Grayscale may launch the first US spot Dogecoin ETF as soon as November 24, according to Bloomberg Senior ETF analyst Eric Balchunas, in what would mark the meme coin’s formal entry into the mainstream US ETF arena.
“Based on 20 day clock I believe Grayscale will be out with first Doge ETF in a week, 11/24,” Balchunas wrote on X, adding the caveat that “it won’t be 100% till exchange notice, but based on SEC guidance it looks good.” His comment refers to the 20-day period under Section 8(a) of the Securities Act, during which a registration statement can become automatically effective if the SEC does not step in and the issuer has removed the standard “delaying amendment” language.
First Dogecoin ETF Expected Within A Week
Grayscale is seeking to convert its existing Grayscale Dogecoin Trust into an exchange-traded fund that directly holds DOGE. The trust already exists as a single-asset vehicle with Dogecoin in custody; the ETF conversion would move it into the same structural category as spot Bitcoin and Ethereum ETFs, with daily creations and redemptions via authorized participants and shares listed on a national exchange. Once effective and listed, the vehicle would be rebranded as the Grayscale DOGE Trust ETF, providing brokerage and wealth-platform access to DOGE without requiring investors to handle wallets or exchanges.
Balchunas’ timing implies that Grayscale’s latest S-1 amendment started the 20-day clock in early November. If the SEC does not delay the filing and the listing exchange posts its notice in time, Grayscale could be first to market with a US spot Dogecoin ETF, even though a separate Dogecoin ETF, REX Osprey’s DOJE, has already begun trading in a different structure.
Grayscale is not alone. Bitwise and 21Shares are also in the queue with spot Dogecoin ETF filings that could follow relatively quickly if the SEC continues to tolerate automatic effectiveness.
Bitwise has filed the Bitwise Dogecoin ETF, a trust designed to hold DOGE as its sole asset and list on NYSE Arca. Bitwise, like Grayscale, has relied on the Section 8(a) mechanism by removing the delaying amendment, effectively starting its own 20-day window. Experts project a potential effective date only days after Grayscale’s, meaning Bitwise could launch a competing spot DOGE ETF in late November or shortly thereafter, assuming no SEC intervention.
21Shares, which already runs multiple crypto ETPs in Europe, has filed a US spot DOGE ETF as a commodity-based trust that tracks an index via physical holdings of DOGE. Its S-1 and associated exchange rule filing have been amended several times, and the product is structurally positioned to follow the Grayscale and Bitwise funds. However, its timeline is less tightly anchored to a specific 20-day window, so its launch is expected to trail the first movers rather than coincide with them.
All of these new products differ from the REX Osprey Dogecoin ETF (ticker DOJE), which has already debuted in the US. DOJE offers economic exposure to Dogecoin but does so via a 1940-Act fund structure that routes exposure through a subsidiary and includes allocations to another Dogecoin ETP rather than holding only spot DOGE in a straightforward commodity-trust format. That is why many analysts describe DOJE as “technically not a pure spot ETF,” and why the Grayscale, Bitwise and 21Shares vehicles are seen as the first true single-asset spot Dogecoin ETFs likely to define the institutional DOGE market once they go live.
At press time, DOGE traded at $0.1537.
Featured image created with DALL.E, chart from TradingView.com
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