Grayscale Doubles Down on Dogecoin: ’GDOG’ ETF Filing Signals Major Meme Coin Endorsement

Wall Street's favorite crypto custodian just placed a billion-dollar bet on internet money. Grayscale's newly filed Dogecoin ETF (ticker: GDOG) could legitimize the Shiba Inu-themed asset faster than Elon Musk can tweet 'to the moon'.

Why it matters: The move forces institutional investors to confront DOGE's $12B market cap reality—whether they take it seriously or not. Grayscale's track record with Bitcoin ETFs suggests they're playing the long game, meme magic be damned.

The cynical take: Nothing says 'mature asset class' like packaging a joke cryptocurrency created as literal satire into a SEC-regulated product. But in 2025's market? That might just be the smartest trade on the board.

Grayscale Joins Growing Race for Crypto ETF Approvals

Grayscale’s proposal enters a crowded field. Competitors Rex-Osprey and Bitwise have also submitted applications for similar products as the SEC weighs dozens of crypto ETF requests.

Recent filings cover a wide spectrum, from SOL- to XRP-tracking funds, reflecting a shifting regulatory climate under the TRUMP administration.

The SEC’s tone toward crypto ETFs has warmed considerably over the past year. In July, the agency approved in-kind creations and redemptions for crypto ETFs and gave the green light for applications to list and trade spot Bitcoin and ethereum ETFs, along with options on certain spot Bitcoin ETPs.

That shift follows a pivotal court win for Grayscale during the Biden era, which paved the way for spot Bitcoin ETFs in January 2024 and spot Ether ETFs later that year.

The market for US-based spot bitcoin and Ether ETFs is now booming. ETF analyst Eric Balchunas reported last week was the strongest yet for combined trading volume, driven largely by a surge in Ether ETF activity.

Weekly Ether ETF volume hit $17 billion, a new record, coinciding with Bitcoin’s climb to an all-time high of $124,000 and Ether’s near-return to its November 2021 peak.

Spot Bitcoin + Ether ETFs did about $40b in volume this week, biggest week ever for them, thanks to Ether ETFs stepping up big. Massive number, equiv to a Top 5 ETF or Top 10 stock's volume. pic.twitter.com/Z89uV63A3w

Ether ETFs have pulled in over $3 billion in net inflows in the first half of August alone, their second-strongest month since launch.

Balchunas noted the products had been “asleep” for nearly a year before cramming a year’s worth of trading into six weeks.

Bitcoin ETFs Hit $73.6K as Analysts Draw Parallels to Ether Rally

Bitcoin ETFs, meanwhile, have also posted fresh highs, with prices reaching $73,679 within two months of launch earlier this year.

Analysts see parallels between Ether’s current rally and Bitcoin’s surge after its ETF debut.

“This MOVE is comparable to the BTC ETF launch, when Bitcoin continued to rally upward,” said MN Trading Capital’s Michaël van de Poppe, predicting more upside for altcoins.

$ETH has surged more than 100% in less than two months.

This move is comparable to the $BTC ETF launch, when #Bitcoin continued to rally upwards.

We'll likely see a new ATH for $ETH and then some consolidation.

There's way more to come for this cycle. pic.twitter.com/Ah4hZkPecK

Still, some warn that Ether’s all-time high may not arrive immediately. Nansen’s Jake Kennis suggested it could take weeks or months, even with ETH now just a few hundred dollars shy of a new record.

Meanwhile, the SEC has extended its review period for two solana ETFs filings to October 16, 2025.

The SEC said that the extension allows “sufficient time to consider” Solana ETF proposals from Bitwise and 21Shares, which were originally due on August 17.