Grayscale has submitted documents to the U.S. Securities and Exchange Commission (SEC) to launch a spot Doge coin Exchange Traded Fund (ETF). This move could include one of the most well-known meme coins in mainstream investment portfolios.
The fund is set to trade on NYSE Arca with the ticker GDOG and will convert the existing Grayscale Doge coin Trust into an ETF structure. Notably, the current trust holds approximately $2.5 million in assets.
Market Sees High Probability of Doge Coin ETF Approval
According to the August 15th S-1 application, the new ETF's goal is to provide investors with an opportunity to directly expose themselves to Doge coin's price.
Grayscale Investment Sponsors, LLC and Grayscale Operating, LLC will co-sponsor the product. CSC Delaware Trust Company will serve as the trustee, while BNY Mellon will act as the transfer agent and administrator.
Additionally, Coinbase and Coinbase Custody Trust Company will handle the fund's brokerage and custody services.
However, Grayscale is not alone in the Doge coin-focused fund competition.
Competitors Lex-Osprey and Bitwise have also submitted Doge coin ETF applications, indicating increasing competition to capture the meme coin investment niche.
To date, the SEC has not approved a Doge coin ETF, reflecting a cautious stance on altcoin-related products. This contrasts with Europe, where meme coin exchange-traded products have already gained popularity.
Doge coin, created as a joke in 2013, has grown into a top 10 digital asset with a market capitalization of billions of dollars.
Its rise in pop culture, amplified by Elon Musk and retail traders, has since developed into significant institutional adoption. Currently, some companies accept DOGE as a payment method or include it in corporate financial strategies.
However, risks remain. Doge coin's volatility and limited institutional use compared to Bitcoin and Ethereum could make the SEC hesitant.
Yet, market sentiment is currently optimistic due to the pro-cryptocurrency U.S. government administration.
Polymarket's cryptocurrency bettors currently see a 75% probability that U.S. regulators will approve the DOGE ETF before the end of the year.
If approved, analysts say this product could bridge the gap between Doge coin's grassroots retail followers and institutional capital.
