Dogecoin News Today: Grayscale's Direct DOGE ETF Challenges Rival's Synthetic Strategy

Grayscale Investments® announced on November 18, 2025, its intention to rename the Grayscale Dogecoin Trust (DOGE) to Grayscale Dogecoin Trust ETF, trading under the ticker symbol GDOG, effective November 21, 2025. The name change involves amending the trust's governing documents to align with the new designation, with shares expected to begin trading on NYSE Arca on November 24, 2025. The sponsor emphasized that existing stock certificates will remain valid and require no exchange.

The transition reflects Grayscale's broader strategy to expand access to digital assets through regulated investment vehicles. The GDOG ETF will offer direct exposure to Dogecoin, leveraging Coinbase Custody for asset storage and using the CoinDesk DOGE CCIXber Reference Rate for pricing. This contrasts with REX-Osprey's DOJE ETF, launched in September 2025, which uses synthetic derivatives and U.S. Treasury allocations to avoid direct custody requirements. Grayscale's approach requires explicit SEC approval under the Securities Act of 1933, while DOJE utilized the Investment Company Act of 1940, allowing automatic effectiveness after 75 days without regulatory objections.

Market dynamics for DOGE remain mixed. As of November 17, the Grayscale Dogecoin Trust held $1.697 million in assets under management, with a net asset value (NAV) per share of $17.92 and 94,700 shares outstanding. CoinDesk data indicates DOGE trades near $0.155, defending the $0.150 support level amid broader bearish trends, with prices below key exponential moving averages. Despite a $2.31 million net inflow on November 18, breaking a week-long outflow pattern, analysts note continued distribution pressures.

Bloomberg ETF analyst Eric Balchunas predicted the GDOG launch for November 24, citing Grayscale's historical regulatory timelines and SEC guidance. However, the sponsor cautioned that no assurance exists for the listing's timing or success. If approved, GDOG would join DOJE as the second U.S. DOGE-focused ETF, though Grayscale's spot-based structure may attract investors seeking direct exposure to the cryptocurrency's price movements.

Grayscale, founded in 2013, positions itself as a leader in digital asset investment products, offering single-asset and thematic exposure through a range of trusts and ETFs. The company's Dogecoin Trust, established on January 30, 2025, charges a 2.50% total expense ratio and aims to track DOGE's market price net of fees.