Grayscale’s Dogecoin ETF Expected to Launch by November 24, Says Analyst
- Grayscale’s Dogecoin ETF, GDOG, could launch as early as November 24, 2025.
- REX-Osprey’s DOGE ETF uses futures contracts, bypassing direct crypto custody rules.
- Dogecoin’s $23.83B market cap makes it a top contender for crypto ETF exposure.
Grayscale is on track to launch its Dogecoin ETF, marking a significant development in the cryptocurrency market. The move would make Grayscale the second company in the US to offer a Dogecoin-linked exchange-traded fund (ETF), following the launch of the first Dogecoin ETF by REX-Osprey in September 2025. Grayscale’s approach, however, follows a more traditional regulatory path.
According to Bloomberg ETF analyst Eric Balchunas, the Dogecoin ETF, as it is being referred to by Grayscale (GDOG), might be introduced as early as November 24. Balchunas relies on the fact that Grayscale continues to turn its digital asset trusts into ETFs, which it has already done with other products. The SEC has not officially secured the timeline, but the industry is keeping a close track of the developments.
Grayscale’s Dogecoin ETF Takes Traditional Regulatory Path
Launching GDOG started on August 15, 2025, with Grayscale submitting the S-1 registration form of its Dogecoin Trust. This is one of the initial filings to be able to list the product as an ETF.
The subsequent move was made on January 31, 2025, when a 19b-4 application was made with NYSE Arca, in which the GDOG shares were to be listed on the exchange. The two filings are both part of the SEC Act of 1933, and this implies the product cannot start trading until the SEC approves it.
The process is opposite to the one followed by REX-Osprey. On the 18th of September 2025, the company utilized the Investment Company Act of 1940 to launch its DOGE ETF, DOJE. This framework enables an automatic approval within a period of 75 days provided that there is no regulatory objection to the process, which hastens the process and avoids the need for SEC approvals.
Also Read: DOGE Price Targets $0.21 as Spot Dogecoin ETF Moves Closer to SEC Approval
REX-Osprey Uses Derivatives to Deliver Dogecoin Exposure
The DOGE ETF of REX-Osprey does not own a single Dogecoin as compared to Grayscale. Rather, it provides exposure in the form of a future contract. Approximately 80% of the funds are invested in derivatives, with the remaining 20% comprising investments in the US Treasury securities. This arrangement will help REX-Osprey to circumvent the immediate crypto custody regulations and bring its product to the market faster.
Dogecoin is the 10th largest cryptocurrency with a market cap of $23.83 billion, according to CoinMarketCap. It is also an attractive economic structure to ETF issuers due to its liquidity and active derivatives market. All these will contribute to increasing the popularity of products based on Dogecoin, even though the crypto industry remains rather regulated.
Other crypto ETFs are also coming out as the competition intensifies. Recently, Canary Capital has launched the first spot XRP ETF, and VanEck has launched a Solana ETF. These emerging goods are diversifying the possibilities of investors that want to access the crypto market.
The impending introduction of the Dogecoin ETF by Grayscale would also introduce more funds that investors can select. If successful, the GDOG ETF will offer another means of exposure to the cryptocurrency space, which will stimulate the growth of the digital asset ETFs.
Also Read: Solana’s Big Break: Institutional Investors Get Regulated Access to 15% Yield
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