuers.