Grayscale’s Plan to Convert Dogecoin Trust into an ETF
Crypto asset management firm Grayscale has recently submitted a revised S-1 filing with the U. S. Securities and Exchange Commission (SEC), detailing its proposal to transform its closed-end Dogecoin Trust fund into an exchange-traded fund (ETF).
Details of the Dogecoin ETF Filing
In an official filing made today, Grayscale has designated Coinbase as both the prime broker and custodian for its Dogecoin ETF. If this proposal gains approval, the fund would trade on NYSE Arca under the ticker symbol “GDOG.” Notably, NYSE Arca had already initiated the process to list the Grayscale Dogecoin Trust.
On the same day, NYSE Arca also proposed amendments for the Grayscale Ethereum Trust ETF, including its “mini” version. These amendments request that these funds be traded under the recently approved “general listing standards” by the SEC, which allow for greater flexibility in oversight.
The new filings come at a time of heightened activity in the crypto ETF sector. Experts suggest that the SEC’s recent approval of standards to streamline the listing of crypto funds may lead to a significant rise in exchange-traded cryptocurrency products in the near future. The SEC also recently granted approval to REX and Osprey for their initial Dogecoin-focused funds, and Grayscale has introduced a multi-asset index fund that includes Bitcoin, Ethereum, Solana, XRP, and Cardano.
According to new SEC regulations, a digital asset must have contracts on a regulated futures exchange for at least six months to qualify for ETF listing. Grayscale highlighted that Dogecoin futures and options are presently traded on exchanges overseen by the Commodity Futures Trading Commission (CFTC) in the United States.
*This is not investment advice!
