The Bitwise Dogecoin ETF, known as BWOW, received certification from NYSE Arca, paving the way for its launch in the near future. This development follows the debut of Grayscale’s spot Dogecoin ETF, GDOG, which was introduced just a day prior. As the market for these products expands, investors are gaining additional avenues to tap into the popular meme cryptocurrency, Dogecoin (DOGE). However, trading volumes for these new ETFs have yet to match those seen by recently launched products for cryptocurrencies like XRP and Solana.
The BWOW ETF, registered under the Securities Act of 1933, will allow investors to gain exposure to DOGE, with Coinbase Custody Trust serving as the custodian for the assets. Grayscale’s GDOG commenced trading with a reported daily trading volume of approximately $1.4 million—though this fell short of initial expectations that forecasted around $12 million on its first day. Eric Balchunas, an ETF analyst at Bloomberg, characterized this volume as “solid for an average launch” but underwhelming considering it was the first-ever spot product for Dogecoin. Balchunas noted a trend observed in the sector: the further one moves away from Bitcoin, the lower the asset volume tends to be.
Despite the cautious start of GDOG, the introduction of DOGE ETFs is part of a broader trend encompassing various altcoin offerings. Earlier in the month, Canary Capital’s spot XRP fund made headlines with over $58 million in trading volume on its opening day, setting a record for first-day ETF performance this year. Similarly, a Solana staking ETF from Bitwise, known as BSOL, also performed admirably, achieving around $57 million in initial trading volume.
Meanwhile, 21Shares recently launched TXXD, a 2x leveraged long DOGE ETF, aimed at offering Nasdaq traders the chance to earn double the daily performance of the Dogecoin token. Despite its appeal, DOGE has faced headwinds in the broader cryptocurrency market, experiencing a decline of more than 24% over the past month. The token’s current market price stands at approximately $0.15, reflecting a significant drop of 79% from its all-time high of $0.73 reached in 2021.
A representative for Bitwise was unable to comment on the current status of active filings, but industry observers remain optimistic about the continuous innovations that are providing pathways for investors to engage with Dogecoin and other cryptocurrencies. As ETF offerings expand, the landscape for digital assets continues to evolve, bringing both challenges and opportunities to market participants.
