Just In: Grayscale Launches Dogecoin Trust, DOGE ETF Next?

Asset manager Grayscale has announced the launch of its Dogecoin Trust, a fund that will provide institutional investors with exposure to the foremost meme coin DOGE. This move has also raised the possibility of the asset manager filing for a DOGE ETF at some point.

Grayscale Launches Dogecoin Trust

In a press release, Grayscale announced the creation and launch of its Grayscale Dogecoin Trust. The asset manager stated that this fund will offer investors the opportunity to gain exposure to DOGE, the native coin of the Dogecoin network.

The firm further remarked that it believes the top meme coin has transitioned from a meme coin of a Shiba Inu to a tool for “global financial inclusion, grassroots activism, and a viable means of payment.” The asset manager added that due to its widespread accessibility, affordability, and rapid transaction speeds, DOGE has gained significant adoption worldwide.

Grayscale mentioned that the Trust is now open for daily subscription by eligible individual and institutional accredited investors. The firm noted that the fund functions like its other single-asset investment trusts and is solely invested in DOGE, the native coin of the Dogecoin network.

Meanwhile, this launch comes just a day after the asset manager filed for a Spot XRP ETF with the New York Stock Exchange (NYSE). The firm plans to convert its XRP Trust to an ETF, which will list and trade on the NYSE.

A Spot ETF Next?

Grayscale’s launch of the Dogecoin Trust has raised the possibility of the asset manager filing for a Spot DOGE ETF at some point. In an X post, Nate Geraci, the President of the ETF Store, also predicted that the firm would file for this DOGE ETF.

He asserted that the “obvious plan” here is to ultimately convert the Trust to an ETF. He added that the launch of the Trust allows the asset manager to test out demand and get a head start on accumulating assets.

Bloomberg analyst Eric Balchunas also agreed with Geraci, stating that the move is an attempt for the asset manager to “cut line,” in terms of trying to get approval from the SEC for a DOGE ETF.

It is worth mentioning that Grayscale has taken this approach with all the Spot crypto ETFs it currently offers and prospective ones. The asset manager simply converted its Bitcoin and Ethereum Trust to spot ETFs. Meanwhile, the firm is currently looking to convert its XRP, Solana, and Litecoin Trusts to spot ETFs.

In the meantime, REX Shares and Bitwise remain the only asset managers to have filed to offer a Dogecoin ETF with the US SEC. REX Shares submitted its application last week, while Bitwise just filed its S-1 for this fund three days ago.

Price Fails To React

The Dogecoin price remained unchanged amid Grayscale’s Trust launch. The foremost meme coin is currently trading at around $0.33 and is down in the last 24 hours.

However, this development is undoubtedly bullish for the Dogecoin price, considering that it would cause more funds to flow into the DOGE ecosystem. Meanwhile, from a technical perspective, crypto analyst Trader Tardigrade provided a bullish outlook for the meme coin.

In an X post, he asserted that Dogecoin is gearing up for a massive rally. His accompanying chart showed that DOGE could rally to as high as $3.8 when this massive rally occurs.