Bitwise Dogecoin ETF Debut Imminent After Quiet Start for Grayscale DOGE Fund

In brief

The Bitwise Dogecoin (DOGE) ETF, BWOW, was certified by NYSE Arca on Tuesday.
The ETF is expected to begin trading soon, joining Grayscale’s spot Dogecoin ETF launch from Monday.
Investors now have more options to gain exposure to the leading meme coin, though volumes pale in comparison to XRP and SOL ETFs.

Another Dogecoin (DOGE) ETF is expected to hit the market soon after NYSE Arca approved the listing and registration of Bitwise’s Dogecoin ETF, BWOW, according to an SEC filing from Tuesday.

BWOW, registered under the Securities Act of 1933, will grant investors exposure to the leading meme coin, with assets to be custodied by Coinbase Custody Trust.

The certification comes just a day after Grayscale launched its spot Dogecoin ETF—GDOG—which earned around $1.4 million in daily trading volume.

Though “solid,” according to Bloomberg ETF analyst Eric Balchunas, it was a much quieter start than his initial volume prediction of $12 million in day-one trading.

“Solid for an average launch but low for a ‘first-ever spot’ product,” Balchunas said of GDOG’s first day of trading in a post on X. “Not too surprising [though], we actually made a rhyme a while ago predicting this: ‘The further away you get from BTC, the less asset there will be.’”

While the DOGE ETF launches add to a flurry of altcoin ETFs, the muted start for GDOG pales in comparison to recently approved exchange traded products for Solana and XRP.

Earlier this month, Canary Capital’s spot XRP fund produced more than $58 million in trading volume on its debut, setting the first-day ETF record for this year.

That barely edged out BSOL—a Solana staking ETF from Bitwise—which saw around $57 million in trading volume on day one in October.

Nevertheless, fund issuers continue to find ways to give investors access to Dogecoin. Last week, 21Shares unveiled TXXD—a 2x leveraged long DOGE ETF that gives traders on the Nasdaq the opportunity to earn around 2x the daily performance of the token.

DOGE, which remains the 10th largest crypto asset by market capitalization, has not been immune to the recent crypto sell-off. The token is down more than 24% in the last month and recently changed hands at $0.15—79% off its 2021 all-time high of $0.73.

A representative for Bitwise did not immediately respond to Decrypt’s request for comment.