Grayscale’s Dogecoin ETF Could Launch on November 24, Says Bloomberg Analyst

Grayscale is moving closer to launching its Dogecoin ETF, marking a potential second DOGE-linked product in the United States. The firm is advancing through a formal regulatory process that differs sharply from the route used by the first Dogecoin ETF issuer. The timing places renewed attention on how issuers are navigating competing approval frameworks for crypto funds.

Analyst Signals Near-Term Green Light for Dogecoin ETF

Bloomberg ETF analyst Eric Balchunas said Grayscale could bring its Dogecoin ETF to market on November 24. His perspective was based on the company’s continuing transformation of its trusts into ETFs, which are similar to moves it made with existing digital-asset products. He commented on the launch anticipation even though there is no established schedule from the SEC.

Grayscale kicked off the conversion by filing an S-1 registration statement for the Dogecoin Trust on August 15, 2025. The idea is to list the product as an exchange-traded fund under the ticker GDOG.

The firm then filed its 19b-4 application with NYSE Arca on Jan. 31. The filing seeks permission for GDOG to list its shares of publicly traded stock on the exchange. Both are considered to be Securities Act of 1933 filings, and they will not trade until the SEC gives its direct approval.

This traditional model contrasts to the process by REX-Osprey, which was able to have its DOGE ETF made public before any rivals. The REX-Osprey DOGE ETF, under the ticker DOJE, began trading on the CBOE on September 18th, 2025.

The issuer employed a structure subject to the Investment Company Act of 1940. This path allows for automatic effectiveness in 75 days if regulators have no objections. It eliminates the need for object approval from the SEC and speeds up time to market.

DOJE’s Synthetic Dogecoin Approach

DOJE’s structure stands in stark contrast to Grayscale’s proposed ETF. The fund does not hold Dogecoin in its portfolio. It’s another way to get exposure to DOGE that doesn’t actually involve owning the crypto. The 80% of the assets are invested in futures and similar contracts. The rest 20% is invested in U.S. Treasury securities.

The derivatives positions are monitored by a Cayman Islands subsidiary. This approach gives Dogecoin exposure through indirect means, sidestepping any direct custody rules. The structure meets the standards of the 1940 Act and also allowed for a quicker route to market.

According to CoinGecko, DOGE now boasts a market cap of $23.09 billion, putting it as the 10th largest crypto by market capitalization. DOGE’s liquidity and active derivatives market remain key factors for ETF issuers as regulators continue to apply strict standards to spot-based crypto products.

Other crypto assets are also building ETF momentum. As CoinGape reported earlier, Canary Capital launched the first spot XRP ETF, taking institutional access to XRP exposure even further. VanEck unveiled its Solana ETF in the United States as part of a zero-fee offering to target investors fixated on costs.

These offerings expand the roster of single-asset crypto funds vying for market share. Grayscale launching GDOG would also expand the range of options for investors looking to gain diversified exposure to digital assets.