The first spot Dogecoin ETF has launched in the United States.

According to Eric Balchunas, a senior ETF analyst at Bloomberg, the first spot Dogecoin ETF in the United States has officially launched. The product, offered by Grayscale, is ticker symbol "GDOG" and is available for trading immediately.

According to Balchunas, GDOG's management fee is set at 35 basis points, but to attract early investment, Grayscale is offering a limited-time promotion: the first $1 billion in assets under management, or funds invested within the first three months, will be exempt from management fees.

Balchunas also added that Grayscale only has a two-day "exclusive period" in the market, as another asset management company, Bitwise, is also planning to launch its similar product – a spot Dogecoin ETF with the ticker symbol "BWOW" – this Wednesday.

This means that the cryptocurrency ETF market is about to enter a new round of competition, and investors will soon have more options. From the perspective of the evolution of the cryptocurrency market, Grayscale's launch of the first US spot Dogecoin ETF (GDOG) is a landmark event, reflecting the deepening transition of cryptocurrencies from fringe assets to institutionalized financial products. Although Dogecoin itself originated as a joke, its ETFization means that the market's structural demand for alternative crypto assets is being accepted by the traditional financial system.

This development is not isolated. Looking back at the approval process for Bitcoin spot ETFs (such as the launch of BlackRock's IBIT and its initial capital inflows), it can be seen that the interplay between regulation and the market is gradually maturing. Bloomberg analyst Eric Balchunas has repeatedly emphasized the ETF's capital inflow data (such as the predicted $4 billion on the first day and $17 billion in net inflows within the year), which actually reveals the core value of these products in providing compliant exposure and reducing the risks of direct ownership for retail investors. The management fee strategy (such as the fee waiver for the first $1 billion in GDOG) is a typical means for issuers to seize market share in fierce competition.

The progress of Dogecoin ETFs (such as the applications from Bitwise and 21Shares) also hints at a subtle shift in regulatory attitudes. The SEC has previously been cautious about meme-based assets, but market expectations for diversified crypto products (such as Litecoin and Solana ETFs) are rising.

It is worth noting that the expansion of such products may exacerbate market volatility—the price fluctuations observed after the listing of Bitcoin ETFs (such as the brief drop below $63,000) have already demonstrated the risk of correlation between derivatives and the spot market.