NYSE Arca has filed a 19b-4 form with the SEC, seeking approval to list and trade shares of Grayscale’s upcoming Spot Dogecoin ETF. This follows Grayscale’s recent announcement of launching the Grayscale Dogecoin Trust, marking a significant step toward making Dogecoin more accessible to investors through a regulated exchange-traded fund (ETF).
A year ago, a Dogecoin ETF seemed like a distant prospect, but as the crypto landscape evolves, momentum is building. On Tuesday, Bitwise also entered the race, filing its own application to offer Dogecoin exposure via an ETF. This marks a shift in the market as institutional interest in Dogecoin continues to grow.
Coinbase Custody and BNY Mellon to Manage Dogecoin ETF
According to the filing, the proposed Dogecoin ETF would allow investors to gain exposure to DOGE without directly owning it. Coinbase Custody Trust Company will serve as the custodian, while BNY Mellon will manage administrative and transfer duties. These partnerships echo Grayscale’s earlier successes in converting its Bitcoin and Ethereum Trusts into ETFs, setting a precedent for future crypto-focused investment products.
The filing emphasized the utility of DOGE as a medium of exchange, similar to Bitcoin and Litecoin, capable of being used for payments or converted into fiat currency. DOGE also plays a crucial role in securing the Dogecoin network, as miners are rewarded with it for verifying transactions.
SEC Review and Growing Interest in Crypto ETFs
The filing marks an essential step in the regulatory process. Once published in the Federal Register, the SEC has 45 days to review the proposal and determine whether to approve, disapprove, or initiate further proceedings. If necessary, the review period could be extended to 90 days. The SEC’s decision will be closely watched, as it could signal broader acceptance of cryptocurrencies in traditional financial markets.
Bloomberg’s ETF analyst, Eric Balchunas, remarked on the rarity of such a move, stating, “I’ve never seen a trust launch and then try to convert to an ETF on the same day,” highlighting the unprecedented nature of Grayscale’s move.
Man, the jockeying is intense. I’ve never heard of a trust launching and then looking to convert to ETF the same day. But hey they may now be in pole position in 19b-4 race. Also we now up to four Doge etf filings (including 2x). Genz has only been gone for like two wks lol. https://t.co/eHFZvqmIXt
— Eric Balchunas (@EricBalchunas) January 31, 2025
With more crypto ETFs on the horizon, including Grayscale’s ambitions for Litecoin, Solana, and even XRP, the rise of Dogecoin ETFs signals the increasing demand for regulated, accessible cryptocurrency investment options in the U.S.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Will Grayscale’s Dogecoin Trust Propel DOGE Toward $1? Crypto Analysts Weigh In