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Grayscale has filed documents with the SEC to launch a spot ETF on Dogecoin and plans to convert the existing Dogecoin Trust into a fund under the ticker GDOG.

The ETF will give investors access to the price of DOGE without direct ownership of the token.

The trust currently has $2.5 million on its balance sheet.

Grayscale's competitors in this matter are Rex-Osprey and Bitwise, which have also submitted applications.

So far, the SEC has not approved any Dogecoin ETFs.