Grayscale files to convert its DOGE Trust into an ETF less than a day after launch

Less than 24 hours after launching its Dogecoin Trust, Grayscale has filed with the SEC to convert it into an ETF. As Cryptopolitan reported, the company initially intended to wait until SEC chair nominee Paul Atkins' Senate confirmation next week.

However, they decided to expedite the process. ETF analyst Eric Balchunas summarized it as an unprecedented move, with no other trust converting to an ETF so quickly after its launch. Notably, four DOGE ETF filings are now pending, including leveraged bets.

Gary Gensler's departure from the SEC has coincided with a surge in ETF filings. "The competition is fierce," said Balchunas. "I've never seen a trust convert to an ETF on the same day it launched. They're likely front-runners in the 19b-4 race. We now have four Doge ETF filings (including 2x). Genz has only been gone for two weeks."

UPDATE: @Grayscale launched a DOGE trust earlier today and has filed a 19b-4 to convert it into an ETF .

Once considered a joke, DOGE has become a legitimate asset. Derived from Litecoin and connected to Bitcoin, it gained widespread popularity due in part to Elon Musk's promotion.

According to Grayscale's Head of Product & Research, DOGE has become an accessible option for global users seeking low-cost, efficient transactions. Its low fees and rapid speed have made it attractive in emerging markets.

Grayscale has also filed to convert its XRP Trust into an ETF on January 30. The proposal has been submitted to the New York Stock Exchange, with Coinbase Custody as the official custodian.

Grayscale currently holds over $16 million in XRP through its trust. Converting it into an ETF would attract institutional investors, such as mutual funds and pension funds, who have been hesitant due to regulatory uncertainty.