Grayscale Files for Dogecoin ETF with the NYSE

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). https://twitter.com/JSeyff/status/1885459699186716927 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. A Flurry of ETF Applications Meanwhile, the Dogecoin ETF application mirrors a broader flurry of ETF filings among asset managers. Notably, this new reality emerged following the election of pro-crypto US President Donald Trump. The president freshened things up in the regulatory sphere, starting by appointing Paul Atkins as the new SEC chair and an AI and crypto czar. His generally friendly stance towards the digital asset sector has loosened up the once-cautious industry, evident in the latest ETF filings. Bitwise was one of the first to apply for a Dogecoin ETF, filing for the investment product earlier this week. The application followed other submissions, which have sparked skepticism among notable market analysts. For context, Tuttle Capital submitted a 2x exchange-traded fund for XRP, Cardano, and Litecoin on Monday. What drew the attention of Bloomberg’s analyst, James Seyffart, was that the application sought the leveraged product for BNP and meme coins like TRUMP, MELANIA, and BONK.