Despite Grayscale's spot Dogecoin exchange-traded fund (ETF) being the first U.S. product tracking the cryptocurrency, its first-day trading volume fell short of expectations.
Bloomberg ETF analyst Eric Balchunas stated on Tuesday that the Grayscale Dogecoin Trust ETF (GDOG) had a first-day trading volume of $1.4 million on Monday, below his expected $12 million, although "it's robust for [a typical] launch, but low for a 'first spot' product."
Following the submission of documents by NYSE Arca, a subsidiary of the New York Stock Exchange, to regulators for the approval and listing of the Bitwise Dogecoin ETF (BWOW) on Tuesday, Grayscale's ETF will see the addition of Bitwise's spot Dogecoin (DOGE) ETF. Bitwise announced that the fund will begin trading on Wednesday.
After the U.S. Securities and Exchange Commission (SEC) relaxed listing standards in September, new Dogecoin funds have emerged in the wave of crypto ETFs, as asset management firms seek to test investor interest in products associated with more speculative crypto tokens.
The REX Osprey DOGE ETF (DOJE) launched in September, becoming the first ETF in the U.S. with exposure to Dogecoin; however, it adopted a method that does not allow direct holding of the cryptocurrency to enter the market more quickly.
DOJE was submitted under the Investment Company Act of 1940, which provides a 75-day approval window but is limited to investments in offshore subsidiaries holding Dogecoin and shares of European and Canadian Dogecoin ETFs.
Grayscale and Bitwise's Dogecoin ETFs were submitted under the Securities Act of 1933, meaning they can directly hold tokens, but the approval window is longer, at 240 days.
DOJE performed more actively on its first day in September, with a trading volume of $17 million, exceeding analysts' expectations of $2.5 million.
Meanwhile, according to SoSoValue data, Grayscale and Franklin Templeton both launched their own spot Ripple (XRP) ETFs on Monday, with a total net inflow of $129.95 million.
The Franklin XRP ETF (XRPZ) had a net inflow of $62.6 million, while the Grayscale XRP Trust ETF (GXRP) attracted $67.4 million, far below its competitor, the Canary XRP ETF (XRPC), which attracted $243 million on its first day on November 14, and Bitwise's XRP ETF, which launched on Thursday and attracted over $105 million on its first trading day.
Balchunas stated on Monday that the recently launched DOGE and XRP ETFs are just the first batch of what he and ETF analyst James Seyffart expect to be "potentially over 100" in the next six months.
Related: Solana (SOL) ETF attracted $369 million in November, as investors favored income-generating assets.
Original article: “Grayscale's Spot Dogecoin (DOGE) ETF First-Day Trading Volume Falls Under Expectations”
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