Grayscale Investments, one of the largest digital asset management firms in the world, has made another bold move in the crypto ETF space. The company recently submitted an amended S-1 registration statement to the US Securities and Exchange Commission (SEC), this time for its Dogecoin product.
Grayscale’s Bitcoin and Ethereum products were converted to Spot Bitcoin ETFs, and now the company is now taking the same playbook to the next biggest assets. According to a recent filing with the US SEC, Grayscale is now looking to convert its existing Grayscale Dogecoin Trust (GDOG) into a Spot Dogecoin exchange-traded fund (ETF). Grayscale has managed this DOGE Trust since 2021 and the latest filing, if approved, will convert it to the public ETF format.
The conversion of the Grayscale Dogecoin Trust into a Spot ETF would make DOGE exposure available to a broader range of investors, including those who may not be comfortable holding crypto directly. According to the S-1 filing, the proposed Dogecoin ETF would be listed on NYSE Arca under the ticker ‘GDOG.’
The ETF will track the price of DOGE based on the CoinDesk DOGE Reference Rate, which sources pricing from leading exchanges including Kraken, Gemini, Coinbase, and Bitstamp. Grayscale has also chosen Coinbase to serve as the official custodian of the DOGE held by the ETF. The filing also specifies that ETF shares will be created and redeemed in blocks of 10,000 shares, known as “Baskets.”
As it stands, there is no specific deadline for the SEC to give its approval. The nature of the S-1 filing means the agency will review the filing, issue comment letters, and wait for the issuer to respond with amendments until it is satisfied.
At the time of writing, Dogecoin was trading at $0.265.
Featured image from Unsplash, chart from TradingView
