Grayscale Unveils Dogecoin Trust Amidst SEC Scrutiny

在SEC审查中

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推出了其最新的与加密货币相关的产品：Grayscale Dogecoin Trust。此举是Doge的重要里程碑，Doge是一种数字货币，起源于互联网笑话，但此后引起了主流的关注。

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.

如公司新闻稿中概述的那样，该信托旨在为机构投资者提供敞口的Doge，而无需直接获得资产。在SEC批准与加密相关的ETF的批准后，灰度预计将将信托转换为交易所交易基金（ETF）。

Grayscale's Rationale for Investing in DOGE

格雷斯卡（Grayscale）的投资理由

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最初是从Litecoin（比特币衍生品）分配的，已成为主要的“模因硬币”。它的著名支持者是世界上最富有的人埃隆·马斯克（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的产品与研究主管Rayhaneh Sharif-Assary，Doge不仅仅是一个玩笑。她指出：“ Dogecoin已发展为增加金融包容性的潜在强大工具。我们认为，Dogecoin作为一种更快，更便宜且更适应性的比特币衍生产品，可以帮助组织在常规金融基础设施中为组织提供有效参与金融系统的组织。 “

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强调，Dogecoin Trust是投机性的，流动性很低，这表明投资者可能很难在所需的时间清算其持股。此外，该信托股份可以相对于基础门槛价值以大幅折扣或保费进行交易。 Grayscale承认这一风险，并在其新闻稿中相应地告知了投资者。

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旨在促进二级市场上信托股票的上市，并最终将其转变为ETF。但是，仍然存在监管障碍。 SEC一直拒绝获得加密ETF的批准。即使是Grayscale的旗舰比特币信托基金会，它仍在追求ETF地位方面处于困境。

Restrictions for Accredited Investors

认可投资者的限制

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.

收购Dogecoin Trust仅限于认可的投资者，这些投资者满足了美国法律定义的某些财务门槛。大多数个人投资者将无法直接访问该产品。如果信托最终进入公共市场，则可能会提供更广泛的投资者基础，但是流动性可能会继续提出问题。