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Grayscale Launches Dogecoin Trust, DOGE ETF Next?

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Grayscale Launches Dogecoin Trust Doge Etf Next.webp.webp


Asset manager Grayscale has announced the launch of its Dogecoin Trust, a fund that will provide institutional investors with exposure to the foremost meme coin DOGE. This move has also raised the possibility of the asset manager filing for a DOGE ETF at some point.

Grayscale Launches Dogecoin Trust

In a press release, Grayscale announced the creation and launch of its Grayscale Dogecoin Trust. The asset manager stated that this fund will offer investors the opportunity to gain exposure to DOGE, the native coin of the Dogecoin network.

The firm further remarked that it believes the top meme coin has transitioned from a meme coin of a Shiba Inu to a tool for “global financial inclusion, grassroots activism, and a viable means of payment.” The asset manager added that due to its widespread accessibility, affordability, and rapid transaction speeds, DOGE has gained significant adoption worldwide.

Grayscale mentioned that the Trust is now open for daily subscription by eligible individual and institutional accredited investors. The firm noted that the fund functions like its other single-asset investment trusts and is solely invested in DOGE, the native coin of the Dogecoin network.

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Meanwhile, this launch comes just a day after the asset manager filed for a Spot XRP ETF with the New York Stock Exchange (NYSE). The firm plans to convert its XRP Trust to an ETF, which will list and trade on the NYSE.

A Spot ETF Next?

Grayscale’s launch of the Dogecoin Trust has raised the possibility of the asset manager filing for a Spot DOGE ETF at some point. In an X post, Nate Geraci, the President of the ETF Store, also predicted that the firm would file for this DOGE ETF.

He asserted that the “obvious plan” here is to ultimately convert the Trust to an ETF. He added that the launch of the Trust allows the asset manager to test out demand and get a head start on accumulating assets.

Bloomberg analyst Eric Balchunas also agreed with Geraci, stating that the move is an attempt for the asset manager to “cut line,” in terms of trying to get an approval from the SEC for a DOGE ETF.

It is worth mentioning that Grayscale has taken this approach with all the Spot crypto ETFs it currently offers and prospective ones. The asset manager simply convert its Bitcoin and Ethereum Trust to spot ETFs. Meanwhile, the firm is currently looking to convert its XRP, Solana, and Litecoin Trusts to spot ETFs.

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In the meantime, REX Shares and Bitwise remain the only asset managers to have filed to offer a Dogecoin ETF with the US SEC. REX Shares submitted its application last week while Bitwise just filed its S-1 for this fund three days ago.

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Boluwatife Adeyemi

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Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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