Grayscale Investments has submitted formal papers to the U.S. Securities and Exchange Commission (SEC) requesting the conversion of its current Dogecoin (DOGE) fund into a Spot ETF. If approved, the new fund will be listed on the NYSE Arca under the symbol GDOG, giving investors the opportunity to gain direct exposure to the price of DOGE without needing to own the currency itself.
The fund that Grayscale intends to convert currently holds about $2.5 million in Dogecoin assets, and both Grayscale Investments Sponsors LLC and Grayscale Operating LLC will oversee its management. Meanwhile, CSC Delaware Trust Company will act as the trustee, and BNY Mellon will be responsible for management and transfer services. Custody and brokerage services will be managed through Coinbase Custody Trust Company.
While Grayscale is a key player in this space, it is not alone; Rex-Osprey and Bitwise have also entered the competition with similar applications to launch funds focused on Dogecoin, reflecting a growing race for dominance in the meme coin fund category.
So far, the SEC has not approved any ETF for Dogecoin, reflecting its caution towards alternative assets, unlike Europe, which has seen notable growth in similar trading products.
Despite its satirical origins at launch in 2013, Dogecoin has managed to carve its way into the list of the top 10 cryptocurrencies by market cap, benefiting from the popularity boosted by Elon Musk and online trading communities. Over time, some companies have started accepting DOGE as a means of payment or incorporating it into their investment strategies.
But the risks remain, as the high volatility of Dogecoin and its lack of institutional use compared to Bitcoin and Ethereum may lead regulators to hesitate. Nevertheless, market expectations tend to be optimistic under the current U.S. administration, which is relatively supportive of the digital asset sector.
According to the Polymarket platform, traders are betting on a 75% chance that the Securities and Exchange Commission will approve a spot Dogecoin ETF before the end of 2025. If this occurs, analysts believe this product could serve as a bridge between the popular appeal of the currency and institutional capital.
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