Breaking News! Grayscale is preparing for a major move — launching the first Dogecoin spot ETF in the United States! They have already submitted the proposal to the SEC, and as soon as the news broke, Dogecoin jumped nearly 2% within 24 hours!

In simple terms, this ETF is called Grayscale Dogecoin Trust ETF, allowing investors to indirectly invest in DOGE without actually buying Dogecoin. If approved, it will be listed on the New York Stock Exchange Arca under the ticker GDOG.

The SEC filing states clearly:

The trust only holds Dogecoin, custodied by Coinbase Custody Trust Company.

Shares are sold in “baskets,” with each basket equaling 10,000 shares.

In the initial phase, it only uses cash transactions, not directly exchanging for Dogecoin.

The ETF price tracks the CoinDesk reference price for Dogecoin, with no fees, no leverage or derivatives, simply passively tracking.

The listing approval process follows the New York Stock Exchange’s path for January 31, 2025, but it hasn't been finally approved yet. Grayscale has also made it clear that they will not sell before receiving the SEC's nod.

If approved, this means institutional investors will have a new channel to access DOGE, which could further increase the market attention on meme coins.

Of course, the filing also warns of risks: Dogecoin's price is highly volatile, regulatory uncertainties exist, and there is competition from other cryptocurrencies.

After the announcement, DOGE surged 2.5% in the last trading hours of the day, rising from $0.22395 to $0.22976, breaking out of a sideways trading pattern. Over the past 7 days, Dogecoin has risen 2.67%, and over the past month, it has accumulated a 14.65% increase, indicating that the market is very eager for this ETF!