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Nidhi Kolhapur
Nidhi Kolhapur
Author
Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.
- Feb 01, 2025 02:56 UTC
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Grayscale Files for Spot DOGE ETF Approval: What Investors Need to Know
NYSE Arca has filed for SEC approval to list and trade shares of Grayscale's spot Dogecoin ETF.
This move by Grayscale comes as other companies, like Bitwise, are also pursuing Dogecoin ETFs.
The SEC now has a period of up to 90 days to review and decide on the proposed rule change for the Grayscale Dogecoin ETF listing.
Yet another exciting news for crypto!
NYSE Arca has filed a 19b-4 form with the SEC to approve the launch of Grayscale’s spot Dogecoin ETF. This follows the firm’s recent announcement of the Grayscale Dogecoin Trust, signaling that big changes are on the way for how we invest in DOGE.
Just a year ago, a Dogecoin ETF seemed like a distant dream, but now, with Bitwise also jumping into the mix, the race is on.
Here’s what to expect next.
How the Proposed ETF Would Work
The filing explains that, like Bitcoin and Litecoin, Dogecoin can be used for payments or exchanged for fiat currencies like the U.S. dollar, either on Digital Asset Trading Platforms or directly between users. It’s also used to reward miners for verifying transactions on the Dogecoin network.
The proposed ETF would allow investors to gain exposure to Dogecoin without owning it directly. Coinbase Custody Trust Company would act as the custodian, while BNY Mellon would handle administrative tasks and transfers.
This move follows Grayscale’s successful conversion of its Bitcoin and Ethereum Trusts into ETFs and highlights the growing trend of companies filing to launch Dogecoin ETFs in the U.S.
What Happens Next: SEC Review Process
The 19b-4 filing is a key step in launching new ETFs. After it’s published in the Federal Register, the SEC has 45 days to review it and decide whether to approve, disapprove, or begin proceedings to reject the rule change. If needed, the review period can be extended to 90 days, either if the SEC provides a reason or if NYSE Arca agrees.
Bloomberg ETF analyst Eric Balchunas commented on Grayscale’s strategy, saying, “I’ve never seen a trust launch and then try to convert to an ETF on the same day,” highlighting the unique approach Grayscale is taking with its Dogecoin Trust.
What is Grayscale’s Vision?
Earlier in October, Grayscale hinted that Dogecoin was among the assets it was considering for future products. This filing is part of a larger push by the firm to expand its ETF offerings. Grayscale has already applied to convert its XRP Trust into an ETF and is also working on ETFs for other popular altcoins, such as Litecoin and Solana.
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As more companies look to launch Dogecoin ETFs, all eyes are on the SEC’s decision. We’ll keep you updated!
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