TLDR
- NYSE Arca approved Bitwise’s Dogecoin ETF to trade under the ticker BWOW today
- Grayscale’s DOGE ETF saw just $1.4 million in volume on its launch day
- Bitwise said Dogecoin needs a regulated investment product for broader access
- Dogecoin remains the tenth-largest cryptocurrency with a $22 billion valuation
NYSE Arca has approved the listing of Bitwise’s Dogecoin ETF, which will begin trading under the ticker symbol BWOW today. The ETF, which tracks the price performance of Dogecoin, has been registered under the Securities Act of 1933 and will offer exposure to both institutional and retail investors.
Bitwise announced the launch on social platform X, stating that Dogecoin’s market demand supports the case for a regulated investment product. Dogecoin is currently the tenth-largest cryptocurrency with a market cap of over $22 billion and more than $1 billion in daily trading volume.
Grayscale’s ETF Saw Weak First-Day Volume
Bitwise’s ETF approval follows the earlier launch of Grayscale’s Dogecoin Trust, which started trading at the beginning of the week. Despite high expectations, Grayscale’s DOGE ETF saw a first-day trading volume of just $1.4 million.
Bloomberg ETF analyst Eric Balchunas had forecasted at least $12 million in opening-day volume. Following the lower turnout, he stated, “The further away you get from BTC, the less asset there will be,” commenting on the limited demand outside Bitcoin-focused funds.
DOGE’s price has remained mostly unchanged after Grayscale’s ETF launch. In the last 24 hours, Dogecoin has fallen by about 1%, and it has dropped over 27% in the last month, based on data from CoinMarketCap.
Regulatory Background and Market Expansion
NYSE Arca originally filed the proposal for Bitwise’s DOGE ETF in March 2025. The U.S. Securities and Exchange Commission (SEC) postponed its decision on the fund to November 12, 2025, extending the usual review period. The approval allows Bitwise to officially launch the fund before the year ends.
The fund will be custodied by Coinbase Custody Trust, ensuring asset security under a recognized institutional-grade provider. Bitwise aims to address growing demand among investors looking for compliant crypto-based products.
Meanwhile, 21Shares may soon follow with its own Dogecoin fund. The firm recently amended its SEC filing and has secured a listing on the DTCC platform, signaling its readiness to launch.
Broader DOGE ETF Landscape
The Dogecoin ETF market is seeing more entrants. The REX-Osprey DOGE ETF, which launched in September 2025, operates under an active management structure. Despite its early entry, the fund currently manages just $25 million in assets.
With multiple players entering the DOGE ETF space, the focus remains on how new funds like Bitwise’s will perform in attracting volume. Analysts are watching to see whether Bitwise can surpass Grayscale’s slow start and capture more investor interest over time.
While Grayscale’s launch fell short of projections, industry observers are waiting to see if BWOW’s introduction will influence Dogecoin’s price or trading activity. As of now, the crypto market response remains neutral.
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