Grayscale Pushes Dogecoin ETF Plans Forward

Grayscale has taken another step toward expanding its product suite, filing an amended S-1 to convert its Dogecoin Trust into a listed exchange-traded fund.

The revision comes just weeks after its initial application and reflects ongoing discussions with regulators about how a Dogecoin ETF could fit into the SEC’s evolving framework for digital assets.

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.

— Eric Balchunas (@EricBalchunas) September 19, 2025

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.

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