The race to launch a Dogecoin ETF (exchange-traded fund) in the US is heating up! Big-name investment firm Grayscale has just thrown its hat into the ring.
Grayscale’s Dogecoin Play
Grayscale initially announced a new Dogecoin Trust, a way for investors to get exposure to DOGE. But just hours later, they filed paperwork with the SEC to list this Trust on the NYSE, essentially turning it into an ETF. This is a big deal because ETFs trade on major exchanges, unlike the more private Trust structure. The plan involves several key players: Grayscale, Digital Currency Group (as trustee), Coinbase Custody (as custodian), and Bank of New York Mellon (as administrator and transfer agent). The SEC still needs to approve it, of course.
The Growing ETF Competition
Grayscale isn’t alone in this quest. Companies like Bitwise, Rex Shares, and Osprey Funds are also vying for a Dogecoin ETF. With a new administration and changes at the SEC, there’s a feeling that the crypto ETF market is about to explode, with applications for ETFs tied to various cryptocurrencies like Litecoin, Solana, XRP, and Polkadot. This has generated a lot of buzz (and some controversy) in the crypto world. One expert, James Seyyart, points out that the SEC allows these applications, and ultimately, the market will decide what’s valuable.
Dogecoin Whales are Buying
In other news, some major Dogecoin holders (“whales”) have been snapping up a massive 560 million DOGE recently – that’s about $185.4 million! This buying spree after a market dip is seen as a positive sign by many traders.
Dogecoin’s Current Status
At the moment, DOGE is trading around $0.33, with recent gains and increased trading volume. It’s currently the eighth-largest cryptocurrency and the top memecoin, boasting a market cap of nearly $50 billion.
