Grayscale submitted an application to the SEC, and the Dogecoin ETF will be listed on the NYSE
Grayscale Investments has officially submitted documents to the U.S. Securities and Exchange Commission (SEC) seeking to launch a spot Dogecoin ($DOGE) exchange-traded fund (ETF). According to the registration statement submitted on Friday (8/15), the product will trade on the New York Stock Exchange Arca under the ticker 'GDOG' once approved.
Source: SEC Grayscale Investments has officially submitted documents to the SEC seeking to launch a spot Dogecoin ($DOGE) ETF
The fund will convert the existing Grayscale Dogecoin trust into an ETF structure, which currently holds about $2.5 million in assets. According to the S-1 application document, the new ETF aims to provide investors with direct exposure to the price of Dogecoin without having to hold the asset themselves. Grayscale Investments LLC and Grayscale Operations LLC will jointly sponsor the product, CSC Delaware Trust Company will act as the trustee, and Bank of New York Mellon will undertake transfer agency and management responsibilities, while Coinbase and Coinbase Custody Trust Company will handle brokerage and custody services for the fund.
The trust will issue and redeem shares in the form of bulk called 'baskets' with Dogecoin as the sole asset, with each basket representing 10,000 shares. Initially, these will be handled through cash transactions rather than physical transfers of $DOGE.
Competition is fierce, with multiple players vying for the meme coin ETF market
Grayscale is not the only company competing for Dogecoin funds. Competitors Rex-Osprey and Bitwise have also submitted Dogecoin ETF applications, showing that competition in the meme coin investment niche market is becoming increasingly intense. The SEC is currently reviewing a wide range of cryptocurrency ETF applications, from Solana to $XRP. So far, the SEC has not approved any Dogecoin ETF, reflecting its cautious stance on altcoin-related products.
Further reading
Is the Dogecoin ETF coming? Bitwise submits an application, meme coin ETFs are blossoming everywhere!
Is a meme becoming a financial product? 21Shares is optimistic about Dogecoin and collaborates with the foundation to promote the DOGE ETF
This cautious approach contrasts with Europe, where meme coin exchange-traded products have already gained attention. Dogecoin was initially created as a joke in 2013 and has now evolved into one of the top ten digital assets with a market cap of billions of dollars. Its rise in popular culture has been driven by Elon Musk and retail traders, and it has since evolved into significant institutional adoption. As of now, some companies are accepting $DOGE as a payment method or incorporating it into their corporate treasury strategies.
However, risks remain. The volatility of Dogecoin and its limited institutional use compared to Bitcoin ($BTC) and Ethereum ($ETH) may cause the SEC to pause. Despite this, market sentiment leans optimistic due to the currently pro-crypto U.S. government management. Cryptocurrency bettors on Polymarket currently believe there is a 73% chance that U.S. regulators will approve the Dogecoin ETF by the end of the year.
Source: Polymarket Cryptocurrency bettors on Polymarket currently believe there is a 73% chance that U.S. regulators will approve the Dogecoin ETF by the end of the year
SEC's stance shift improves the cryptocurrency ETF approval environment
The SEC's overall stance on cryptocurrency has undergone significant changes over the past year, especially regarding ETFs. In July, the agency voted to approve an order allowing authorized participants to create and redeem cryptocurrency ETFs physically. The agency then allowed applications seeking to list and trade spot Bitcoin and Ethereum ETFs, as well as options for 'certain spot Bitcoin ETPs'.
Further reading
SEC green light! Bitcoin and Ethereum spot ETFs can be created and redeemed physically, why is this important?
During the Biden administration, the SEC approved the Bitcoin spot ETF following a key court ruling brought by Grayscale, and subsequently approved the Ethereum spot ETF. This approval follows a critical court ruling supporting Grayscale, forcing regulators to revisit their earlier rejection decisions.
The Dogecoin ETF proposal follows the NYSE's listing approval application guidelines from January 31, 2025. Since the application has not yet been approved, Grayscale stated that it will not proceed with the issuance of Dogecoin ETF shares before receiving approval.
How did the market react to the Dogecoin ETF application?
According to CoinGecko data, after the Dogecoin ETF application was submitted, the price of $DOGE once surged nearly 2.5%, rising from $0.22395 to $0.22976. As of the time of writing, the price of $DOGE is $0.2273, down 5.2% in the past week and 4.9% down in the past month.
Source: CoinGecko $DOGE price is $0.2273, down 5.2% in the past week
If approved, analysts say the product could bridge the gap between Dogecoin's grassroots retail followers and institutional capital. If this application is approved by the SEC, the Grayscale Dogecoin Trust ETF could serve as a reference point for $DOGE investments, potentially influencing institutional investors' participation in the meme coin market. The risk factors identified in the trust application include severe fluctuations in $DOGE prices, regulatory uncertainty, and potential competition with other digital assets.
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'Will meme coins also become ETFs? Grayscale officially submitted an application to the SEC, bringing Dogecoin into the mainstream' This article was first published in 'Crypto City'
