Grayscale Moves To Convert Dogecoin Trust Into ETF

Grayscale Files to Convert Dogecoin Trust to ETF

Grayscale, a reputable digital asset manager, has taken a significant step towards institutionalizing Dogecoin (DOGE). On January 31, 2025, the firm filed a 19b-4 application with the U.S. Securities and Exchange Commission (SEC) for the conversion of its newly launched Dogecoin Trust into an exchange-traded fund (ETF).

This development follows the launch of the Dogecoin Trust on the same day and underscores Grayscale's growing confidence in the cryptocurrency, which has moved beyond its origins as a meme coin.

Grayscale's Move for Dogecoin

The filing, submitted to the SEC via the New York Stock Exchange (NYSE), marks a crucial moment for Dogecoin, once dismissed as a meme coin but has since gained considerable market attention.

The conversion to an ETF would provide both institutional and retail investors with a more accessible entry point to Dogecoin, potentially expanding its adoption.

Grayscale's decision reflects the evolving Dogecoin ecosystem. The firm acknowledges the cryptocurrency's shift from its meme-based roots to becoming an asset with tangible use cases in areas such as financial inclusion and blockchain-based settlements.

Grayscale's proven success with Bitcoin and Ethereum ETFs suggests that it views Dogecoin as a legitimate contender in the crypto market worthy of similar investment products.

Rise in ETF Applications in the Crypto Industry

The Grayscale filing comes amid a surge in ETF applications within the cryptocurrency sector, prompted by a shift in U.S. regulatory policies.

Since the election of pro-crypto President Donald Trump, there has been increased optimism regarding regulatory oversight, particularly with the appointment of crypto-friendly leaders like incoming SEC Chairman Paul Atkins.

These changes have eased restrictions, allowing crypto-focused firms like Grayscale and Bitwise to file for Dogecoin ETFs.

What's Next for Dogecoin ETFs?

While the SEC has not yet approved either the Grayscale or the Bitwise filings, the changed regulatory landscape has made such applications more feasible.

Growing institutional interest in Dogecoin, coupled with regulatory clarity under the Trump administration, has the potential to pave the way for Dogecoin's broader acceptance in financial markets.