Once considered a mirage, the prospect of a #Dogecoin ETF has gained massive momentum as Grayscale enters the race.
On Friday, the leading digital asset manager made swift steps to get into the race for a Dogecoin exchange-traded fund (ETF). Grayscale announced the launch of a trust tracking the meme coin’s performance earlier in the day.
The product offered institutional and retail investors access to a closed-end trust that presents alternative exposure to the leading meme coin. Notably, the investment vehicle has usually been Grayscale’s first play card in launching an ETF, as seen with Bitcoin and Ethereum.
Grayscale Files to Convert Trust to ETF
Typically, Grayscale submitted a 19b-4 filing to the US Securities and Exchange Commission (SEC) later in the day to convert the recently launched Dogecoin Trust to an ETF. The asset manager applied through the New York Stock Exchange (NYSE).
UPDATE: That was FAST. @Grayscale launched a DOGE trust earlier today and they just filed a 19b-4 to convert it into an ETF pic.twitter.com/IU64NeiPsY
— James Seyffart (@JSeyff) January 31, 2025
In a press release, Grayscale highlighted the changing tides within the Dogecoin ecosystem as a driving factor for the application. It suggested that the largest meme coin by market cap has transcended its joke-themed origin to become an integral asset in the crypto industry.
Particularly, the doggy-themed meme coin has transitioned to a global tool for financial inclusion, grassroots participation, and a viable means for blockchain-based settlements.
