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Grayscale lists the first U.S. spot Dogecoin ETF; GDOG trading begins
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- Grayscale listed the first U.S. spot Dogecoin ETF on NYSE Arca under the ticker 'GDOG'.
- The ETF starts with a 0% management fee, changing to 0.35% after three months, and is structured to directly hold Dogecoin.
- The ETF is not subject to the Investment Company Act of 1940, meaning investor protections are lacking, and market momentum has weakened with Dogecoin's recent 8% decline.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Cryptocurrency asset manager Grayscale has launched the United States' first spot Dogecoin (DOGE) ETF.
On the 24th (local time), crypto-focused media CoinCu reported that the product began trading on NYSE Arca under the ticker 'GDOG'.
The ETF was also structured under the Securities Act of 1933, and its management fee is set at 0% up to $1 billion in assets or for three months after trading begins. The regular fee rate is 0.35%.
The ETF is comprised of direct holdings of Dogecoin, allowing investors to obtain exposure linked to Dogecoin's price without directly holding the token. However, it is not subject to the Investment Company Act of 1940, so it has fewer investor protections than typical ETFs.
That day, ETF market analyst Eric Balchunas predicted on X (formerly Twitter) that "first-day trading volume will be around $12 million."
Grayscale launched an institutional investor-only Dogecoin trust in January this year, and through this ETF listing aims to expand its investor base.
Meanwhile, Dogecoin is trading at $0.1452, and market momentum has slowed, with about an 8% decline over the past week.
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