Grayscale spot Dogecoin ETF falls under volume expectations on debut
Trading volume on the debut of Grayscale’s first US spot Dogecoin ETF came in under an analyst’s expectation, with Bitwise soon to launch its own fund.
Debut trading volume for Grayscale’s spot Dogecoin exchange-traded fund (ETF) came in lower than expected, despite being the first spot product in the country tracking the cryptocurrency.
Bloomberg ETF analyst Eric Balchunas said on Tuesday that the Grayscale Dogecoin Trust ETF’s (GDOG) debut on Monday took in $1.4 million in volume, below his expectation of $12 million, while still being “solid for an [average] launch but low for a ‘first-ever spot’ product.”
Grayscale’s ETF is set to be joined by a spot Dogecoin (DOGE) ETF from Bitwise, after New York Stock Exchange subsidiary NYSE Arca filed with regulators on Tuesday to certify its approval and listing of the Bitwise Dogecoin ETF (BWOW), which Bitwise said would begin trading on Wednesday.