Last Friday, Grayscale submitted its S-1 registration statement for its spot Dogecoin ETF to the U.S. Securities and Exchange Commission. The company plans to name the fund Grayscale Dogecoin Trust ETF and noted that this would allow investors to invest in the token without directly holding Dogecoin.

If approved, the fund will trade on the New York Stock Exchange Arca under the stock code GDOG.

Grayscale chose Coinbase Custody Trust Company to safeguard its ETF assets.

According to the company's documents, Dogecoin will be the sole asset of the trust, held by Coinbase Custody Trust Company. Shares will also be issued and redeemed in units of 10,000 shares, referred to as 'baskets,' with initial settlements conducted in cash rather than Dogecoin transfers.

The valuation of the trust will also be based on the CoinDesk Dogecoin reference rate, which represents the market price of Dogecoin without considering fees or liabilities. The trust is also designed as a passive investment tool, involving no active trading, leverage, or use of derivatives.

The document also outlines several risk factors, including price volatility of Dogecoin, regulatory uncertainty, and potential competition from other digital assets. The ETF proposal complies with the updated listing requirements of the New York Stock Exchange effective from January 31, 2025. However, the company insists that shares can only be issued after the application is authorized.

Nevertheless, the asset declaration has already impacted the price of Dogecoin. After the declaration, the token surged by 2.5%, rising from $0.22395 to $0.22976. According to Trading View data, Dogecoin's price surged at the close, ending a period of consolidation. Over the past 7 days, the token has risen by 2.67%, and over the past 30 days, it has increased by 14.65%.

However, this application was submitted after the U.S. Securities and Exchange Commission decided to postpone its ruling on the Solana ETF by Bitwise, 21Shares, and VanEck, as well as the Dogecoin ETF by 21Shares.

Bitwise submitted the S-1 registration statement for the Dogecoin ETF.

Bitwise submitted an application for a Dogecoin ETF to the U.S. Securities and Exchange Commission at the end of January. In the application, the platform designated Coinbase Custody as the future custodian of the ETF assets. However, at that time, Coinbase Custody did not disclose the management fee, stock code, or the exchanges where it might be listed.

REX-Osprey is also waiting for the U.S. Securities and Exchange Commission (SEC) to approve its Dogecoin spot ETF. However, the SEC still has many other meme-coin ETF proposals pending approval, including TRUMP, BONK, and Pudgy Penguins.

Bloomberg ETF analyst James Seyffart believes that as the number of companies applying for ETF approval increases, most are 'testing the SEC's allowable bottom line.'

During the cryptocurrency week, Grayscale also submitted a U.S. IPO application, and just a few months ago, Gemini also submitted a confidential IPO application. Analysts say that most companies choose confidential IPO applications to gain more control and avoid reputational risks.

This process allows regulators to participate and receive feedback from the U.S. Securities and Exchange Commission (SEC) without external review. Nevertheless, going public with confidential documents can create market momentum and test investor demand. Grayscale already has Bitcoin and Ethereum investment funds, managing assets exceeding $33 billion, with over 36 products.