Grayscale has taken a key step toward bringing a Dogecoin spot exchange-traded fund (ETF) to market by submitting Form S-1 to the U.S. Securities and Exchange Commission (SEC).
The filing outlines the conversion of the existing Grayscale Dogecoin Trust into a publicly traded ETF under the proposed name Grayscale Dogecoin Trust ETF, with the ticker “GDOG” on NYSE Arca. The ETF will be fully backed by Dogecoin, providing investors direct exposure to the cryptocurrency without the need to buy or store it themselves.
According to the filing, Coinbase Custody Trust Company will hold the Dogecoin in safekeeping, while BNY Mellon will act as administrator and transfer agent. Coinbase Inc. is designated as the ETF’s prime broker. Shares will be issued and redeemed in blocks of 10,000, known as “Baskets,” and all transactions will be settled in cash. This mechanism is designed to keep the ETF’s price in line with the actual market value of Dogecoin.
The move comes as the SEC continues to evaluate several other proposals for meme-coin ETFs from rival firms such as Bitwise and REX-Osprey. Grayscale’s filing further highlights the growing push to bring mainstream, regulated investment products tied to alternative cryptocurrencies into the market.
Market Reaction
The news gave Dogecoin a boost, with the price rising between 2% and 4% in the hours following the filing. The rally pushed DOGE to around the $0.23 level, as traders and investors speculated on the potential approval of one of the first meme-coin ETFs in the U.S.
