Bloomberg analyst Eric Balchunas, who had set an informal “over/under” at $2.5 million for the launch, said the result “destroyed” expectations.
As of press time, Dogecoin was trading at $0.281, up 4.45% after giving up some of the day’s gains.
The debut adds to a wave of crypto ETFs entering the market as issuers try to capitalize on investor demand for digital assets in regulated formats.
In a sign of continued expansion, REX Shares filed paperwork the same day for a “DOJE Growth and Income ETF,” while fund group Tidal Financial submitted applications for leveraged crypto index ETFs in partnership with Quantify Chaos.
The new filings include 2X leveraged funds targeting altcoins, one excluding only Bitcoin and the other excluding both Bitcoin and Ethereum. These funds are designed to capture so-called “alt seasons” when smaller tokens outperform.
Whether DOJE can sustain its early momentum remains to be seen, but its opening session put it firmly on the map in an ETF market that has seen dozens of lackluster launches.
