Eric Balchunas from Bloomberg put a quantity on the board proper earlier than the U.S. market opened, calling for a $12 million first-day print on the brand new Dogecoin ETF and setting the tone for the way this launch shall be judged by desks that usually deal with meme belongings as background noise — not headline materials.
Grayscale’s product, buying and selling underneath GDOG, is the primary spot Dogecoin ETF to hit the U.S. market underneath the ’33 Act. The charge construction is 35 bps, waived to 0.00% for the primary $1 billion or three months — whichever burns out quicker.
That alone locations the fund among the many cheaper crypto automobiles at launch, and it type of indicators that Grayscale needs early inflows locked in earlier than Bitwise arrives with its personal DOGE tracker, scheduled to start out buying and selling on Wednesday underneath BWOW.
Two issuers, two days aside, and the market will get back-to-back meme asset listings at a time when Bitcoin, Ethereum and Solana flows stay in despair.
GDOG and Dogecoin
The Bloomberg display for GDOG exhibits whole belongings at $1.55 million prelaunch and a replication setup that holds pure DOGE publicity with out swaps or leverage. With no derivatives, no hedges and no structural methods, it is a plain place in the most well-liked meme coin.
Current listings make at this time’s bar larger. Bitwise’s Solana ETF (BSOL) landed on Oct. 28 with $69.45 million proper out of the gate and completed its first session at $289 million in NAV. The XRP product, XRPC, went stay on Nov. 13 with no day-one inflows, solely to drag in $243 million the following morning via money or in-kind creations.
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Talking about Dogecoin itself, proper now it trades round $0.143-$0.146 at this time, a spread that has seen intraday swings however nothing that modifications the larger image: DOGE stays one of the vital liquid altcoins, so its depth alone makes it ETF-friendly.