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Grayscale Investments, one of the largest digital asset management firms in the world, has made another bold move in the crypto ETF space. The company recently submitted an amended S-1 registration statement to the US Securities and Exchange Commission (SEC), this time for its Dogecoin product. The filing reveals Grayscale’s intention to convert its existing Grayscale Dogecoin Trust (GDOG) into a Spot Dogecoin exchange-traded fund (ETF), a move that would give the meme coin an unprecedented level of exposure among institutional investors.
### Grayscale’s Pursuit of a Dogecoin ETF
Grayscale has consistently been at the forefront of pushing crypto products into the mainstream. Long before the launch of Spot Bitcoin ETFs, the digital asset-focused investment platform was one of the first companies to introduce investment products that gave institutional investors exposure to cryptocurrencies.
Grayscale’s Bitcoin and Ethereum products were converted to Spot Bitcoin ETFs, and now the company is applying the same strategy to Dogecoin, one of the next biggest digital assets. According to the recent filing with the US SEC, Grayscale plans to convert its existing Grayscale Dogecoin Trust (GDOG), which it has managed since 2021, into a Spot Dogecoin ETF.
If approved, this conversion would bring DOGE exposure to a broader range of investors, including those who may prefer not to hold cryptocurrencies directly. According to the S-1 filing, the proposed Dogecoin ETF would be listed on NYSE Arca under the ticker symbol **GDOG**.
The ETF will track the price of DOGE based on the CoinDesk DOGE Reference Rate, which sources pricing information from leading exchanges, including Kraken, Gemini, Coinbase, and Bitstamp. Additionally, Grayscale has chosen Coinbase to act as the official custodian of the DOGE held by the ETF.
The filing specifies that ETF shares will be created and redeemed in blocks of 10,000 shares, known as “baskets.”
### Market Impact and What Comes Next
Grayscale’s move into a Spot Dogecoin ETF comes at a time when investors are eagerly awaiting the next crypto ETFs to hit the market. The company also has pending applications to convert its Cardano and XRP Trusts into Spot ETFs, though these have not yet been approved.
As it stands, there is no specific deadline for the SEC to issue its approval. The nature of the S-1 filing means the agency will review the submission, issue comment letters, and wait for Grayscale to respond with any amendments until the SEC is satisfied.
Billions of dollars have already flowed into Bitcoin and Ethereum through their Spot ETFs. If Grayscale’s Dogecoin ETF application is approved, DOGE could benefit from similar institutional inflows.
Institutional investors, who have largely stayed away from meme coins until now, would gain a regulated, compliant channel to obtain exposure to Dogecoin.
At the time of writing, Dogecoin was trading at $0.265.
*Featured image from Unsplash, chart from TradingView.*
https://bitcoinist.com/grayscale-seeks-big-breakthrough-amended-s-1-filed-to-convert-dogecoin-trust-into-gdog-etf/
