Grayscale Files to Convert Dogecoin Trust into ETF
Grayscale, a US digital currency asset manager, has filed an amended S-1 registration statement with the SEC. The filing seeks to convert its Dogecoin Trust into an exchange-traded fund (ETF).
This move uses recently approved, more lenient listing standards for crypto funds. It could speed up the regulatory approval process for the Dogecoin ETF.
Details of the Proposed Dogecoin ETF
The filing shows the Dogecoin ETF would list on NYSE Arca under the ticker “GDOG.” Grayscale has selected Coinbase as the fund’s prime broker and custodian. The ETF aims to offer investors a regulated way to gain exposure to Dogecoin.
NYSE Arca has also applied to change the classification of Grayscale’s Ethereum Trust ETF. This aligns the Ethereum fund with the new listing standards. Grayscale plans to update all its products to comply with these rules. This could improve efficiency and attract more investors.
Regulatory Context and Company Statements
Grayscale argues that the Dogecoin Trust should not be classified as a registered investment business under the Investment Company Act of 1940. The company points to new SEC standards requiring a digital asset to have a futures market on a regulated exchange for at least six months. Grayscale states Dogecoin meets this criterion.
The updated S-1 was signed by Barry Silbert, Grayscale’s Chairman, and CFO Edward McGee. The filing complies with the Securities Act of 1933, which governs securities issuance.
Earlier this year, Grayscale launched a multi-asset crypto index fund. It tracks major cryptocurrencies like Bitcoin, Ethereum, Solana, XRP, and Cardano.
Bloomberg analyst Eric Balchunas recently said there is a 75% chance Dogecoin ETFs will be approved. He noted the SEC is becoming more crypto-friendly, but approval is still uncertain.
Read the full SEC filing here.
