Grayscale, the company known for its Bitcoin and Ethereum ETFs, recently launched the Dogecoin Trust, opening up the opportunity for institutions and qualified investors to participate in the popular meme coin. At the same time, the company has also filed to convert the Dogecoin Trust into an ETF, further cementing the trend of companies wanting to offer Dogecoin ETFs in the US.
Dogecoin: From Meme Coin to Financial Instrument
Grayscale believes that $DOGE has become more than just a simple “meme coin.” According to the company, Dogecoin has now become a global financial tool that supports global financial inclusion, social activism, and is a viable means of payment. They claim that Dogecoin is a derivative of Bitcoin that is faster, cheaper, and more scalable, allowing groups underserved by the traditional financial system to participate in the financial system.
Converting to ETF: A Major Step
Grayscale has filed a Form 19b-4 to convert the Dogecoin Trust into an official #ETFspot . This is similar to the company's previous moves to convert Bitcoin and Ethereum funds into ETFs. They say the conversion will expand investor access to Dogecoin and is part of a broader trend of cryptocurrency-related financial products.
The Future of Dogecoin and the ETF Market
A year ago, the possibility of launching an ETF for Dogecoin might have seemed like a far-fetched idea. Now, however, asset management firms like Bitwise have also filed to launch a Dogecoin ETF, opening up opportunities for investors to get involved in Elon Musk’s favorite coin.
Although Dogecoin's current price is $0.33, down 1% from the day before, Grayscale still believes that Dogecoin will continue to play an important role in the cryptocurrency ecosystem. Meanwhile, Dogecoin has become the largest asset in Grayscale's Consumer and Culture Crypto Sector, which also includes Shiba Inu ($SHIB ) and The Sandbox ($SAND ).
Grayscale also emphasized that Dogecoin is not just a meme coin but has a real use case and future potential. #anhbacong