Grayscale DOGE ETF: Everything to Know Before the Next Launch

Dogecoin is entering a brand–new era on Wall Street, and all eyes are now on the Grayscale DOGE ETF. 

With Grayscale preparing to launch what could become the second Dogecoin ETF, investors are now wondering what this means for the market, and whether this ETF could change DOGE’s trajectory.

In this article, we’ll break down what the Grayscale Dogecoin Trust offers, how its ETF path compares to its rivals, and why this development matters for crypto investors in 2025.

Grayscale Dogecoin Trust

Before diving into the ETF news, let’s look at the latest stats for the Grayscale Dogecoin Trust, the foundation for any potential future ETF conversion.

Name: Grayscale Dogecoin Trust

Inception Date: January 30, 2025

Expense Ratio: 2.50%

NAV Per Share: $17.92

Assets Under Management: $1,697,317

Shares Outstanding: 94,700

DOGE per Share: 117.63181720

NAV 1-Day Change: -4.07%

NAV is updated daily at 4 PM ET based on CoinDesk index rates. As usual, past performance doesn’t guarantee future results, especially in a market as volatile as crypto.

Read Also: Dogecoin ETF Speculation: Could DOGE Skyrocket to $50?

Grayscale DOGE ETF 

Dogecoin surprised the market earlier this year when the first DOGE ETF went live much sooner than expected. It proved one thing very clearly, traditional investors are willing to put real money behind meme coins, as long as it comes in a regulated, stock, market-friendly package.

Now, Grayscale is gearing up to bring a second DOGE ETF to the market, and analysts believe the approval window could arrive before the end of November.

So, why the excitement? Because two very different DOGE ETFs would give investors real options, and competition always benefits the market.

Industry researchers tracking ETF filings say Grayscale appears to be entering the final phase. They estimate a possible activation date around November 24, based on historical timelines Grayscale used when transitioning its Bitcoin and Ethereum trusts into ETFs.

This isn’t based on SEC calendars but on pattern analysis, and so far, Grayscale’s playbook has been unusually consistent.

Read Also: Could Dogecoin (DOGE) Become an ETF? Examining Its Potential in 2025

Grayscale Choose the Slow Route

Grayscale filed an S-1 for the Dogecoin Trust in August 2025, followed by a 19b-4 form in January. 

Both filings fall under the Securities Act of 1933, meaning:

- The ETF must hold actual DOGE tokens.

- Trading cannot start until the SEC gives direct approval.

- The product is considered a “clean” spot-style ETF.

This route is much slower, but it signals quality. Institutions prefer this structure because performance reflects the underlying asset, not futures, swaps, or exotic financial engineering.

Read Also: DOGE ETF 2025: Approval Odds & Should You Buy?

First DOGE ETF: DOJE

The first Dogecoin ETF wasn’t Grayscale’s,  it was DOJE, released by REX-Osprey. Why did they beat Grayscale to market?

Because the DOJE was launched under the Investment Company Act of 1940, which activates automatically after 75 days unless the SEC intervenes. 

This gave the fund a major timing advantage, allowing it to begin trading on September 18, 2025. But the DOJE is very different from what Grayscale is building.

Read Also: DOGE ETF: Best Accumulation Strategy

DOJE vs Grayscale DOGE ETF

DOJE (REX-Osprey)

- Doesn’t hold any Dogecoin (DOGE).

- 80% of the portfolio is futures contracts.

- 20% goes into Treasury securities.

- Exposure is synthetic through a Cayman subsidiary.

Grayscale GDOG

- Backed by actual Dogecoin. 

- Designed to track DOGE’s spot price.

- Requires stricter regulatory approval.

- Targets institutions wanting “true asset exposure”. 

This difference sets the stage for two distinct investor paths: fast synthetic access vs. slow but clean spot-based exposure.

Read Also: How to Buy DOGE ETF (DOGETF)

Conclusion

The arrival of the Grayscale DOGE ETF could be one of the biggest catalysts for Dogecoin in 2025. Unlike the first synthetic DOGE ETF, Grayscale’s version aims to offer pure spot exposure backed by actual DOGE holdings. 

If the SEC signs off in the coming weeks, the Dogecoin ecosystem will shift dramatically, with two competing ETFs, two different investment strategies, and a new chapter in meme-coin institutionalization.

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FAQ

What is the Grayscale DOGE ETF?

It’s a Dogecoin-based exchange-traded fund Grayscale is planning to launch, offering spot-style exposure backed by real DOGE.

How is it different from the DOJE ETF?

DOJE uses derivatives for synthetic exposure, while Grayscale’s version holds actual Dogecoin.

When could the Grayscale DOGE ETF be approved?

Analysts estimate late November 2025, though nothing is guaranteed until the SEC formally approves it.

Is Dogecoin a good asset for an ETF?

DOGE has a large market cap, active trading markets, and a huge community, all factors that help support ETF demand.

Does the Grayscale Dogecoin Trust affect ETF conversion?

Yes. The trust serves as the base structure that may be converted into an ETF once regulatory approval is granted.