Grayscale Unveils Dogecoin Trust Amidst SEC Scrutiny

在SEC審查中

Grayscale Investments has introduced its latest crypto-related offering: the Grayscale Dogecoin Trust. This move marks a significant milestone for DOGE, a digital currency that originated as an internet joke but has since gained mainstream attention.

Grayscale Investments推出了其最新的與加密貨幣相關的產品：Grayscale Dogecoin Trust。此舉是Doge的重要里程碑，Doge是一種數字貨幣，起源於互聯網笑話，但此後引起了主流的關注。

The trust, as outlined in the company's press release, aims to provide institutional investors with exposure to DOGE without directly acquiring the asset. Grayscale anticipates converting the trust into an exchange-traded fund (ETF) upon the SEC's approval of crypto-related ETFs.

如公司新聞稿中概述的那樣，該信託旨在為機構投資者提供敞口的Doge，而無需直接獲得資產。在SEC批准與加密相關的ETF的批准後，灰度預計將將信託轉換為交易所交易基金（ETF）。

Grayscale's Rationale for Investing in DOGE

格雷斯卡（Grayscale）的投資理由

DOGE, initially forked from Litecoin (a Bitcoin derivative), has emerged as the dominant "meme coin." Its notable supporter is Elon Musk, the world's wealthiest individual.

Doge最初是從Litecoin（比特幣衍生品）分配的，已成為主要的“模因硬幣”。它的著名支持者是世界上最富有的人埃隆·馬斯克（Elon Musk）。

Grayscale's Head of Product & Research, Rayhaneh Sharif-Askary, views DOGE as more than just a joke. She states that "Dogecoin has developed into a potentially powerful instrument for increasing financial inclusion. We believe that Dogecoin, as a quicker, less expensive, and more adaptable Bitcoin derivative, assists organizations underserved by conventional financial infrastructure to engage effectively in the financial system."

Grayscale的產品與研究主管Rayhaneh Sharif-Assary，Doge不僅僅是一個玩笑。她指出：“ Dogecoin已發展為增加金融包容性的潛在強大工具。我們認為，Dogecoin作為一種更快，更便宜且更適應性的比特幣衍生產品，可以幫助組織在常規金融基礎設施中為組織提供有效參與金融系統的組織。 “

Cautions and Limitations

警告和局限性

Sharif-Askary emphasizes that the Dogecoin Trust is speculative and has low liquidity, indicating that investors may struggle to liquidate their holdings at their desired times. Additionally, the trust's shares may trade at significant discounts or premiums relative to the underlying DOGE value. Grayscale acknowledges this risk and has informed investors accordingly in its press release.

Sharif-Aspasy強調，Dogecoin Trust是投機性的，流動性很低，這表明投資者可能很難在所需的時間清算其持股。此外，該信託股份可以相對於基礎門檻價值以大幅折扣或保費進行交易。 Grayscale承認這一風險，並在其新聞稿中相應地告知了投資者。

Grayscale aims to facilitate the listing of the trust's shares on secondary markets and ultimately transform them into an ETF. However, regulatory barriers remain. The SEC has consistently denied approval for crypto ETFs. Even Grayscale's flagship Bitcoin Trust remains in limbo in its pursuit of ETF status.

Grayscale旨在促進二級市場上信託股票的上市，並最終將其轉變為ETF。但是，仍然存在監管障礙。 SEC一直拒絕獲得加密ETF的批准。即使是Grayscale的旗艦比特幣信託基金會，它仍在追求ETF地位方面處於困境。

Restrictions for Accredited Investors

認可投資者的限制

The acquisition of the Dogecoin Trust is restricted to accredited investors who satisfy certain financial thresholds defined by U.S. law. Most individual investors will be unable to directly access this product. If the trust eventually enters public markets, it may become available to a broader investor base, but liquidity could continue to present an issue.

收購Dogecoin Trust僅限於認可的投資者，這些投資者滿足了美國法律定義的某些財務門檻。大多數個人投資者將無法直接訪問該產品。如果信託最終進入公共市場，則可能會提供更廣泛的投資者基礎，但是流動性可能會繼續提出問題。