Dogecoin Set for Second ETF as Grayscale Edges Toward Launch

Altcoins

Dogecoin is back in the spotlight — not because of price action, but because Wall Street may soon get a second way to trade it.

Key Takeaways:

Grayscale is close to launching its Dogecoin ETF, GDOG.
Analysts see a possible debut around November 24.
GDOG aims for spot-style DOGE exposure with direct SEC approval.
DOJE already trades using a faster synthetic-derivatives structure.
A launch would give investors two very different DOGE ETF options.

A quiet regulatory push by Grayscale is inching toward completion, and if the timing plays out, institutional desks could be rotating into a new DOGE exchange-traded fund before November ends.

What makes the moment unusual is that Dogecoin already became an ETF success story earlier this year. The first DOGE fund appeared far sooner than anyone expected, catching rivals unprepared and proving there is real appetite for crypto instruments beyond Bitcoin and Ethereum. Now the race enters a second chapter, and this time Grayscale wants the lead.

Analysts Expect Countdown to Begin

ETF researchers following the space say the firm might be weeks away from flipping the switch. The forecast — pointing to around November 24 — isn’t based on a public SEC calendar but rather on the pattern Grayscale has used while transitioning its crypto trusts into exchange-traded funds.

The company has been repeating that same playbook one asset at a time, and Dogecoin is next up in the queue.

Grayscale Chooses the Slower Road on Purpose

The company set this plan in motion in August 2025 with an S-1 form for the Dogecoin Trust, followed by a 19b-4 application to NYSE Arca at the end of January. Both filings fall under the Securities Act of 1933 — a route where trading is impossible until the SEC gives a direct green light.

It’s not the fastest route to the market. And that’s the point. A 1933-Act structure signals that the ETF would be backed by Dogecoin itself, not alternative exposure tools. Institutional buyers typically label this the “clean” version of an ETF because performance is tied to the asset rather than derivatives.

How a Rival ETF Beat Everyone to Market

The reason Grayscale wasn’t first has nothing to do with branding — it was about structure. REX-Osprey got to the finish line early because its ETF, DOJE, didn’t follow the 1933-Act path at all. It was launched using the Investment Company Act of 1940, a regulatory lane that becomes effective automatically after 75 days if regulators do not intervene.

That timing advantage changed everything. It meant DOJE began trading on the CBOE on September 18, 2025 while every other DOGE ETF proposal was still sitting in review.

Synthetic, Not Spot — A Very Different DOGE

The two ETF candidates also serve very different audiences.

DOJE doesn’t hold any Dogecoin. Around 80% of its portfolio allocates to futures and related contracts, while roughly 20% sits in Treasury securities. Exposure to DOGE is achieved synthetically through a derivatives strategy managed via a Cayman Islands subsidiary — fully compliant with the 1940 Act, and fast enough to get to market first.

Grayscale’s GDOG, on the other hand, is designed to mirror spot-style exposure, which is why regulators require a lengthier approval cycle.

Crypto ETF Competition Is Heating Up Beyond DOGE

The Dogecoin ETF drama isn’t happening in isolation. Institutional product launches are multiplying across the crypto market: a spot XRP ETF appeared through Canary Capital, and VanEck has already introduced a zero-fee Solana ETF, shaking up fees across the sector. Each new product expands the single-asset ETF lineup — creating direct competition for investor flows.

Dogecoin sits comfortably inside the top 10 cryptocurrencies with a market cap of $23.09 billion, and its extremely active derivatives market positions it well for ETF demand.

If regulatory clearance lands and GDOG finally lists, investors won’t just gain a second DOGE vehicle — they’ll have two ETFs built on completely different mechanics. And the result could reshape how issuers try to capture crypto inflows going forward: with speed, structure, or both.

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Author

Alexander Zdravkov is a person who always looks for the logic behind things. He has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.