The surprising back-to-back debut of spot Dogecoin exchange-traded funds (ETFs) on major U.S. stock exchanges is rapidly solidifying the meme coin’s place in traditional investment markets, just days after the first such product launched.
Bitwise Asset Management launched its Dogecoin spot ETF, trading under the ticker “BWOW,” on NYSE Arca this week. The fund offers direct exposure to Dogecoin (DOGE), currently the tenth-largest cryptocurrency by market capitalization, valued at approximately $23 billion.
This launch occurred only two days after Grayscale Investments introduced the first U.S. spot Dogecoin ETF, “GDOG,” which began trading on NYSE on Monday. The rapid succession underscores the accelerating integration of once-niche digital assets into mainstream finance.
Grayscale’s GDOG generated $1.4 million in trading volume on its first day. Bloomberg analyst Eric Balchunas described this figure as “solid” for an average launch but low for a “historic first spot” ETF.
By Tuesday, Grayscale’s ETF had registered $1.8 million in net inflows. It has since accumulated $3.5 million in assets under management (AUM).
Bitwise’s fund is custodied by Coinbase Custody Trust. The company’s announcement included a humorous statement in line with the meme coin’s character: “You’re surprised. We’re surprised. Much wow, you could say.”
Dogecoin was created in 2013 as an internet joke, featuring a Shiba Inu dog. It gained significant popularity, notably through posts by billionaire Elon Musk on social media.
Hunter Horsley, CEO of Bitwise, addressed Dogecoin’s unconventional journey. He stated that DOGE “began as a joke and came to be an icon of the crypto movement.”
Horsley added that the coin “doesn’t pretend to transform global capital markets or convince you that it has fundamentals or utility.” He noted its enduring relevance, stating it has maintained its value “longer than almost anything else in crypto.”
The Bitwise CEO explained that the ETF aims to provide regulated access and increased liquidity for Dogecoin holders. Unlike earlier “semi-pure” DOGE ETFs launched by REX and Osprey in September, Bitwise’s fund is a pure spot ETF, directly holding the cryptocurrency.
Despite these advancements in market accessibility, Dogecoin’s price has experienced volatility. The token was priced at $0.152 at the close of reporting, up 1.4% in 24 hours.
However, DOGE has fallen 60% year-to-date. Its current price represents an 80% correction from its all-time high of $0.7316 seen in 2021.