Dogecoin ETF Race Heats Up: Grayscale Aims for Spot-Backed Fund as Rival Synthetic ETF Already Trades

The cryptocurrency market is seeing renewed focus on Dogecoin (DOGE), not for its price, but due to an escalating competition to offer it as an Exchange-Traded Fund (ETF) to Wall Street.

Grayscale is making a quiet regulatory push to introduce a second Dogecoin ETF, with analysts anticipating approval around November 24 based on the firm's prior trust-to-ETF conversion patterns.

Two Distinct ETF Structures

The current situation is unusual because a rival, REX-Osprey, has already launched the first DOGE ETF, ticker DOJE, which began trading on September 18, 2025.

• REX-Osprey's DOJE (Synthetic Exposure):
  • This fund used the Investment Company Act of 1940, which allows for faster, automatic approval after 75 days if the SEC doesn't intervene.
  • DOJE is a synthetic ETF, meaning it does not hold actual Dogecoin. Its exposure is primarily achieved through futures and related derivatives contracts (around 80% of its portfolio).
• Grayscale's GDOG (Spot-Style Exposure):
  • Grayscale is using the Securities Act of 1933 and a 19b-4 application, a much slower route that requires direct SEC approval.
  • This intentional strategy is designed to create a "clean" ETF that is backed by Dogecoin itself (spot-style exposure), making it highly attractive to institutional buyers.

Broader Crypto ETF Landscape

The competition for DOGE ETFs is part of a larger trend in the crypto market, where single-asset ETFs are multiplying to attract investor flows. Recent launches include a spot XRP ETF (Canary Capital) and a zero-fee Solana ETF (VanEck).

With a market cap of $23.09 billion, Dogecoin remains a top-10 cryptocurrency. If Grayscale's GDOG is approved, investors will have two Dogecoin ETFs based on completely different mechanical structures, which could redefine how issuers strategize future crypto product launches.

November 2025, Cryptoniteuae