Grayscale updates ETF filing to include Dogecoin – Details
Rivals see millions in debut trades as SEC fast-tracks approvals.
Key Takeaways
What is Grayscale planning with Dogecoin?
It’s seeking SEC approval to convert its Dogecoin Trust into a fully tradable ETF under the ticker GDOG.
Why does this matter for the crypto ETF market?
New SEC rules fast-track approvals, opening the door for more meme-coin and multi-asset ETFs to enter the market quickly.
Wall Street is getting a new way to bet on Dogecoin [DOGE].
Grayscale has just updated its filing to launch a Dogecoin ETF, with Coinbase lined up as custodian. The move comes as rival Osprey’s Dogecoin ETF [DOJE] pulls in $17 million in debut trading volume.
And thanks to recent SEC rule changes, approvals for these products are moving faster than ever.
Grayscale’s Dogecoin ETF bid gains steam
Grayscale has revised its S-1 filing with the SEC, showing new intent to convert its Dogecoin Trust into a fully tradable ETF.
The updated application puts Coinbase in charge as both custodian and prime broker, a move that adds credibility as the firm works with regulators under the SEC’s new fast-track framework.
If approved, the fund will trade on NYSE Arca under the ticker GDOG, giving investors direct exposure to Dogecoin through a regulated product.
The filing read,
“The Trust’s purpose is to hold “DOGE”, which are digital assets that are created and transmitted through the operations of the peer-to-peer Dogecoin Network, a decentralized network of computers that operates on cryptographic protocols…”
GDLC’s debut shows strength
Grayscale’s launch of the CoinDesk Crypto 5 ETF (GDLC) added to the fire building around crypto investment products.
The ETF tracks the five largest cryptocurrencies by market cap. It drew $22 million in inflows on its very first day of trading.
While not on par with the record-setting Bitcoin ETFs, Bloomberg’s Eric Balchunas noted that the performance was still well above the average ETF debut.
Investors’ growing comfort with regulated crypto baskets and comes just as the SEC’s new Generic Listing Standard brings added advantage to the players.
With shorter approval timelines, the community believes this shift could open the door for dozens of new crypto ETF applications.
Many expect a surge in filings over the coming months.
